So, you need cash in a hurry but all you have that is precious is silver. Can you pawn this and if you can, what do Pawnbrokers pay for silver? Silver is a popular metal that is used in many applications, this means it is always in demand. The amount of money you can expect from a Pawnbroker depends on various factors. However there are two factors that are important.
The open market value of silver
All silver dealers rely on the market value of silver to work out what their products should be worth. However the silver market is very volatile and the price can change without warning. There are lots of factors that affect the price of silver like global politics, the economy, supply and demand etc. There are precious metal sites that track the price and post live market movements. When you are thinking of selling your silver to a Pawn shops you should have a look at these sites to get an idea of what you can expect to get for your silver.
The purity of your silver and its weight
While the purity of gold, the most popular precious metal is measured in karats which is an expression of the percentage of gold in a gold project, silver’s purity levels are expressed in parts per hundred.
The most common purity of silver is 92.5% silver also known as sterling silver. There is another less popular purity known as the Britannia.
Sterling Silver is the standard for most silver products like fine jewellery and fine cutlery. The purity of silver will be marked somewhere on the product. Fine silver will be marked with .925.
Some people may not be able to tell what the purity of their silver product is as markings may wear off over time. A Pawnbroker will be able to test the purity of your silver so you don’t have to invest in expensive testing equipment.
Why silver?
Silver is always in demand. This precious metal has been used throughout history in a variety of ways. It has been used currency and because of its beauty, it has been used in jewellery. Silver is durable however it tarnishes over time. However, tarnished silver can be cleaned and polished to restore its lustre.
Silver is a good conductor of electricity which is why it is commonly used in making electronic products. These can range from toys to cellphones, microwaves and other electronic equipment that is vital in our daily lives.
Before cellphones and digital cameras, photographs were developed with chemicals. Silver was an important part of that chemical process. These days, photographers who are into it as a form of art are the ones that still held on to the old methods of developing photos.
Silver in Medicine
Silver had microbial properties and it had been used in bandages to help prevent wounds from being infected. Silver solution is also used to sanitize medical equipment that is susceptible to bacteria.
For these reasons and many others, silver is always in demand.
If you are going to pawn your silver, gather as much of it as you can. Silver might be a precious metal but just because gold sells for hundreds of dollars does not mean the same is true for silver. The price of an ounce of silver is far less. At its best it hovers above $20 at its words, it’s barely hanging on the $10. So you should have realistic expectations.
If you are selling rare sterling silver items, you want to sell silver for the best price, get the certificates and the original packaging. This will be helpful In negotiating the best price.
Don’t settle for the first quote. Do your homework and be prepared to haggle. Pawnbrokers actually expect you to. If you feel that Pawnbrokers aren’t giving you a fair price, walk away. The price of silver is always fluctuating which means you can always come back when the price has gone up.
