Do you have silver jewelry or coins and want to find their worth, or are you looking to sell silver? With the cost of silver rising with inflation, it is a great idea to find out what yours is worth! The following are tips to help you find out:
- Weigh it – The best way to get a head start on determining what your silver is worth is to weight it. Simply place it on a scale and write down how much each piece weighs. You can then calculate “spot” pricing, which is an estimate based on the market value of silver. Roughly 31 grams of silver will convert to one troy ounce of weight. You then multiply that number by the current market value and you’ve got your estimate.
- Purity– Just like gold, silver is usually examined for purity. Most silver jewelry is marked with numbers and/or word that reveal its total silver content. Sterling silver is usually about 92.5 percent silver and is marked with either the word “sterling” or a percentage that is near 92.5 percent. In the case that you are working with bullion, it is 99.9 percent silver. To find the value of a piece of jewelry or bullion passed on purity, you will multiply its percentage of purity by current market value. This is known as the “melt value.”
- Home Test – In the case that you want to have an official test to reveal the worth of your silver, you can purchase an acid tester. It comes in a kit that includes nitric acid, a stone rubbing slab and a chart that reveals the quality of the silver.
- Rarity – Research your item online, in books, etc. to find out how rare it is. Of course the rarer the better!
- Professional Appraisal – You can also find an appraiser or gold buyers that you trust to gain a better understanding of what your item is worth. When you go, keep in mind that if you don’t agree with their assessment you can get a few others to compare.
Delving into the history and worth of a silver object is quite fun. You may find that you have something rather valuable on your hands. Good luck with your research!!