Difference between revisions of "Buy Scrap Silver"
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== Steps == | == Steps == | ||
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===Identifying Real Silver=== | ===Identifying Real Silver=== | ||
| − | #Check for silver hallmarks. None of the metals you find will be 100% silver. Sterling silver is considered "true" silver because it is .925 silver mixed with a base metal.<ref>http://www.ebay.com/gds/Selling-Scrap-Silver-/10000000003022299/g.html</ref> Check the jewelry, flatware, and other silver items you are considering buying for stamps that indicate their silver content. Most sterling items are marked with a stamp that says ".925" or "sterling." | + | #Check for silver hallmarks. None of the metals you find will be 100% silver. Sterling silver is considered "true" silver because it is .925 silver mixed with a base metal.<ref name="rf1">http://www.ebay.com/gds/Selling-Scrap-Silver-/10000000003022299/g.html</ref> Check the jewelry, flatware, and other silver items you are considering buying for stamps that indicate their silver content. Most sterling items are marked with a stamp that says ".925" or "sterling." |
#*Other stamps that indicate sterling are "800," "925," "Ster," and "S.t.g." | #*Other stamps that indicate sterling are "800," "925," "Ster," and "S.t.g." | ||
| − | #Check for wear. Examine any pieces you are considering buying with a magnifying glass. Determine whether something is silver or merely silver plated. If you are examining jewelry, you can look for the places the jewelry was most handled, such as the clasp or any linking pieces. If those areas are a different color, the jewelry may indeed be mostly brass or copper.<ref>http://www.ebay.com/gds/How-to-Identify-Scrap-Silver-/10000000178722115/g.html</ref> | + | #Check for wear. Examine any pieces you are considering buying with a magnifying glass. Determine whether something is silver or merely silver plated. If you are examining jewelry, you can look for the places the jewelry was most handled, such as the clasp or any linking pieces. If those areas are a different color, the jewelry may indeed be mostly brass or copper.<ref name="rf2">http://www.ebay.com/gds/How-to-Identify-Scrap-Silver-/10000000178722115/g.html</ref> |
| − | #Check for magnetism. Silver is not attracted by magnets. Bring a magnet when you are going to check a bit of silver you are considering purchasing. If the item is attracted to the magnet, it is likely made of other metals. However, there are metals other than silver that do not respond to magnets, so do not rely exclusively on this method.<ref | + | #Check for magnetism. Silver is not attracted by magnets. Bring a magnet when you are going to check a bit of silver you are considering purchasing. If the item is attracted to the magnet, it is likely made of other metals. However, there are metals other than silver that do not respond to magnets, so do not rely exclusively on this method.<ref name="rf2" /> |
| − | #Buy a silver testing kit. Your kit will contain bottles of acid and a black basalt touchstone. Use the touchstone to scratch the silver. Test the silver that sticks to the touchstone with the acid. Do not test the piece directly, as it may be damaged by the acid. If your test line turns red, you have silver.<ref | + | #Buy a silver testing kit. Your kit will contain bottles of acid and a black basalt touchstone. Use the touchstone to scratch the silver. Test the silver that sticks to the touchstone with the acid. Do not test the piece directly, as it may be damaged by the acid. If your test line turns red, you have silver.<ref name="rf2" /> |
#*The acid test is reliable, but it can only tell you about the exterior of what you are testing. | #*The acid test is reliable, but it can only tell you about the exterior of what you are testing. | ||
#*Test further if you suspect an item is only silver-plated. | #*Test further if you suspect an item is only silver-plated. | ||
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===Paying for Scrap Silver=== | ===Paying for Scrap Silver=== | ||
| − | #Check the current selling price. The price of silver fluctuates daily. Check online for the "Spot Price" of silver on any given day. This price changes constantly, so check back often. Do not pay more than the current selling price on any given day, unless the price is unusually low and you are willing to gamble that it will rise significantly before you need to sell.<ref>http://www.ebay.com/gds/Selling-Scrap-Silver-/10000000003022299/g.html </ref> | + | #Check the current selling price. The price of silver fluctuates daily. Check online for the "Spot Price" of silver on any given day. This price changes constantly, so check back often. Do not pay more than the current selling price on any given day, unless the price is unusually low and you are willing to gamble that it will rise significantly before you need to sell.<ref name="rf3">http://www.ebay.com/gds/Selling-Scrap-Silver-/10000000003022299/g.html </ref> |
#*Silver is measured in troy ounces. For reference when buying or selling, there are 12 troy ounces to 1 troy pound. There are approximately 31 grams to 1 troy ounce. | #*Silver is measured in troy ounces. For reference when buying or selling, there are 12 troy ounces to 1 troy pound. There are approximately 31 grams to 1 troy ounce. | ||
#*Beware of low prices. If a dealer is selling silver below the market price, it is likely not really sterling. | #*Beware of low prices. If a dealer is selling silver below the market price, it is likely not really sterling. | ||
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== Tips == | == Tips == | ||
| − | * If you buy silver jewelry with stones or gems, consider reselling it as jewelry rather than for scrap. If the jewelry is destroyed beyond repair, however, remove these stones before selling off the silver. When the jewelry is no longer wearable, selling the stones and silver separately will likely earn you a greater profit.<ref | + | * If you buy silver jewelry with stones or gems, consider reselling it as jewelry rather than for scrap. If the jewelry is destroyed beyond repair, however, remove these stones before selling off the silver. When the jewelry is no longer wearable, selling the stones and silver separately will likely earn you a greater profit.<ref name="rf1" /> |
== Warnings == | == Warnings == | ||
