Buying Scrap Silver

silver_1896303b

 

1.Know how to identify real silver. Genuine silver jewelry or silverware will be stamped with the number 800 or 925 or a promise that the silver is sterling (ex. Ster, Sterling, Stg). If you cannot find an identifying mark on your silver, here are three ad hoc, but indeterminative, tests that you perform if you’re trying to tell real silver from fake silver.

-Real silver rings. Either flick the silver coin into the air or tap it with another coin to produce a sound. The sound you should hear in hear silver is a ringing sound, high-pitched and bell-like. If you flip a 1932-1964 quarter (90% silver) and a post 1965 quarter (90% copper), you should hear the difference immediately.

-Real silver melts ice. Place an ice cube on a block of silver or a silver coin and watch the ice cube melt faster than it would if it were merely left out at room temperature. Silver melts ice quickly because it has very high thermal conductivity.

-Real silver isn’t magnetic. Get a rare-earth neodymium magnet. Angle your silver bar at 45° and let the neodymium magnet slide down. On real silver, the magnet will make a slow descent down the bar. On non-silver materials, it will either stick to the top of the bar or slide down very quickly

2.Ask friends and family. Many people have broken or damaged silver jewelry that they’d be only too happy to sell it at a reasonable price. Some may even give you things for free.

3.Find your own sources. Look at online auctions, garage sales, flea markets, thrift shops, and consignments stores. Online auctions will generally have higher prices, but the trustworthy ones will also have ways for you to verify that what you’re purchasing is actually silver

4.Get to know local pawnshop owners. While pawn shops aren’t necessarily the first place you’ll want to go to find silver, getting to know the owners can provide you with a lot of valuable insights and possibly set you up with contacts. If you’re lucky, you’ll find a pawn shop that doesn’t have the resources or inclination to deal with scrap silver and will work out a deal to put you in touch with potential sellers.

5.Look for silver in unexpected places. In addition to jewelry, silver can be found in circuit boards, old electronics, mobile phones, circuit boards, photographic plates, and old cameras.