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Best way to sell scrap silver

Offline Travis

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Best way to sell scrap silver
« on: October 31, 2013, 11:40:09 AM »
What's the best way to sell scrap Sterling silver and what percentage of spot value can I realistically expect to get? Any advice would be greatly appreciated.

Offline Cobia

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Re: Best way to sell scrap silver
« Reply #1 on: October 31, 2013, 05:12:09 PM »
I think you put a circle in your question?

Do you want to know the best way (highest yield) for selling sterling silver? Or

Best way (highest yield) to scrap silver?

Realistic yields for selling scrap sterling silver is going to be 75-80% of .925 times spot price of silver for the day.

There might be on-line websites for refiners or Ebay that will get you closer to 85-90%. (documented  :()

You will always do best to find a collector who will pay 90-100% of spot price any given day.

Offline Travis

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Re: Best way to sell scrap silver
« Reply #2 on: November 01, 2013, 12:04:11 AM »
You will always do best to find a collector who will pay 90-100% of spot price any given day.

I might try to locate a collector. Thanks for the input.

Does anyone know what kind of percentages people are getting on eBay?

Offline Alias300

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Re: Best way to sell scrap silver
« Reply #3 on: November 01, 2013, 11:42:14 AM »
I tried to find something in your area but not much luck.   Place in Houston but can't find reviews...is it true that in Houston they take your picture and prints when selling gold/silver?   F*** that!

Here we have a few estate buyers.  They will pick out flatware that's worth more sold, then offer price for it and the scrap.   Scrap going for around $0.50 +/- a gram right now for flate ware.  Not bad, my math on your was like $18-something a Troy Oz. and most are buyers are at around $16.80.   Obviously they have to buy below spot......

I'll ask around and see if anyone around Dallas knows a spot.

Have you looked into those 'mail it in' places?  I've never used but seems easy enough.


Anyone ever use mail in service?

Offline Travis

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Re: Best way to sell scrap silver
« Reply #4 on: November 03, 2013, 12:20:52 PM »
I looked on a refiner's website. They pay 90% of spot but they won't accept the knifes since the stainless steel runs into the handle. How do you separate the sterling handle from the knife blade? Cut it? Melt it?

Offline Alias300

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Re: Best way to sell scrap silver
« Reply #5 on: November 03, 2013, 01:04:11 PM »
You put it in a box.  Then you put that box in another box.  Then you mail it to yourself and when it arrives you SMASH IT WITH A HAMMER!!!


No really.  Smash handle.  Use pliers to pull out blade.   It's mounted in a ceramic type substance so don't smash flat.  Just enough to loosen with space to shake out insides......

Try not to destroy silver marks or if on blade keep blades to show scrapper.


[update]
Found ya a youtube video....




Be sure to let us know the weight loss after removing blade. 




Offline Alias300

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Re: Best way to sell scrap silver
« Reply #6 on: November 03, 2013, 11:13:04 PM »
Good little article and refers to place to sell..... midwestrefineries.com and  arnoldjeweler.com for the knives.

http://www.ebay.com/gds/Selling-Sterling-Silver-/10000000021269768/g.html


Midwest Refineries no longer accepts any weighted sterling silver

Some sterling silver items like candlesticks and pedestal style containers and bowls, are weighted with wax, plaster or fillers with steel support rods for strength. Dinner knives from sterling flatware, have stainless steel blades with steel support rods and filler that run through the sterling silver handle. The silver is then poured or molded over this material in the manufacturing process.

All sterling silver must be free of all stainless steel and weighted filler like wax, cement, plaster, support rods and glass.

If you attempt to strip your sterling silver of its weighted materials, we recommend the use of gloves and protective eyewear.

Offline Travis

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Re: Best way to sell scrap silver
« Reply #7 on: November 04, 2013, 07:12:48 AM »
I was looking at Midwest Refineries a few days ago. 90% is the best payout I've found so far. My only concern would be shipping $2400 in silver. I wonder what the insurance would run?

Offline Alias300

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Re: Best way to sell scrap silver
« Reply #8 on: November 04, 2013, 10:08:12 AM »
I was looking at Midwest Refineries a few days ago. 90% is the best payout I've found so far. My only concern would be shipping $2400 in silver. I wonder what the insurance would run?


Doubt it would be much.  Maybe $40-$50?   If you pack it nice could you fit it all in a large flat rate?
Considering the payout I don think $75-$100 in shipping is going to kill you.  :)


You do know spot price has dropped $2 since this thread began.....your down to $1800-$2000 buy price!  Jump on it!  Sell, sell! Mortimer!







Offline Travis

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Re: Best way to sell scrap silver
« Reply #9 on: November 04, 2013, 01:37:38 PM »
You do know spot price has dropped $2 since this thread began.....your down to $1800-$2000 buy price!  Jump on it!  Sell, sell! Mortimer!

I'm actually considering putting it in my safe and forgetting about it for a few years. With prices as low as they are it just makes sense as an investment. Not only that, if our financial system ever collapsed, it would be good to have gold and silver on hand.

Offline Alias300

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Re: Best way to sell scrap silver
« Reply #10 on: November 04, 2013, 05:27:36 PM »
I think you should at least send it a pound or two to Midwest so you can review it for us!   

Offline Travis

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Re: Best way to sell scrap silver
« Reply #11 on: November 04, 2013, 10:01:22 PM »
I think you should at least send it a pound or two to Midwest so you can review it for us!

It's possible. If I do, I'll let you know how it goes.

Re: Best way to sell scrap silver
« Reply #12 on: January 15, 2014, 10:24:28 AM »
Any update on this?  Would love to hear more - especially on any sources in the Northwest.

Offline Travis

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Re: Best way to sell scrap silver
« Reply #13 on: January 15, 2014, 07:09:41 PM »
Any update on this?  Would love to hear more - especially on any sources in the Northwest.

No update yet. I decided to keep it for a while. Will probably cash out when it gets close to $30 again.


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