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Posted By: American Coins & Gold on February 15th, 2018
First Step To Selling Silverware
Silverware is often passed down from generation to generation and can be worth a solid amount of money if you decide to sell. Rather than letting silverware sit in the drawer and gather dust, many are selling silverware sets and using that cash for other things such as investments, vacations, and gifts. There are multiple factors that determine how much you will get for your silverware including the type of items you have, their condition, and which buyer you decide to sell to. The first step is to gather all the silverware you have and determine which pieces you are willing to get appraised and which have sentimental value. It’s best to make this distinction before you get your appraisals in order to avoid any pressure later down the road.
Don’t Try To Clean It Yourself
Once you have everything you are ready to sell we highly recommend refraining from cleaning the silverware. A common misconception is that you need to clean and polish everything to make it look more appealing to the potential buyer. Although this might sound like a good idea it can actually damage the silverware itself and decrease its value, especially if you have an antique or rare set on your hands. Your best bet is to leave the items the way they are and bring them in to have them appraised.
Sterling Silver vs. Silver Plated Silverware
Sterling silver is a metallic alloy that is defined as being 92.5% silver content. You can check your flatware and silverware by looking for the word STERLING or STER on the back of your items. If you don’t see any markings this might be an indication that they are actually silver plated and not sterling silver, which decreases the value substantially. As always, there are exceptions to this so always be sure to get a professional appraisal on all your valuables. Equipping yourself with as much knowledge as possible will help you along the silverware selling process.
Options For Selling Your Silverware
There are three main options when it comes to selling silverware:
Private Buyers
Selling to a private buyer is the riskiest option on the list but can get you a solid reward if you find the right buyer that is interested in your items. The reason this option imposes risks is because often times this involves dealing with people you are unfamiliar with. Also, if you haven’t received an appraisal yet you might be end up selling much too low. If you do decide to go this route, always keep safety your priority and always meet up with any potential buyers in public spaces.
Online Auctions
Another popular method for selling silver is on auction websites. The most popular online auction site eBay hosts thousands of auctions for silverware flatware items every single day. eBay is a great way to reach potential buyers through the internet, however there are some points worth noting. When you are selling on eBay be aware that often times listings are set to unrealistic prices that never sell. Be sure to look at the closed auctions section to see what things are actually selling for. Also, be sure to educate yourself on the entire fee structure and payout policies to know when you will actually receive your money.
Local Silver Dealer
Selling silverware to your local silver dealer is great for people looking for cash payouts, a safe location, and knowledgable professionals. What separates this option from the rest is that you are able to get a no obligation appraisal along with an instant cash payout. In addition, experienced silver dealers are able to identify rare and collectible sets during the appraisal process which can end up drastically increasing your payout. Even if you are not sure if you want to sell it can never hurt to know the present value of your silverware.