Silver is one of the most popular metals that you can sell or pawn at your local pawn shop. Of course, the amount you get will depend on various factors.
These include the purity, weight, item, and the spot price. When the owner takes these factors into account, then they will give you a fair price for the item.
So, if you are looking to pawn or sell your silver items to a pawn shop, you are in the right place. Here is what you must know.
How Much Do Pawn Shops Pay for Silver?
Pawn shops will usually pay 95% of the current silver spot price for your item, but not all pawn shops will do this. That is because there are various factors that pawnshops take into account before offering you money for silver.
These include the purity, weight, spot price, type of silver item, and more. All of these factors will help determine the value you will get.
However, you must remember that when you go to a pawn shop, you will never get the market value for silver. That is because pawnshops buy items to make profits, which is why they will offer you a price lower than the market.
If you want a fair deal, we recommend that you negotiate and understand the various factors that will affect the price. Once you do, you will get a good price in no time.
What Silver’s Get The Most Money At Pawn Shops?
There are different types of silver items you can pawn or sell at pawnshops. These include bullion bars, silver jewelry, silver coins, silver antiques, and more.
The highest value you will get is for the bullion bars. That is because these bars have at least 99.9% silver and this is how close you will get to completely pure silver, which is why they have a fantastic resale value.
Silver jewelry doesn’t have a good resale value and will sell for far less than what you paid for it. Silver coins in great conditions might also give you a good value, but many pawnshops will not consider you giving money for these unless it’s a rare coin.
Finally, silver antiques are collectible items and can sell for more than their silver content. The content of the silver inside them is not as important as the collectible worth of that item.
In the end, the pawnshop owner will determine how much they want to give you for a certain item depending on many factors. So, you must go to your local pawn shop and see how much you will get.
How Do Pawn Shops Determine Prices on Silver?
Various factors determine the price of silver for pawnshops. These include the current spot price, weight, purity, and item.
Fine silver will always get a higher value than sterling silver, as fine silver is the closest to pure silver. On the other hand, pawnshops can also pay for the silver by the gram.
The current spot price of silver will also determine its value. Remember that the spot price keeps fluctuating, which is why the worth will depend on when you plan on selling.
Finally, some silver products are in greater demand than others. That is why you will get more money for some silver items than others.
If you want to make the most of your silver sale to a pawnshop, here are some tips you can implement:
1. Do Research
Always conduct some basic research before selling silver to a pawnshop. We recommend that you understand the current spot price and see what other pawnshops are willing to pay. It will help you have a better idea of what you can get.
Never be afraid to negotiate with your local pawnshop. While they will not give you the market price, it still doesn’t mean that you should settle for way less. So, always be ready to negotiate and walk away.
3. Get Your Silver Item Checked From A Professional
Finally, get your silver item checked for the content of silver before you go. It will help you understand how much it is worth, and what you can get for it.
This will help you settle a good negotiating rate, and don’t forget to take your silver certifications to the pawnshop.
Difference Between Pawning And Selling Sliver To A Pawn Shop
Pawning and selling silver are different things. When you pawn an item, the shop will keep the object for you as collateral and give you cash as a loan.
When you return the loan, you will get your item back. On the other hand, when you sell an item, the pawnshop will use it to resell it to other customers.
If you want more money, we recommend that you sell the silver item to the pawnshop. You will get a much higher value for your item as compared to pawning it.
Besides that, you will not have to pay back any interest either. So, unless you want your item back, you can sell the silver to the pawnshop.
Pawn Shop Vs. eBay For Silver Sale
Before you take your silver item to your local pawnshop, we recommend that you try out eBay. You will likely get a much higher value for your jewelry items on eBay than through a pawnshop.
You will be able to auction off your jewelry or silver item at a higher price, as there are endless buyers on this platform. Of course, you will have to wait for this option and be patient with buyers as they bid.
On the other hand, if you want an option that gives you fast cash, then a pawn shop is the ideal choice. These shops will give you cash immediately, which is why many people go there to sell items for fast cash.
Of course, the value you get will be much lower than if you sell at other places. In the end, the decision depends on what you want.
Thomas Boseman is the author of Pawnbroking.com. A pawn shop owner by day, blog writer by night. When not writing, he enjoys exploring the outdoors with his dog, Roman. Thomas received his bachelor of arts in film from the University of Arizona. A Brooklyn native, Thomas is a lover of filmmaking, motorcycle, and coffee.