Things to Know When You Sell Your Silver

If you’re thinking of selling your jewellery, grandma’s old teapot, or your old coins, there are a couple of things you need to know before you sell your silver. You might be wondering if now is the best time to sell. We’ll help you understand that. We’ll even help you know where to sell your silver, where you’ll get the best price, and whether they are reputable. Just follow this guide and you can’t go wrong.

If you follow this guide, you’ll understand when to sell your silver, where to sell it, and how to sell it.

The Best Time To Sell Your Silver

Try to sell when the prices are at their highest. Whether you’re waiting for the highest peak or need to sell for urgent cash, it can help you get the best price. It’s best to sell during high demand or when you are adjusting your investment. This strategy is best if you have time to wait; if not, just look for a trustworthy dealer and sell your silver when you need to.

Types of Silver to Sell

There are so many different types of silver; of course, each of them will have different silver markings, and we’ll get to that in a second. Most people just want to sell their old silver jewellery they no longer need or want, or the family flatware they inherited that might not fit their ‘style’. But then there are those who play the long game, buying and selling silver bullion as an investment.

1. Investment-Grade Silver (Bullion)

This type of silver is the easiest to sell and usually gets prices that are very close to the current “spot” price.

2. Sterling Silver Items (Scrap and Decorative)

Buyers purchase items with a .925 sterling stamp, which means 92.5% purity.

• Flatware and Tableware: Forks, knives, spoons, serving sets, trays, and tea sets.
• Candlesticks and Decorative Items: Bowls, pitchers, and ornamental objects.
• Antique Silverware: Valuable for both its silver content and potential collector’s value.

3. Jewellery and Collectables

• Sterling Jewellery: Rings, necklaces, bracelets, and chains.
• Broken or Mismatched Jewellery: Frequently bought as “scrap” to be melted down.
• Hallmarked Pieces: Items marked “925,” “Sterling,” or “MEX925”.

4. Industrial and Other Silver

• Silver Grain/Shot: Used by jewellers.
• “Coin Silver”: Usually 90% silver, commonly found in older, antique items.
• Industrial Scrap: Silver contacts, wire, or photographic silver (less common for individual sellers, but still valuable).

Understand and Determine Purity (Hallmarks)

As promised, we will now explain the different qualities of silver and how to identify each.

Common Quality Stamps:

• Sterling Silver (925 Silver): This material is commonly used in jewellery and is made from silver mixed with copper or other metals to make it more durable. It is strong, but it can tarnish as time goes by.
• Fine Silver (999 Silver):  Pure silver is soft, easy to shape, and can be scratched easily. Because of this, it works best for delicate jewellery like earrings, instead of rings or bracelets. It also resists tarnishing very well.
• Coin Silver (900 Silver): Silver mixed with copper has been used in coins for a long time. This combination is strong, but it is not as pure as sterling silver.
• Silver Plated/Silver Filled: A thin layer of silver is added to a base metal like copper or brass. This option is affordable, but the silver coating can wear away over time and does not hold any investment value.

Calculate The Weight of Your Silver

When you want to find out how much your silver weighs, don’t confuse this with figuring out its mass. Just focus on the weight and the type of silver to get the right result.

To find the weight of your silver, use a digital scale to weigh it in grams if possible. Put the item on a digital scale that has been calibrated and make sure the scale is set to grams. Subtract any non-silver weight of any parts that are not silver, such as stones, glass, or filling.

Check Spot Price To Determine the Best Price

You can follow the live silver spot price in South African Rand (ZAR) with real-time updates from global markets. Dealers, investors, and mints use this price as a benchmark to set prices for bars, coins, and bullion. The spot price changes all the time, reacting to supply and demand, economic news, currency values (especially the US dollar), investor mood, industrial demand, and world events.

Even small changes in global markets can affect the silver price quickly. During busy trading hours, the price may shift every few seconds or minutes as it is traded on global exchanges. Since silver markets run across different time zones, you might see updates outside normal local business hours too.

Where to Sell Your Silver and Avoid Middleman Fees

Online Dealers: Provide quick, secure sales.

If you want to get the most out of selling your silver and doing it safely, your best bet is to use an online dealer that also has a brick-and-mortar location where you can meet them face-to-face. We Buy Silver is one of those dealers that you can trust.

Private Sales: Private sellers may offer better prices, but take longer.

Selling to a private buyer might get you the best price, if it isn’t a scam or worse. It could be very dangerous for you to meet this person, even in a public place. They will definitely also try to argue with you about the price, so it’s definitely not your best bet.

Pawn Shops: Easiest, but lowest price

Now this option is the simplest, but you will definitely be low-balled. And what you don’t know is that they will turn right around, take your silver, and sell it to the online dealer themselves. So save yourself the hassle and just cut out the middleman and sell to the dealer yourself.

How Does This All Come Together?

Selling your silver shouldn’t be a headache, and if you follow this guide, it won’t be. As long as you keep an eye on the spot price, know how to look for the right hallmark stamp, and use the right buyer, you can’t go wrong. Just remember these 3 things.

1. Sell high
2. Know your silver
3. Use the right buyer

You’ve got this. And if you are still unsure, you can always contact We Buy Silver to help you out.