If you’ve ever watched shows like antique road show, you may have seen people show up with special silver pieces that they may say are precious family heirlooms. These then turn out to be priceless or worth much more than what people would have guessed. Shows like this will have you raiding your attic for old precious things and rummaging through boxes of things that your grandmother might have passed on to you in her will. You can sell these and find new homes for them or you can simply take advantage of the current market price of precious metals and sell silver for a profit. The trick is finding the right buyer who will give you the right price for your silver. However, this is easier said than done and most people make some really costly mistakes.
- Not knowing what to expect
When you want to sell silver, it is helpful to have some idea of what the items are worth. You don’t have to wait for an antiques roadshow to have these evaluated by a professional. You can find plenty of professionals in your area who can evaluate your silver. Family heirlooms also tend to be steeped in history and sentimentality, so you need to be comfortable with whatever the appraiser says your items are worth. The value of silver items will depend on the purity. Sometimes, collectability plays an important role, an expert precious metal buyer will be able to tell you if they are collectible or not.
- Not tracking the market
Silver is a very volatile metal. Its value fluctuates a lot so, just as a reputable silver buyer will keep his eyes on the market, so should you, keep an eye on the price movements of silver. If you see the price of silver going up, it might be the ideal time for you to sell.
- Discarding silver products because you believe it is too old or damaged
As a precious metal, silver is good at holding its value regardless of how old or how banged up it might be. Silver items like tableware, jewellery, coins are popular with collectors. If there is no demand for your particular silver on the collector’s market, then it still has value as scrap that can be melted and refined to make new products. There is one caveat though, silver plated products are not considered valuable. Separating pure silver from whatever it has been used to cover, can prove to be too much work.
- Not doing your research
Research! Research! Research! This cannot be emphasized more. A lot of people end up taking decisions without finding out more about what they are doing. It is dangerous and it can be costly. While there is no shortage of precious metal dealers, there is also no shortage of people who will take advantage of you if they can. Find out as much information as you can about the buyers you are dealing with. Ask question from people who’ve had prior dealings with them. Know who you are dealing with.
- You shouldn’t have to wait to get paid
Seriously, if you are dealing with a reputable buyer, they shouldn’t make you wait for payment. They’ll have plenty of information to share with you, educate you about your items and if you are satisfied with their answers to your questions and you decide to sell. You should be able to walk away with a check in your hand.