6 Mistakes To Avoid When Buying Or Selling Scrap Silver

When buying and selling scrap silver, many people make mistakes that could easily be avoided by carefully evaluating their silver scraps before attempting to sell them to a jeweler or other party interested in buying scrap silver.

How much is scrap silver worth? What does scrap silver look like? How do you evaluate scrap silver before purchasing it? These are all questions that most buyers of scrap silver have at some point in the process, but with some education, you can avoid common mistakes and ensure that you get exactly what you need or want when you buy scrap silver.

Here are six mistakes to avoid when buying or selling scrap silver.

1) Do Your Research

If you’re interested in buying scrap silver, research and find out how much an ounce of silver scrap is worth. This can help you negotiate a price that works for both of you. Plus, if you know enough about scrap silver values and sellers to guarantee a high price, potential sellers may be more likely to trust you.

2) Know Your Prices

Just because it’s scrap doesn’t mean you can be hasty about your purchases. If you don’t know anything about silver, it may be a good idea to get a certified appraiser involved at some point during your purchase process. That way, they can give you an evaluation of scrap silver that’s backed by credentials and track record in the industry. Some people pay higher premiums for specific coins, even if worn down and incomplete – so always check prices beforehand!

3) Know Where To Look

Sure, you could Google buying scrap silver—and you will get results—but that information is all over. The most useful way to get scrap silver information is from someone who has gone through it and wants to pass on the lessons learned. Local jewelry-store owners and merchants are one of your best bets for getting insight into how buying and selling scrap silver works.

4) Trust Your Gut

Is a local dealer selling you scrap silver for far less than it’s worth? Take your business elsewhere. While price is always important, it probably is if something feels too good to be true. And when dealing with silver scrap, many things feel too good to be true—if you don’t do your research ahead of time and consider your options carefully, however, you could miss out on a real deal.

5) Don’t Over Pay For Junk Silver

Junk silver is any pre-1965 U.S. coin containing 90% silver. Most junk silver is worth more than face value, but be careful not to overpay for it, as several important factors determine its value: melt value (how much it would cost to melt down and recast it), weight, and size of each coin and date minted.

6) Know How Much You Have Before Getting It Appraised

Before you sell any scrap silver, know its value. Before it can be appraised, your silver needs to be identified correctly. You can find out your scrap silver value on Silver-Chart.com.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.