Q:

What are the best places to get a good price selling scrap silver?

A:

Quick Answer

Individuals can get the best price selling scrap silver by going directly to a silver refiner. Other places to sell scrap silver include retail establishments such as jewelry stores, coin shops and pawn shops. Sellers can also put scrap silver up for sale on Internet auction sites such as eBay.

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What are the best places to get a good price selling scrap silver?
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Full Answer

Before working directly with a silver refiner, sellers should check its Better Business Bureau rating, any available customer reviews and the amount of time it has been in the industry. Some refiners do not deal with retail customers but only businesses. Sellers should compare refiner offers concerning spot prices, refining fees, assay fees and any other expenses calculated into the final offer. The final weight of the silver assessed for sale is the gross weight minus stainless steel or cement handle filler and other impurities. The price a refiner pays is a percentage of the final gross melt value.

Jewelry stores, coin shops, pawn shops and other buyers of precious metals are middlemen to refiners, they often pay less. The advantage of selling to retail establishments is their ability to pay cash the same day. However, sellers should compare prices before settling on a retail buyer. Another option is to attempt to sell the silver pieces on eBay, Craigslist or other Internet sales or auction outlets. Sellers should include photos and descriptions of the weight and markings on the items.

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