Monday, June 27
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HOW MUCH DO PAWNBROKERS PAY FOR SILVER 

 

Gold is not the only commodity pawnbrokers near me buy. No, you can also sell your silver watches, jewellery, and other authentic silver items. The newsflash is you can earn some quick cash as silver is always in demand. So, how much will a pawn shop pay for your scrap silver items? The answer is based on different factors, as seen here. 

How Pawnshops Determined Silver Buyback Prices 

Like gold-selling your silver to a pawn dealer, they price the metal based on the current market price and factor in purity and weight. Like gold, the market value for silver fluctuates daily. 

To get a great idea of the silver market value, you can check various pawnbrokers’ websites to track the price. Having this information available is great to have when you want to determine the value of your silver pieces. To find different pawnbrokers simply type “pawnbrokers near me” into Google.

To signify the silver purity, pawnbrokers work on a millesimal fineness. So, first, it refers to the purity or refinement of the metal. Next, you find the purity expressed in a percentage. Hence, the higher the % it has, the greater its weight and the more you can get for your silver jewellery. 

But, remember, a pawnshop will always try to make a profit when buying or selling precious metals. 

Determining the Purity of Silver 

The easiest way is to look for markings on the jewellery pieces, like gold. These hallmarks you find printed in tiny writing, and you may need a magnifying glass to see them. The hallmark signifies the silver percentage in each item. 

Hence, the higher the number, the higher the silver %. So, for example, if your item states sterling .955, it is made of 95.5% silver. So, anything lower than .999 has a mixture of other metals like copper and silver, referred to as sterling silver. 

When you determine the weight, it is easy, and all you need is a scale that weighs a tenth of a gram. Then, you need to subtract the weight of embellishments and stones from the overall weight to get the accurate weight of the silver. 

Getting to Silver Value 

The pawnbroker near me will take the market value, purity, and weight to work out an offer. Next, you multiply the weight of each piece with the % silver shown on the piece. When you do this, it indicates the number of grams you can work with. Next, the dealer multiplies the silver grams with the current price of silver in grams. But, always expect to get less than your calculated value. 

Getting the Most for Your Silver Jewellery 

Check all the pieces of silver jewellery you have, and if you have certifications of purity, take it along. Do your research, check the weight and current market price, and give your jewellery a cleaning without harsh cleaning materials. Then head to your nearest pawn shop and be realistic about your expectations with the offer presented by the dealer. Lastly, be prepared to negotiate when visiting a pawnbrokers.