When people think of precious metals, jewellery and businesses like Gold Smart, their thoughts tend to gravitate directly toward gold. Though we buy plenty of gold pieces, we also purchase silver as well. It is time to stop thinking of silver as gold’s paltry little brother. Silver is quite valuable for its natural beauty as well as the fact that it is a key component of all sorts of products. Silver is used in many different types of jewellery to boot. If you have any type of silver, do not hesitate to have it appraised. This is the first step toward selling your silver for a fair amount of money. Let’s explore the main reasons why every potential silver seller should have his piece appraised before trying to cut a deal with a buyer.
You Deserve to Know the True Value of Your Silver
Bring your silver piece(s) on in for an appraisal and you will get a good idea as to what it is really worth. There are three unique types of values you should know about. Whether you obtain each of these values hinges on your personal preference as well as whether your silver piece has any sentimental value. The three values are as follows: cash value, insurance value and replacement value.
Cash value informs you as to how much cash you can get for your silver piece on the open market if you decide to sell it. If your piece isn’t worth much, it is probably not worth insuring. However, you will not have any idea as to the true value of your silver piece until you bring it in for a professional appraisal. If it turns out that your silver is worth a decent amount of money, it is prudent to insure it. An appraisal can also provide you with replacement value. This is the market value the insurance company will pay if the piece is lost. The insurance value, also known as “agree value”, is the amount of money that you and your selected insurer can agree upon in the event that the piece is lost.
The bottom line is you should always bring your silver in for an appraisal. It just might be worth plenty more than you originally anticipated. Or, it might be worth much less than you estimated. The point is you will never really know your silver’s value until you have a professional appraisal performed.
Silver is quite soft compared to most other metals. As a result, it can be worn out fairly easily. This is why silver is regularly combined with other metal alloys. Mixing in such metal alloys like copper serves to enhance silver’s longevity, rigidity and “wearability”. Merely glancing at silver will not provide an indication of its purity. However, jewellery marked with a number that indicates its purity might be present. High quality silver pieces often have such a number marker or marker’s mark. As an example, sterling silver pieces are usually marked with “925”. This is not to say that unmarked silver has no value. Silver without a mark and silver that does not qualify as sterling often has considerable value.
Silver purity is indicated with percentages. The highest silver purity is 99.9 percent. Other purity levels range from 80 percent to 92.5 percent and 95.8 percent. Take a look at a silver coin and you will have an example of 99.9 percent pure silver. Keep in mind that pure silver pieces are quite soft and can be damaged without extensive force. If you have a piece of silver that appears to be in poor shape, don’t assume it is worthless. Whether marked, unmarked, chipped, dented or in perfect condition, the only way to figure out the true value of your silver is to bring it to a professional for an official appraisal.
Scrap Silver has Value as Well!
Too many people toss their scrap silver or keep it in storage, assuming it has absolutely no value at all. The little-known truth is that businesses like Gold Smart are ready and willing to pay for scrap silver as well as damaged silver and just about every other form of this precious metal. The value of your scrap is based upon its weight, its purity and the specific cost of silver on the day you are looking to sell. Though scarp pieces of silver might not yield much money, they are of value to businesses like ours.
Do not lose sight of the fact that failing to sell your scrap silver will likely result in that piece collecting dust in your closet or basement. It is much better to get quick cash for your scrap than walk away with a useless piece that serves no practical purpose. Also, consider that Gold Smart recycles pieces of scrap after purchase. This is a serious boon to our increasingly sensitive environment. Your scrap metal will be recycled through a melting process that is used to create new pieces of silver. Some scrap pieces are melted and later used in an array of different products.
Sell Your Silver at Gold Smart
Gold Smart is interested in buying your silver, gold and platinum. Our customer service is top-notch and our prices are fair. We invite you to contact us today to discuss your pieces, our rates and other details pertaining to precious metals.