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How Much Do Pawn Shops Pay for Silver?

2 min read

It depends on your particular silver item and the marketplace. The amount of money paid by a pawn shop is dependent on market fluctuations and your particular silver item. Pawn shops buy silver which is usually heavy and is still in good shape with no damages. But you could use fineness, the weight of the silver item, and market price to estimate what a pawnbroker will price it.

The Open Market Plays a Big Role

Pawnshops, Pawn & More, will value your silver in terms of weight and genuineness. The following factors determine open market prices for silver:

  • Present events
  • Fluctuations in currency
  • Speculation on the market
  • Demand and supply
  • Fineness (genuineness) and weight of the item

Whereas karat is used to denote that its pure gold, a “millesimal fine system” is often used to indicate silvers’ purity. The purity of silver is stated as a percentage. And also, because silver is rated by ounce, weight plays a leading role. Silver is sold in the open market widely like gold is.

Also, a pawnbroker is going to try and make earnings on your silver when they purchase and later sell it. Pawnshops will value your silver by the factors stated above and earn some profits from the item pawned by you!

How to Assess the Silver’s Fineness?

Since the fineness of the silver jewelry or bullion is among the factors that would price your silver, you’ll have to find it out if you wish to sell or pawn. You can assess the silver by evaluating the silver items’ sides, clasps, and insides.

Silver Hallmarks Symbols, and What Do They Signify?

The symbols on the silver are normally read in 800, 958, or 999. These are named hallmarks that reflect the silver’s pureness. The bigger the number, the more genuine and purer your silver is. This ensures that there is the least amount of combined non-silver metals mixed in the silver item.

You might never have known of the three digits before. Those are all indicative of the percentage of the silver item.

An item that is not pure silver and is a combination of copper and silver is generally less than 999 silver. If the silver is mixed with other non-metals, it is called an alloy. For instance, sterling silver is an alloy, as it is a compound of 92.5%silver and the remaining percentage is copper.

Pure silver is quite pliable, making it hard to maintain itself in one shape. Thus, a hardening agent like copper is mixed with silver to make the item strong and stable. Another benefit of this process is that copper helps sustain the color of the item and won’t tarnish it.

Conclusion

Since silver is undoubtedly valuable and desirable, the amount of cash you are expecting from your nearby high-end pawn shops for your silver can vary. This implies that the greater your item’s percentage of pureness, the bigger the weight, so the more cash you may hope to receive for your silver!

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