How Pawn Shops Value Silver
There are three key factors that pawn shops take into consideration when they buy silver. They are:
- The daily melt value of silver
- The purity of silver you have to sell
- The weight of silver that you have
The Daily Melt Value of Silver
Each day, the market sets a price for silver prices (much like gold), that places a value for the melt weight of said silver. You can check the value of silver on sites such as Kitco. Before going to sell or pawn your silver you should do some quick research to see what the daily spot value is. This will help you with your negotiations and make it easier to work with the pawn broker. It will also help you better manage your expectations when receiving your offer.
The Purity of Silver You Have to Sell
The next critical factor to consider when selling or pawning your silver is the purity of the silver you have for sale. Pure silver is considered .999 pure. Here is a list of different purities that will be relevant:
- 999 Fineness = 99% Silver purity also known as fine or pure silver
- 958 Fineness = 95.8% Silver purity also known as Brittania Silver
- 925 Fineness = 92.5% Silver purity also known as Sterling Silver
- 800 Fineness = 80% Silver purity also known as Jewelry Silver
If you are unsure of the purity of your item, any reputable pawn shop should have the equipment to test and value your silver.
The weight of the silver you have for sale
You will want to make sure that when you are doing your own initial research and calculations – that you make sure to take note of how you are weighing your silver. The most common way of doing this calculation is by weighing your item in grams. Most – if not all calculators for silver do the conversion for you automatically. If you are unsure, here is a list of general conversions.
- 1 Troy Oz = 31.1035 Grams
- 1 Pennyweight = 1.555 Grams
No matter where you choose to sell your silver, coming in with some knowledge about the negotiation process for pawn brokers – you are sure to have a much more profitable and enjoyable experience. If you have questions about your silver, and you want to ask any questions around silver buying, feel free to reach out to us either by email or by phone.
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FKTRADE CO is an independent luxury dealer and is not sponsored by, associated with and/or affiliated with any of the brands listed on this website. FKTRADE CO only sells pre-owned watches and luxury and provides its own warranties on the items it sells that are not covered under a factory warranty. All brands are registered trademarks of their respective owners.