How Can You Get the Best Price for Silver?


Quick Answer

To get the best price when selling silver, know the appraised value of the silver and compare it with the available resources that purchase silver, namely coin, pawn or jewelry shops, road show dealers, smelters or online buyers. Before doing business with anyone, especially online or through the mail, check with the Better Business Bureau, advises USA Today.

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Full Answer

In order to sell silver for the best price:

  1. Know the weight and value of the silver
  2. Having a recent appraisal helps is necessary to know the value of the silver before contemplating purchasing offers. Most precious metal purchasers buy silver by weight, so the offer may be lower than appraised values. Another benefit of an appraisal is that it determines the desirability of the piece. If a silver bracelet is signed by a famous maker or a silver spoon features a rare or desirable pattern, the item may be worth more than just the weight of the silver content.

  3. Comparison shop
  4. Determine where the best place to sell the item is based on the appraisal. If its worth is more as a collectible than for silver content, choosing a dealer, jewelry show or auction may fetch a better price. To sell for silver content on bulk pieces, selling directly to a smelter may be the best route.

  5. Check credentials before selling
  6. Check the credentials and business ratings of the company in consideration. The BBB and other consumer websites offer customer reviews and expectations when dealing with certain companies. Be informed, realistic and patient when comparing companies in order to get the best price possible for silver, suggests The Denver Post.

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