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1. If you are unsure of the value of your silver items, an
independent valuation from a jeweller or expert is a good idea.
2. Many auction houses offer free valuations but if you decide to
sell your silver at auction make sure that you put a reserve price
on it beforehand and remember that the auction house will charge the
seller a percentage of the sale.
This is about 15% usually with a small charge sometimes added for
your silver to be displayed on the internet. If you want to sell
silver this way it is probably a good idea to go for the added
internet inclusion as you will probably get a larger number of
potential bidders to be able to sell silver to.
3. The same goes for eBay. Selling on eBay is easy and can be very
successful. Make sure you photograph your silver item and always
include a close up of the hallmark.
Do your homework and take a look at the completed items to find the
price of similar items to yours. If you have any doubts you can put
a reserve price to ensure your minimum estimated price.
4. Some good quality jewellers will be able to value your silver and
many will offer a scrap price. If you are considering selling silver
for scrap it is important to keep an eye on the current rate.
Silver prices fluctuate daily but to get some idea of the value,
silver is currently around £16 per oz on the stock market at the
time of writing. Remember that the price of silver per ounce does
not mean that this is the price that you will actually get for your
silver but it does give you a guideline.
A reputable jeweller will adjust the scrap price in line with the
spot rate to buy and sell silver. (A spot rate is the current stock
exchange rate) so silver prices can change every day.
Prices between buyers vary so get a couple of quotes before you
decide.
Previous - How to Sell Silver (part 1).
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