What Can You Do With Old Silver?

4 September 2015
 Categories: , Blog

Whether you've outgrown your taste for sterling silver jewelry or are facing the dilemma of what to do with a deceased parent or grandparent's extensive (but not heirloom-quality) silver collection, you may be wondering about the easiest and most lucrative way to rid yourself of these items. While "cash for gold" ads may abound, particularly during times of recession, selling silver can be a somewhat different process. Read on to learn more about several ways you can dispose of your old silver while making some cash.

Bulk silver buyers

If the majority of your silver is of low to moderate quality (like mismatched sterling silver-plated jewelry) and is unlikely to fetch much on the open market, you may opt to recycle your silver with a bulk silver buyer. Like gold buyers, silver buyers will pay a specific dollar amount per gram -- however, this isn't always an easy calculation, as most silver jewelry is not pure silver, and the "filler" weight must be taken into account.

You'll usually be able to receive a fair price for your silver jewelry or other silver items if you visit a jewelry store or silver-buying storefront. While mail-in services are available (sending you an envelope in which you return your silver items, then sending you cash), it can be harder to dispute value, and you may not be able to have your items returned if you're unhappy with the quoted price. 

Antique or consignment shops

For more valuable silver, including matched sets (like place settings or serving dishes), you may be able to fetch a premium by offering your items to a local antique or consignment shop. Many people flock to these shops to find "new-to-them" silverware or even to fill in missing pieces of their own collections. 

Some antique stores have central ownership of all items sold, while others rent "booths" to vendors who are free to place and price their own merchandise. If your collection is extensive, renting a booth for a few months may be your best option.

Online auction services 

If you're not satisfied with the prices you've been offered by local antique stores and bulk silver buyers, such as Gold for Cash, you may have better luck with an online auction service. Selling your silver online will allow you to set a minimum reserve price while still maintaining the ability to fetch a higher price. You'll also have a much broader potential audience, which can make it easier to sell a rare or heirloom item that may not hold much local appeal.