Assuming that your scrap metal is silver and the entire thing is made up of silver, it will be around $17 an ounce, as of current markets in 2011.
Now, many preconceived notions about silver are that knives, beads, and anything else deemed as silver is silver in its entirety. This is not true. Some products are silver coated, while other things are hollow in the center and filled with another product. You’ll only get the $17 for every ounce that is solid silver.
What this means for many of your products that you’d want to turn into cash will have to be appraised. Even scrap silver may not be 100% silver. It may only be 10%, which means that you’ll need an extraordinary amount of silver to make any real money off of it.
In each city, there are appraisals places that will take a look at what you’ve got. But that doesn’t mean that they’ll give you $17 an ounce. That’s what pure silver is worth. So if they want to make any money, they’re going to give you less than that. Assuming that you go to a reputable place, they’ll most likely offer you between $10 and $12 per ounce. It may be even less that that if they have to go through a major process to separate the silver from the surroundings of other metals, cork, semiprecious stones or other material.
Silver, at one point, was worth over $50 per ounce, as it was in the 1970s. If you’re not happy with the current value, you can always hold on to it and hope that it goes up. You may also be taking the chance, however, as the values could potentially drop lower than they currently are, too.
Now, many preconceived notions about silver are that knives, beads, and anything else deemed as silver is silver in its entirety. This is not true. Some products are silver coated, while other things are hollow in the center and filled with another product. You’ll only get the $17 for every ounce that is solid silver.
What this means for many of your products that you’d want to turn into cash will have to be appraised. Even scrap silver may not be 100% silver. It may only be 10%, which means that you’ll need an extraordinary amount of silver to make any real money off of it.
In each city, there are appraisals places that will take a look at what you’ve got. But that doesn’t mean that they’ll give you $17 an ounce. That’s what pure silver is worth. So if they want to make any money, they’re going to give you less than that. Assuming that you go to a reputable place, they’ll most likely offer you between $10 and $12 per ounce. It may be even less that that if they have to go through a major process to separate the silver from the surroundings of other metals, cork, semiprecious stones or other material.
Silver, at one point, was worth over $50 per ounce, as it was in the 1970s. If you’re not happy with the current value, you can always hold on to it and hope that it goes up. You may also be taking the chance, however, as the values could potentially drop lower than they currently are, too.
