by Ruth Hansen
Pawn shops are a great place to sell silver fast. However, it’s not uncommon for most to give you only 10-40% of the market value, which is why it’s important to know the purity of your silver before you sell it.
It’s also crucial to remember that the value of silver can change daily. Silver prices have seen a dramatic increase in recent years, but they can still go up or down. It’s always a good idea to call around and compare prices to get the best deal.
Table of Contents
How much do pawn shops pay for silver?
The first thing you need to think about when selling your silver is that the pawn shop owner won’t be paying close to what it’s worth. If a pawn shop is buying an item, they will have every intention of reselling it for profit. So, the pawn shop is going to take a percentage of their money and make it back on that item.
When you are selling your silver there are some factors that will play into what you get for your item:
- Weight – the weight of the silver will play a role in the price. Heavier will generally mean more value.
- Purity – if your silver is not 100% pure, that will affect its value. Most silver jewelry is .925 sterling silver, which means that 92.5 percent of it is actually silver. If your item has a higher purity of silver, then you can get a better price for it.
- Condition – how nice or beat up your item looks can also lower or raise its worth.
- Location – pawn shops near big tourist areas tend to pay more for silver than in other places.
How much do pawn shops pay for sterling silver?
If your silver is marked as .925, then it’s considered sterling silver. Sterling silver can be worth something around $0.50 per gram. This is assuming that the item is in good condition.
However, if your item is 100% pure silver (marked as .999 or 999), then you can expect to get around $0.70 per gram.
On the other hand, if you have sterling silver that has been damaged and cannot be repaired, it may not be worth selling. Sterling silver is very soft and can easily become damaged. If it has been scratched or dented, you may have to take a loss on the item because of its reduced value.
Remember that these are just ballpark figures and the final price may vary depending on a number of factors including weight, purity, and condition. So it’s always a good idea to call a few pawn shops in your area and get some quotes.
How do I know if sterling silver is real?
Even if you think your item is sterling silver, it’s always a good idea to check the purity before taking it to a pawn shop. The most common way to determine the purity of silver is by looking at its markings. Sterling silver will have a stamp that says .925.
However, not all sterling silver is marked with a stamp. The easiest way to test the purity of your silver is to use a magnet. Sterling silver isn’t magnetic so if your item sticks to the magnet, then it’s not made of sterling silver.
Another way to test for sterling silver is to use a nitric acid kit. This will tell you the percentage of silver in your item. If it’s below 92.50%, then it’s not sterling silver. It’s important that you wear gloves and safety glasses while testing the item yourself. You should also use these kits in a well-ventilated area since they produce toxic fumes when combined with water.
How much do pawn shops pay for silver coins?
Silver coins are worth more than what you paid for them. However, pawn shops won’t give top dollar for these items because they expect to resell them for profit.
The average price per gram that pawn shops will pay is around $0.50 for sterling silver and $0.70 for pure silver coins.
If you do have a rare or antique coin, then the pawn shop is going to be more interested in it. They may offer you less money for the weight of the silver, but they could also give you a better price because they know they can resell it for more.
How much do pawn shops pay for silver dollars?
Silver dollars that are pre-1965 contain 90% pure silver while those minted from 1965-1970 contain around 40% pure silver.
If you have a pre-1965 dollar, then the value of its silver content will be about $4.46 per coin and it’s likely worth more than that on the collector market. If your coin is post-1965, then it’s likely worth less than its silver content because it’s not as rare.
Silver dollars are a popular item for pawn shops because it’s easy to see their purity and weight. The better the condition of your silver dollar, the more you can expect to get for it.
How much do pawn shops pay for silver bullion?
Pawn shops are typically more interested in silver bullion because it’s easier to resell. They pay between $0.50 and $0.70 per gram for silver bullion, depending on the purity. The weight of your item is going to play a big factor in how much you get paid by a pawn shop.
If you have rare or antique bars that are 100 ounces or more, then you can get a better price because they’re worth more on the collector market.
Final words
If you have some coins or bullion lying around, you can get a pretty good price for them at your local pawn shop. However, it’s important to know what you’re selling so you don’t get ripped off. Sterling silver is 92.50% pure, while coins minted before 1965 are worth more because they’re made of pure silver. You can also test the purity of your silver with a magnet or nitric acid kit. So before you go to sell, make sure you know what you have and how much it’s worth.
If you have any questions about this blog post, feel free to leave a comment and share if you’ve found it helpful!
