Silver is a popular investment metal, and while some people might prefer to hold onto their silverware, others may wish to sell some of it. However, how can you make sure you don’t get ripped off when selling silverware? Follow these simple steps to ensure that you get the best deal possible before handing over your precious silverware.
Check if your silver is sterling silver
Sterling silver is a very high-quality type of metal used for making cutlery and other pieces. If your pieces belong to this category, they will be worth more than the regular items made from common metals such as steel or aluminum. Determine if these pieces were made before 1945 because older objects tend to be valued higher than newer ones.
Set and stick a specific budget
When selling silverware, you should negotiate with an open-ended budget. If you do not have a specific price you’re willing to sell, a buyer will almost always drive the price up due to competition. Therefore, set a maximum price in your mind and stick to it to avoid losing money in the deal.
Get an idea about the value of your items.
There are some ways you can do that. One is by checking at pawn shops and online stores and asking them if they would be interested in buying them from you. Another way is by taking the pieces to appraisers or places that buy scrap metal. Once you know their value, then determine if it is worth your energy to sell these items. If they are not worth enough money for all your efforts, then let it go unless they mean something very special to you personally. In that way, you can avoid being ripped off by an unscrupulous dealer who will try to offer a lower rate than what your hard-earned silverware is worth.
Look for local buyers
When trying to sell your silverware, never forget about local buyers. They normally offer the best offer for your silverware because they don’t have to worry about transporting or shipping your items back home after a successful deal has been reached. Plus, these types of buyers might come through with offers not found online due to their ability to bargain for high-quality silverware at discounted rates.
Avoid high premiums on sterling silver
Stick to reputable dealers who purchase sterling silver without charging a premium. If they try to charge you more because it’s sterling, walk away immediately as the dealer must have something to hide for them to do this. In addition, there are plenty of dealers out there that will purchase both sterling silver, and other metals at fair rates, so don’t be fooled into thinking that silverware made from different materials cannot fetch a high price.