Finding Silver to resell for scrap

[framing fowl]

KOxxx or anyone else, do you have any tips or tricks for finding sterling silver, real silver and gold when at garage sales or flea markets? How do you determine how much you are willing to pay and are you reselling the scrap at a pawn shop or just any place that advertises buying scrap gold?

I do know to look for the 925 mark for sterling. Does it all have that? I also know that gold is not magnetic so I was going to bring a magnet with me.

If I look for silver in the silverware drawer at goodwill, how do I know the difference between silverplate and the good stuff?

Any other tips or tricks of the trade that you'd like to share?

 

[k0xxx]

KOxxx or anyone else, do you have any tips or tricks for finding sterling silver, real silver and gold when at garage sales or flea markets?

Forgive me if I get a little long winded here. I'll be trying to be as clear as possible, so be sure to ask for clarification on all of the things that I confuse you with.

First, most people don't keep up with the price of silver and gold, so they tend to prices things either real low, or way too high. Know the spot prices and how that relates to the different allows of silver (like 800, 900, 925, and fine), and the different karats of gold (8k - 24k). If they price it low then great, if it is too high, then use your knowledge to try to negotiate a realistic price.

Before I leave home, I first see what the current price of silver and gold is. I carry a cheat sheet with me. It's business card on which I have used my printer to put the current (per gram) values for the values for the different alloys of gold and silver. I also carry a digital pocket scale that weighs in troy ounces and grams, and a dual power jeweler's loupe. I also usually have a gold and silver test kit in the car. I look through all of the costume jewelry, flatware, and items like candlesticks and salt and pepper shakers.

How do you determine how much you are willing to pay and are you reselling the scrap at a pawn shop or just any place that advertises buying scrap gold?

It depends on the items. If it is something that I will definitely scrap, then I try not to pay any more than about 75% of the current scrap value. However, there are many items that can be re-sold at flea markets, Craigslist, or eBay a premium over their scrap value. I advertise my scrap on Craigslist, but most of the time I end up selling on eBay. If you put "Scrap Sterling Silver" in the title of the eBay ad, you can generally get 90% to sometimes over 100% of the scrap value, depending on the market.

Nice basic jewelry I'll put on Craigslist. If it doesn't sell, I'll wait until I have a nice collection and then put it all into one lot. I'll usually get more than scrap value from someone looking to resell. If it's high quality or unique jewelry, Then I'll list it separately. A few months back I picked up a beautiful Navajo Slave Bracelet that was worth about $75 scrap, but on eBay I was able to get almost $175.

If it is items like salt shakers, candlesticks, compotes, bowls, cups, etc., or that are in great shape, it's Craigslist first and eBay then if they go unsold. If these items items are flawed, then they go to scrap.

I do know to look for the 925 mark for sterling. Does it all have that? I also know that gold is not magnetic so I was going to bring a magnet with me.

If I look for silver in the silverware drawer at goodwill, how do I know the difference between silverplate and the good stuff?

Except in rare cases, if the item is not marked 800, 900, 925, coin, or sterling, it is only plated. There are other markings, the Lion hallmark on sterling from England being the most common of those, but you don't generally see those too often. If the seller swears that an item is sterling and it isn't marked, I general ask if they'll agree to let me test it with my kit. Basically it involves rubbing the item (in an inconspicuous spot) on a stone and then using acid to determine the purity of the metal. A lot of times you can see the base metal under the plating of the item as soon as it is rubbed on the stone and the acid test becomes a mute point.

As for magnets, only the very cheap plated items are attracted to a magnets. Most plated items of any quality will be plated copper, brass or some other non-ferrous allow that won't be attracted to a magnet. I would recommend that if it doesn't say 925, sterling, etc., just don't buy it. At least that is until you get more confident and buy a test kit.

Any other tips or tricks of the trade that you'd like to share?

When buying items like salt shakers, candle sticks, compotes, etc., be careful to be sure you notice if it says "Weighted" or "Reinforced". What Weighted means is that some substance (sometimes concrete) has been added internally to give the item more heft and also to help stabilize it. That way they can use very thin silver sheeting to form the item and it feels like a nice solid item. Reinforced means that a stiff substance, like a steel rod, has been added to the body to make the thin silver stronger. To give an example, an average sized compote may weigh in the area of 175 to 200 grams, but once the weighting material and the reinforcing rod has been removed so that the item can be scrapped, you only end up with around 65 to 80 grams of sterling silver. That's still not bad considering that I can generally pay about $15 dollars for a scrap compote, and currently it sells for around $1 per gram.

There are a lot of items, like cutlery, that are marked sterling, but it is only referring to the handle. So you have to be careful not to pay too much for these, as most of the weight is not silver.

One last thing, there is a LOT of really cheap crap (especially the smaller chains and a lot of pendents) coming out of China these days, and a surprising number of these will be marked 925 or sterling but still be plated. Most of these will be attracted to a magnet. Just be sure to check the center of the chains, away from the hasps and connectors. A lot of sterling pieces will have small steel springs to make the connectors function, and those spring will be attracted to the magnet.

Forgive any types. It's been a long day and I am dead tired, but I wanted to get this note finished.

 

[Wifezilla]

Thanks!

 

[MetalSmitten]

hey k0xxx (or anyone here who buys sterling) -- i actually use sterling spoons (sometimes forks) in my jewelry making, and i'm willing to pay for full-size teaspoons that have nicely designed handles. if you ever have any that fit that bill (though i'll admit right now, i can be a bit picky about the designs) but if they're scrap to you, would you maybe let me know? i don't usually care about tarnish, monograms, or any dents/dings/scratches/deformities, as long as the handle is pretty. lately i've been having to compete with people who are snapping them up just to scrap them, which makes it very difficult for me to even find any to buy, and i'm almost out of them.

 

[old fashioned]

DH does this too. And what I've learned thru him is to be very careful when buying and who you sell too.

You are probably better off establishing a trusting relationship with your buyer (who you sell too) to give you the best price. Never sell to those places that advertise on tv about 'buying your scrap gold/silver' you'll not get a good price. Know ahead of time what the going rate is and what your dealer is willing to pay. Different dealers will pay different amounts so find the one that will pay the most. If spot price is $20 per gram for 14k (just an example, not a true price quote) you may only get $16 per gram since your buyer needs to make $ too. You could also sell directly to a refiner with no middle man, but they rarely buy from the general public that I'm aware of.
When figuring how much to pay or how much to sell based on weight, remember a 'troy' oz is different than regular oz weight (I think a troy oz is heavier but )

When at garage sales, remember these people are selling personal stuff & will sometimes want alot of money because of 'sentimental' value or 'design' value (ring, necklace, etc) vs scrap. At g-sales or flea markets, they aren't usually selling at scrap price. If you are lucky, you'll find good items that the seller doesn't realize the true value and can get a great deal on it.

And realize that the purity of the metal determines the value...22k is worth alot more than 18k, 14k, 10k or 8k. There is also something called 'rose gold'. I think it is around 10k and has a reddish appearance vs the shiny gold. And I think Black Hills gold is worth less than regular gold. Also, once in a while there is no markings whatsoever...but that is very rare. Another thing is to get to know a 'maker's mark' vs the purity markings.

DH has sold is stuff to jewelers, friends that deal in metals, etc. Now he sells to a neighbor that buys/sells. DH sells for less than scrap, but still makes a profit so that the neighbor will also make a profit. Both are a win/win.

I hope this helps, and that your finds are good ones!

 

[framing fowl]

Before I leave home, I first see what the current price of silver and gold is. I carry a cheat sheet with me. It's business card on which I have used my printer to put the current (per gram) values for the values for the different alloys of gold and silver. I also carry a digital pocket scale that weighs in troy ounces and grams, and a dual power jeweler's loupe. I also usually have a gold and silver test kit in the car.

First of all, thank you so much for taking time to share so much great information!

Okay -cheat sheets, jewelers loupe, test kit.
Digital pocket scale: something like this on Amazon ?

I advertise my scrap on Craigslist, but most of the time I end up selling on eBay. If you put "Scrap Sterling Silver" in the title of the eBay ad, you can generally get 90% to sometimes over 100% of the scrap value, depending on the market.

When you advertise on CL do you put the same thing in the title Scrap Sterling Silver as when you put it on e-bay or do you advertise it as what it is jewelry, s&p shakers, etc? Also, what category do you put this under on craigslist? Do you put it in antiques?

As for magnets, only the very cheap plated items are attracted to a magnets. Most plated items of any quality will be plated copper, brass or some other non-ferrous allow that won't be attracted to a magnet. I would recommend that if it doesn't say 925, sterling, etc., just don't buy it. At least that is until you get more confident and buy a test kit.

This is for silver items correct? What about gold? A couple of years ago when I sold some of my personal stuff to a jeweler, they checked all of my gold chains with a magnet.

One last thing, there is a LOT of really cheap crap (especially the smaller chains and a lot of pendents) coming out of China these days, and a surprising number of these will be marked 925 or sterling but still be plated. Most of these will be attracted to a magnet. Just be sure to check the center of the chains, away from the hasps and connectors. A lot of sterling pieces will have small steel springs to make the connectors function, and those spring will be attracted to the magnet.

So I need to have a cheat sheet with me on what all of the different magnetic information means because I will not be able to keep track of all of that spur of the moment.

 

[framing fowl]

You are probably better off establishing a trusting relationship with your buyer (who you sell too) to give you the best price. Never sell to those places that advertise on tv about 'buying your scrap gold/silver' you'll not get a good price.

This is great information too!

So how do you find a reputable buyer? Would this be like an established jewelry store? I know there is one jewelry store here who specializes in reselling high end estate jewelry. Someplace like that?

When figuring how much to pay or how much to sell based on weight, remember a 'troy' oz is different than regular oz weight (I think a troy oz is heavier but )

Another cheat sheet!

And realize that the purity of the metal determines the value...22k is worth alot more than 18k, 14k, 10k or 8k. There is also something called 'rose gold'. I think it is around 10k and has a reddish appearance vs the shiny gold. And I think Black Hills gold is worth less than regular gold. Also, once in a while there is no markings whatsoever...but that is very rare. Another thing is to get to know a 'maker's mark' vs the purity markings.

Im more familiar with this due to some of my frame gilding experience. In fact, I've got a bunch of gold leafing that I'm negotiating with a gilder in DC on selling right now.

 

[framing fowl]

i actually use sterling spoons (sometimes forks) in my jewelry making, and i'm willing to pay for full-size teaspoons that have nicely designed handles. if you ever have any that fit that bill (though i'll admit right now, i can be a bit picky about the designs) but if they're scrap to you, would you maybe let me know?

Good to know we have a market right here! You might want to post this in the buy/sell/trade section too so it doesn't get buried in this thread!

 

[k0xxx]

Okay -cheat sheets, jewelers loupe, test kit.
Digital pocket scale: something like this on Amazon ?

When you advertise on CL do you put the same thing in the title Scrap Sterling Silver as when you put it on e-bay or do you advertise it as what it is jewelry, s&p shakers, etc? Also, what category do you put this under on craigslist? Do you put it in antiques?

This is for silver items correct? What about gold? A couple of years ago when I sold some of my personal stuff to a jeweler, they checked all of my gold chains with a magnet.

So I need to have a cheat sheet with me on what all of the different magnetic information means because I will not be able to keep track of all of that spur of the moment.

Yes, that scale would be fine for individual items.

I use pretty much the same format for the ads on Craigslist and eBay. On CL, I usually just put the ads for Scrap Sterling Silver in the General section. If it's for other items that are still in good shape, I use the appropriate categories, like Jewelry, Antiques, or Collectibles. I've also tried putting ads in the Wanted area of Craigslist for silver, but have had very limited success. But hey, it's free.

Yes, the plated brass/copper is more likely for the household items, and some of the nicer jewelry. Generally if it isn't marked as Sterling or have a karat/fineness marking, it's probably plated. One BIG exception is gold. Gold can have a karat marking, but be followed by initial like 1/20 GF, GF, HGE, or EP. If it is so marked, it's plated. (silver can also be marked 1/20 GF or Filled) There is technically a difference between Gold Filled and Gold Plated, but it basically amounts to the same thing and is gold over another metal. The same goes for items marked with the word "Layered". Gold chains are ok to check with a magnet, just be sure of the marking, but when it comes to larger brooches and pendents you can't beat the good old acid test. When buying items that are being sold as Costume Jewelry, if I suspect that it may actually be gold, I save the testing for when I get home. I only test items that are being sold as gold and that I may have some questions about, and that's only with the consent of the seller. If you do eventually purchase an acid test kit, be aware that the acids can be a hazard and to take appropriate safety precautions.

As long as we are on plated, there are thousands of different flatware patterns that are plated. Very few (maybe a couple hundred) are worth buying with the idea of reselling IMHO. It is a very specialized market. I will only buy plated flatware IF they are in exceptional condition, are at least a 90% complete set, AND are extremely cheap. It is very easy to look at these sets and think that they'd be a fast sell, but even some of the most beautiful plated items can be very hard to find a buyer for. Sometimes you get lucky, but most of the time you don't. At least that's the way it is in my area.

My cheat sheet lists the current value per gram for items in different karats and fineness on one side, and the other side has reminders of the approximate silver content of weighted sterling items depending on size.

A good way to learn is when you buy an item, such as a weighted salt shaker, note the maker and style if you know it. Then measure the overall height and the width of the base, weigh it before scrapping and then weigh the silver after scrapping. Keeping a record will help you learn and will eventually enable you to immediately decide whether an item is worth the price.

It's easy to make mistakes when you start out, but as long as you are buying low enough and you're careful in examining the items, any mistakes are not a big deal and just part of the learning curve.

If I have left anything out, please let me know.

ETA: I forgot to mention the category on eBay that I use for listing scrap. Although it's not always 100% antique, I usually list in Antiques >Silver >Sterling Silver (.925) >Other if the lot contains scrapped weighted items. If it is a lot of only sterling jewelry, then I will usually use the Jewelry & Watches >Vintage & Antique Jewelry >Other category. Still other times I may use the Collectibles > Metalware > Sterling Silver category if the items are just collectibles, such as commemorative coin issues, Franklin Mint items, etc. The main thing is to have the words Sterling, Silver, Scrap, and 925 in the title, because it seems that most people use those key words when searching from the home page. I may title an auction something like "Vintage Sterling Silver Jewelry 925 Scrap or Not"

 

[framing fowl]

Thanks! I wish I had read all of this before the auction I went to today.

I did get one box that had two pieces that were silver over copper, a brass ugly bowl thing, and a sterling silver tussie mussie for $7 so I think I did okay there. My plan was to sell the tussie mussie separately. I had to take everything else in the box to get it. DH said they take brass at the scrap yard.

What can you do with the silver over copper?