Selling Silver Begins with Knowing Silver Facts?
Silver is shiny, soft, and gray metal. Solid at room temperature, it is an excellent conductor and allows heat and electricity to flow through it.
When silver is exposed to air, it becomes tarnished or will have a black coating.
Silver is believed to have been around and used for over 5, 000 years. It is found in the ground in mines. The silver mines of Peru, Poland, Norway, Canada, Mexico, and the United States provide silver today for the current use and demands. Mexico has the most significant annual production of silver.
Silver has two primary mines in the U.S. and Mexico: the Cosala operation in Mexico, including the San Rafael mine, and the Galena Complex in Idaho.
Most people agree when comparing gold to silver; gold is rare and it is minded below ground or in the ocean. Silver is mined in above-ground mines. Silver is also mined alongside gold and is found in an alloy called electrum. It can also be found alongside lead, copper, and zinc ores.
Uses for Silver
Silver is used in various luxury goods, such as jewelry, tableware, and fine art. Silver is also used in industrial uses because of its conductivity and high sensitivity to light. It is used in solar panels, LED lighting, and cellular technology, to list a few. Because of its wide variety of uses, it may be irreplaceable even if the price continues to go up.
The value of silver has continued to go up and down, with a tendency to see higher and higher prices for each ounce of silver sold. Based on the spot price of silver, pawnshops and other metal buyers continue to offer services to buy silver. Silver isn’t gold, but it is undoubtedly worth money.
Junk Silver Coins
One area to consider if you require quick cash is to explore your old coin collection or jar and see if you have what is known as “junk silver coins.” These coins were minted before 1965 and were used as money in the United States. Junk silver coins are common, were used in circulation, and have no collector value. They are 90% silver, and these “junk silver coins” have no Numismatic value.
What is Numismatic Value?
The numismatic value is the price you can reasonably expect to receive if you sell the coin on the fair market. The coin can be circulated, uncirculated, or a proof coin from a collection. The fair market is set by the coin’s scarcity, the condition of the coin, and the demand for the coin.
Rare coins for coin collectors bring a higher price than common coins, and coin shops will often buy and sell rare coins for a premium.
If You Want the Most Cash for Your Silver Coins – Know the Value
As the market changes, so do the spot prices for silver. The spot price is the current price in the marketplace that a coin can be bought or sold for immediate delivery. It is important to remember it changes daily. So check often.
Coin Shops and pawnshops charge a premium deducted from the percentage of the spot price they are willing to pay. Premiums are the associated costs that a business establishment incurs as a part of doing business. All stores that buy and sell silver, gold, valuable coins, and gold and silver bullion have to leave a profit margin, so they remain in business.
Silver products also come in the form of pendants, pure silver, modern silver bullion coins, silver bullion, silver bars, American silver eagle coins, a silver round, a silver bar, and 925 stamped silver jewelry.
Selling Silver to a Pawn Shop
When you decide to sell or pawn your silver to a pawn shop, they will first test your silver to determine the silver purity. Pawn shops have testing equipment to determine the precious metals purity. Some local pawn shops have specialized equipment that helps promote accuracy of the assessment and subsequent offer made by the pawn shop broker.
After the purity of the silver is determined, the pawn shop broker will weigh the precious metal in troy ounces. Each troy ounce is sold according to the current market value or spot price of silver. This price fluctuates with the economy.
Depending on the silver content of your item, the pawn broker will then make you an offer to buy your silver, or if you need a short term loan they will base what they can loan on the value of the silver being used as collateral.
Once a pawn loan is repaid, the silver you used as collateral is returned. Your local pawn shop will give you a fair price.
What is Silver Purity?
Silver bullion is highly concentrated and 99.9% pure. Bullion is considered legal tender, in other words, bullion can be used for payment of debt or product. Because of bullion’s purity, it is often worth more than junk silver. Silver bullion has a lower premium than silver coins. A premium is the fee charged over the market price of silver for the dealer.
The market price of silver bullion is close to the spot price of silver. The spot price is the price of a precious metal if purchased at a certain point in time. It ebbs and flows with the economy.
This means that as long as you properly store silver bullion, you can reliably track changes in its value by checking the current price of silver.
They can come in many forms, including coins and bars. Another one you may encounter is called a silver round.
Modern silver bullion coins have a purity of 99.9% or better. The purest silver bullion coins weigh one troy ounce, which is 31.1035 grams, or 1.097 “regular” ounce.
It does not matter the number of coins you have if you are researching their value, because their worth is calculated on the total weight of the coins multiplied by the current silver price.
Silver Rounds
Silver rounds are a flat disc made from silver by a private minting firm. They are not legal tender, and more like a silver bar. Silver coins are also legal tender.
Silver Bars
Silver bars are made to the same.999 fineness as silver bullion coins. Silver bullion bars can come in many shapes and sizes. There are many private refineries that produce nearly all the silver bullion bars on the market. A couple exceptions are the Royal Canadian Mint and the Perth Mint of Australia. Believe it or not, silver bars are cheaper than legal tender bullion coins of the same weight and purity.
As an investment, the value of silver bullion is almost entirely based on its weight and silver content. You can typically sell it to a range of buyers for a reliable price. The value of silver coins can vary depending on the condition of the coin, its mintage, and other factors. Coin dealers typically buy silver coins, and you may get various offers. Remember that silver coins have a numerical value, and can be sold at a premium to the right collector looking for your silver coin.
Silver vs. Sterling Silver
While pure silver and sterling silver are often used as synonyms, they are not the same.
Pure silver, or fine silver, is silver in its purest form. The content of silver in pure silver is 99.9%, with only.01% trace elements. High purity silver is very soft and difficult to shape. Jewelry needs some durability, so it holds its form and doesn’t scratch as easily, so pure silver is not the best choice for jewelry. To achieve a more suitable silver for jewelry making, silver is mixed with other alloys like copper and nickle to give it more strength, but not degrade its malleability.
Sterling Silver Items
Sterling Silver is a silver that has been combined with other metal alloys. Sterling silver is fine silver combined with copper. There is 92.5% pure silver and 7.5% copper in sterling silver. The hallmark stamp on sterling silver will be “925 silver.” 925 silver is affordable and easier craft and repair. On the other hand, it requires frequent polishing to keep it looking shiny, because it tarnishes.
Wild Side Pawn Shop
Wild Side Pawn Shop is a premier full service pawn shop company in Stuart, Flordia, and they buy, sell, and pawn silver. At Wild Side Pawn & Jewelry they will offer you cash today for your Gold & Silver item(s). The offer depends on the days current spot price, as it changes constantly. Bring your Gold & Silver items down to one of our four locations in Florida, and they will inspect and authenticate your item(s) and let you know what they can offer you for them. You can choose to outright sell your item(s) to them, or you can choose a pawn loan where you can purchase your item(s) back from them with interest.
