Silver sorrow....Any ideas?

[MasonandAlexsdad]

Hey everybody!! Been awhile since I posted. Moved from Sacramento,CA to Boise,ID. Been doing somedetecting here and finding quite a bit of silver rings. I decided to cash them in and found out you really dont get very much for silver. Seems like the going rate for melt silver here is about .31 a gram. Does that seem right?? I knew I wasnt going to get alot but .31 seems way low. A few of the rings are pretty nice. Can you get more at a pawn shop or is .31 it !!!! Any thoughts about what I should do?

 

[landmetals]

Congrats on your move.

 

[dave5710]

You could get more I think elsewhere, but I doubt that it would be at a pawn shop. Some places just don't pay fair market value. Some do. When I started detecting, I asked one of my mentors, about the value of silver rings. He told me that a jeweler told him,"Bring me a hundred of them and I'll give you a hundred dollars." That was when silver was about $6.00 an ounce. Take them to your local grocery store and ask them it you can have something weighed. A little math will convert pounds to ounces and you will have a good ballpark figure. I would think you could get around $14.00 an ounce.

 

[Kelley (Texas)]

I do not know how accurate it is, but it might give you an idea of the retail price of silver. Please be aware that a wholesale buyer will not pay the retail price because he needs to make a profit too. Kelley (Texas)

http://www.coinflation.com/coins/silver_coin_calculator.html

 

[Nancy-IL]

Welcome back. Remember that silver jewelry is only 92.5 percent silver and 7.5 percent copper (hence the name 925 sterling silver). Also at today's market price for 1 gram of .925 silver would be .54 in US dollars. Not much at all. So if you had a big 1 troy oz. ring, scrap price would be $16.95.

Hope that helps and HH, Nancy

 

[Tyrolus]

hi,
With silver approaching 20.00 an ounce, you can do better. Coin shops generally pay much better than pawn shops.
Don't settle for less than 75% of the spot price. Try KITCO.COM for the up to the minute spot price. Unfortunately;
rings don't usually weigh much. I went to a yard sale this year, and found a box of silverware for $2.00. I picked up one fork and it was marked
"sterling" so I bought the box, went out to the van and checked them all. there were 18 pieces all sterling!. I scrapped them for $276.
what a deal! LOL

 

[MasonandAlexsdad]

Thanks for the ideas and the information everyone!! It was my first "cash in" on rings and I guess I thought they would be worth more. At least its more than a clad quarter anyway! LOL

 

[dirt doctor]

n/t