Five Tips to Help You Recognize Platinum Scrap When You See It
Let’s start today’s article by asking you to answer this simple question about platinum . . .
When you go looking for platinum scrap, you should be looking for a bright, white, metal with a shiny surface. [ ] true [ ] false
You’ll be surprised to hear that the statement above is false!
Why? Because even though high-quality items that are made of platinum (like platinum bullion bars) are bright, white, and shiny, many varieties of platinum scrap don’t look like that at all. And if you go looking for bright, shiny, white metal when you are looking for platinum scrap, you are likely to overlook ultra-valuable platinum that is right there before your eyes.
Here are some tips to keep in mind when you are looking for recyclable platinum scrap in factories, outdoor areas near mines, and anywhere else quantities of platinum scrap can be found.
Tip One: Remember, platinum is not always beautiful.
The fact is, platinum can turn brown when it has been subjected to high heat. It tarnishes and becomes discolored, even though that discoloration does not indicate that some of the platinum has been lost or that it has become contaminated by alloying with other metals.
One example? Platinum crucibles that have been used in testing labs. They look like small shot glasses, and they may be stained and discolored. But make no mistake about it. They are usually made of pure platinum. And that metal is currently trading at $961.00 on the London Fix! Don’t walk away from platinum because it doesn’t look like what you expect it to.
Tip Two: Platinum scrap can look like powder or small brown chips.
Now this tip is a surprise. But after platinum has been used in certain industrial applications like chemical processing, it can be reduced to a powder that looks more like dirt than a valuable metal.
One example? After platinum mesh has been used in plating or chemical production, it can look more like a pile of mud. But don’t be mistaken. Platinum flakes, no matter how they look, can be worth money. Let us recycle them for you.
Tip Three: Remember that platinum can be scratched and abraded.
There is a common misconception that platinum is a very hard metal that cannot be scratched. But that is wrong! Platinum is rated only 4.0-4.5 on the Mohs scale, which is used to rate the hardness of chemicals and metals. That means it is just a little harder and more abrasion-resistant than gold or silver, both of which are rated at 2.5.
One example? A bar of platinum that you find in a jewelry factory might very well have a scratched appearance. Don’t overlook it. Have us test it for you to learn what it is really made of.
Tip Four: Remember that some forms of platinum scrap could stick to a magnet.
This makes no sense, right? After all, platinum is not a ferrous element and if it is pure, a magnet will not attract it. But remember, platinum is sometimes alloyed with ferrous (iron-based) metals and if it is, the scrap you find will stick to a magnet.
One example? They are rare, but some jewelry that was made in years past was made from a platinum/ferrous alloy to improve its hardness. So again, don’t assume that you are not looking at a piece of platinum scrap if your magnet sticks to it. Send it to Specialty Metals Smelters and Refiners and we will test it for you.
Tip Five: Don’t expect a pocket-sized testing kit to accurately identify platinum.
If you’re a precious metal investor, chances are you carry around a small metal testing kit, often called a gold testing kit. To test a piece of metal, you rub it on a small abrasive stone that came with the kit and then drip on a little bit of testing fluid– it might have a label that indicates it is the fluid you should use to determine whether you have found something that is made of platinum.
Sometimes your testing kit will accurately identify a piece of platinum. But . . . what if the platinum scrap you are looking at is a powder, a bunch of flakes, or even a liquid that contains platinum? That kind of scrap cannot be tested or identified with your little kit. Again, you need to send your scrap to Specialty Metals Smelters and Refiners for testing.
We Are Here to Test Platinum Scrap
Our precious metal refiners are available at 800-426-2344 to answer your questions. We can test your platinum scrap and issue you a report that details exactly what metals your scrap contains. We can also explain the easiest and least expensive ways you can send your scrap to us for testing. Why not give us a call – we are truly the scrap experts.