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Old silver jewellery may feel like it’s just cluttering up your drawers, but it can actually be quite useful – by putting more money in your pocket, that is.
Selling silver jewellery is a great way to generate some quick extra income, even though the process can feel overwhelming at first. These tips will help you maximize your returns, including where to sell silver, how to prepare it, and how you can estimate what your silver jewellery is worth.
1. To Clean or Not to Clean Silver
One of your first instincts may be to clean your silver before you go to sell it. Polished, shining jewellery ought to sell for more, right?
The fact is it’s a matter up for debate, with some sides saying you can make it more attractive to buyers by removing the tarnish and others saying that you run the risk of removing the patina if you clean it the wrong way. The patina is a film on the surface of silver that forms from exposure, but unlike tarnish, patina can be an attractive quality for collectors.
It really depends on who you’re selling it to and the age of the piece. If you’re selling it online or to an individual, cleaning the silver can make it more attractive. If you’re selling it to a bullion dealer, it likely doesn’t make a difference, and the wrong chemical dip can even cause small amounts of silver to be lost.
2. Check the Hallmark
A hallmark is a stamp on a piece of silver that tells you what the purity is, usually in parts per thousand. For example, Sterling silver will be stamped 925 or .925, which means that the piece is made from 92.5% pure silver. The remainder is usually a less valuable metal that has been added to give the piece more durability, as silver is a very malleable metal.
3. Find Out If It’s Antique or Vintage
The majority of unwanted and broken silver jewellery is only valuable because of the precious metals it’s made from. Silver is a valuable metal that can be melted down and recycled for bullion, new jewellery, or industrial uses. Most of it is not resold.
However, there is a market for antique and vintage jewellery, especially pieces from luxury designer brands or pieces with historical value. If you have something made by a luxury brand, it may be worth taking it to a jeweller to see if you can sell it for more than just the value of the silver.
4. Get Multiple Quotes
The more time you give yourself to sell silver, the better. When you’re in a rush, you’re more likely to take the first offer given to you, which might mean settling for less than you can really get. If you want to get the best possible price, don’t be afraid to take it to several bullion dealers or jewellery buyers and request a quote, especially if you have a larger quantity of silver jewellery.
Selling silver is a quick way to generate some extra income. Give yourself some extra spending money by selling your unwanted jewellery.