Department stores, smelters, pawn shops, and private silver buyers each have their own pros and cons. Here’s what you need to know to find the best place to sell silver in NYC:
Pros – Easy to locate and convenient to get to.
Cons – Usually buy jewelry for less since it is not their main business.
Pros – Will look at the direct value of the metal and its market value. Often pay a higher sum.
Cons – Smelters do not look at the detail work or craftsmanship of the jewelry or coin, so you won’t be able to get any extra pay for the item’s ‘uniqueness.’
Pros- Give you fast cash on the spot.
Cons—Trustworthiness is risky. Likely to pay you less than you can get otherwise.
Private Silver Buyers NYC
Pros – Private buyers take into consideration the piece as a whole (both its material contents and its artistic craftsmanship). Certified buyers will usually pay the highest sum.
Cons – Negotiations may take slightly longer.
It's tough to tell real silver from fake silver. Especially if you have an untrained eye. To help, here are a couple tests you can do to check if you have yourself a truly precious metal or not:
Put simply, silver has a nice ringing sound when it's tapped. Try tapping your finger or another gentle metal against your silver. Then wait and listen for any sort of ringing sounds.
Silver has the highest thermal conductivity of any metal. That's just another way of saying it will melt ice quickly. To test this, put a piece of ice on your silver and see how much faster the ice melts on the silver as opposed to another metal object you have.
Silver is not magnetic, so if your silver jewelry is high in its silver content then magnets will not easily stick to it. Just keep in mind that you need a strong earth magnet to conduct this test.
While these tests aren't a sure-fire way of testing whether your silver is real, they should give you a good gauge to go by. For confirmation, it is best to have your silver tested by a reputable jewelry appraiser.
"What’s the difference between pure and sterling silver?" is a question often asked in regards to selling silver jewelry.
The answer all comes down to the percentage of silver that was used in crafting your piece. Pure, also known as fine, silver is 99.9% silver metal, and is not very often used to make jewelry or other related items due to it being too soft. Now a day, pure silver mainly comes in the form of silver bars.
Sterling silver, which is 92.5% silver, is the preferred component for crafting because the remaining 7.5% is made up of stronger materials that make your silver piece more durable.
If you have markings on your silver jewelry, that's a good thing! They likely tell you what your silver jewelry or item is worth and what it's made of. Most actual silver in the U.S. is sterling silver and that will be denoted with the word "STERLING" or abbreviated as "STR". Sterling silver means your item is made of 92.5% silver with the rest often being copper or a stronger metal because silver itself is too brittle.
Other times, you may see a stamped number ranging from 800 to 950. These numbers translate to the percentage of silver content (85% - 90%). Just take the number, divide it by 10 and that's your percentage. Although rare, you may see your silver marked "coin" which means a bunch of coins were melted down as materials for your silver.
Unfortunately, these markings can be faked so if you have your doubts make sure to take the silver you are looking to sell for cash to a trained professional.
The best way to test whether or not your silver items are silver plated or wholly silver, is with nitric acid. Take a file mark and make a small groove in a discreet location on the silver piece. Then pour a drop of nitric acid onto the groove and see how it reacts.
If it is true sterling silver then the groove and area around it will turn white.
If it is plated, the area around the groove will turn white while the groove itself will turn green.
If the piece turns green then your item isn't even plated.
However, nitric acid is DANGEROUS and this experiment SHOULD NOT be done at home without the supervision of a trained professional. We recommend taking your silver to a reliable appraiser to do this test for you.
Fine silver is just another term for pure silver (99.9% silver). Any silver used for investment or trade on metal and commodities exchanges must be 99.9 percent pure, or .999, sometimes referred to as “three nines fine.” This will often be denoted on the silver itself. Due to the extremely soft nature of pure silver, you will typically only find fine silver in the form of bars or coins, and not as wearable jewelry.
“My favorite part about Luriya is honestly the e-books. They’re so informative and helpful when deciding where to sell gold. From detailing how gold is measured, to explaining the differences in karats, they do a great job explaining the process to customers.”
“When you go to sell jewelry, Luriya has the best payout offers in NYC. The jewelers know their stuff, no matter what you’re trying to sell.”
“For anyone looking to sell diamonds, Luriya is the place to go. They pay well, instruct you about their prices, and let you take your time to make a decision on a deal. Will be back.”