How to Sell Silver in Chicago, IL
Silver is a great way to build up a nest egg, finance a big purchase, or save for the unexpected. So when it’s time to swap your silver in for a cash offer, you might be wondering what your options are. Here at Americash Jewelry & Coin Buyers, we can guide you through the silver-selling process. Keep on reading to learn more about this precious commodity and how you can swap your dust-collecting silver for cold hard cash.
What Is Silver?
Derived from the Anglo-Saxon name “siolfur,” silver became an important metal all the way back in 3000 B.C. So, what it is really? It’s a white lustrous metal that’s also prone to oxidation and tarnish, which is a great way to confirm the identity of real silver.
Silver today comes in a variety of purities, as it takes a lot of handling and processing to remove slag and other impurities from melted silver. Here’s a quick breakdown of the different silver grades:
- Fine .999 silver: The closest to pure elemental silver, this grade of silver is 99.9% pure silver, with the remaining 0.01% being insignificant trace elements. This type of silver is malleable and has a slightly grayer undertone when compared to sterling silver.
- Sterling .925 silver: One of the most common types of silver used in jewelry, this alloy consists of 92.5% silver and 7.5% other metals such as copper or nickel. Harder than fine silver, sterling silver is still soft compared to other metals and can be scratched or dented.
- Argentium silver or non-tarnish alloys: To combat the tarnish often found with higher-grade silver, this type of silver is a minimum of 92.5% silver that contains additional metals and germanium. The addition of germanium helps to prevent tarnishing and even makes the silver harder and less malleable.
- Coin silver: Fairly rare now, coin silver is 90% silver and 10% copper. Pieces that have coin silver often come with quality stamps of .900 and certificates of authenticity.
Other types of silver include silver filled, silver plated, nickel silver, Tibetan or tribal silver, or silver from specific regions such as Bali, Thailand, or Mexico.
What Items Have Silver?
If you’re interested in trying to sell the silver you’ve lying around, it’s helpful to know what items often have silver in them and how to identify real silver from fake.
Items That Often Have Silver
Sorting through your kitchen drawers, hand-me-downs, and jewelry cabinet, here are some items that you might have that often have silver in them:
- Electrical motor switches.
- Tea sets.
- Photo frames.
- Home hardware.
How To Identify Real Silver
There are several ways to help you identify real silver from other fake metal alloys that have a silver-like appearance. One quick way is to check for a stamp on your silver items. Common stamps you might see on your silver pieces include .925, Stg or STG, .999, .999 FS, Argentium (or “AS”), or .900.
If your items don’t have a stamp, don’t fret, there are still a few ways to check if your items are silver or not. For one, precious metals have no magnetic charge, so if you hold up a magnet to your silver objects and they don’t react, then you might have items with higher silver content.
Other tests include smelling your silver since it should be odorless, having to polish your metal since real silver tarnishes, and putting a piece of ice on your metal since real silver melts ice faster than other metals. The best bet is to bring your items to a qualified appraiser who can evaluate them to determine if they contain silver and how much that silver might be worth.
How To Sell Silver
Now that you know what to look for and how to test out your silver pieces, you might be wondering where to sell your silver. Many companies that offer silver appraisals are also silver buyers, so you can take care of selling your silver all in one spot. Here’s a breakdown of how to sell your silver and get the most out of your sale:
- Research different silver buyers: There are many silver buyers out there, each with their own policies, reputations, and rates. Finding a quality buyer in your area can help ensure you get the best sale price when it comes to your silver items.
- Don’t polish your silver: Polishing can damage your silver if not done properly, so it’s best not to polish it before having your silver appraised and sold. Many silver buyers have all the tools and equipment to polish the silver in-house.
- Know what types of items you have: Researching the rarity of the items in your collection can help you find items that may be of higher value than just normal stamped silver pieces. This can help you negotiate a fair sale price or decide whether you want to sell some things separately.
- Check the current market value: Silver prices change all the time, so knowing the current market value of silver when you go to sell your silver can help you better understand what you might get out of the sale.
- Schedule an appointment if needed: If you have a lot of items, or you would prefer privacy during the process, some silver buyers will let you schedule a time to come for an appraisal.
Silver buyers, such as Americash Jewelry & Coin Buyers, buy and sell silver, along with other precious metals, at competitive prices. Going to an actual silver buyer, you can count on quality service, a no-obligation cash offer, and expert appraisers.
Ready To Sell Your Silver?
Whether you have a single silver piece or a whole collection of silver and other precious metals, if you’re ready to sell, Americash Jewelry & Coin Buyers has you covered. We serve clients across Chicago, providing a seamless experience that lets you get top dollar for your silver, fast. If you have questions before bringing in your hoard, give us a call, and one of our experts will guide you through the silver-buying process or answer any other questions you may have. We look forward to helping you soon.