How to Sell Silver

Before You Sell: Preparation

1. Identify your silver — Check for hallmarks (925, 800, STERLING, etc.)
2. Weigh accurately — Use a digital scale accurate to 0.1 grams
3. Know the spot price — Check the current silver price per ounce
4. Calculate melt value — Use our scrap calculator to know your floor price
5. Separate by purity — Group items by hallmark for accurate quotes

Where to Sell Silver

1. Local Precious Metals Dealers

Typical payout: 85-95% of melt value

• ✅ Immediate cash payment
• ✅ Can inspect and negotiate in person
• ✅ No shipping costs or risks
• ❌ Limited to local options
• ❌ Prices vary — always get multiple quotes

2. Online Precious Metals Buyers

Typical payout: 85-92% of melt value

• ✅ Competitive prices due to lower overhead
• ✅ Convenient — ship from home
• ❌ Must ship your silver (insure it!)
• ❌ Payment takes longer (3-10 days)

3. Refiners (Direct)

Typical payout: 90-98% of melt value

• ✅ Best prices, closest to melt value
• ✅ Professional assay of your silver
• ❌ Often require minimum quantities (50+ oz)
• ❌ Longer processing time

4. Pawn Shops

Typical payout: 50-70% of melt value

• ✅ Quick cash
• ❌ Significantly below fair value
• ❌ Not recommended for selling silver

5. Online Marketplaces (eBay, etc.)

Potential payout: 90-120% of melt value

• ✅ Can get above-melt prices for desirable items
• ✅ Access to worldwide buyers
• ❌ Seller fees (10-15%)
• ❌ Risk of scams, returns, disputes
• ❌ Requires photography, listings, shipping

Tips for Getting the Best Price

1. Get 3+ quotes — Never accept the first offer
2. Sell on high-price days — Watch the spot price and sell when it's trending up
3. Know what you have — Items with numismatic, antique, or brand value may be worth more than melt
4. Avoid desperation — If you need cash today, you'll get a lower price. Plan ahead if possible.
5. Consider tax implications — Silver sales over $10,000 require IRS reporting. Capital gains may apply.