How Do I Get a Quote for My Scrap Silver Jewelry?
Getting a quote for scrap silver jewelry starts with understanding what buyers actually need to see. Most people have a general idea they've got silver, but the details matter when it comes to pricing.
What you need to know first
The purity marking is the big one. Look for stamps on clasps, the inside of rings, or the backs of pieces. "925," "Sterling," or "Ster" all mean 92.5% silver. Older European pieces might say "800," "835," or "900" instead. Those numbers are the silver percentage.
If it says "silver-plated," "EP," "Alpaca," or "nickel silver," there's not enough actual silver to refine. Those won't have scrap value. Can't find any marks? Most jewelers will test it for free.
Weight is the other critical piece. Use a digital gram scale if you have one. Take out stones, beads, leather, any non-silver parts before weighing. If you're mixing 925 pieces with 800 pieces, keep them separate. The calculation is based on pure silver content, not just what the whole pile weighs.
How the pricing actually works
Refiners take the weight, multiply it by the purity percentage, then look at current silver spot prices. Nobody pays full melt value. There are refining costs, testing time, and processing involved. The percentage someone gets depends on how much material they're bringing in, the purity level, and what type it is.
Here's something people don't always realize. Condition means almost nothing. Tarnished? Broken clasp? Missing a stone? Doesn't matter. It's all getting melted down anyway. The only thing that counts is how much actual silver is there. No point in spending time polishing it.
Where to actually get quotes
Local jewelers are the fastest option. They can test right there and make an offer immediately. Good for small quantities when someone just wants to handle it and move on.
Mail-in buyers work better for larger amounts. They send shipping instructions, you insure the package, they test it at their facility and send payment. Takes longer but the rates are usually more competitive. Just make sure to insure it. Silver's worth enough that skipping insurance is asking for trouble.
Silver refiners handle the bigger quantities. The process takes more time but the returns are typically higher. For businesses or anyone with substantial amounts, that's usually the better route.
Specialty Metals Smelters & Refiners has a 100 ounce minimum for silver refining. For material that's at least 90% silver, they pay 80% on recovered silver with no other charges. The exact terms vary depending on what type of bullion someone has and how much they're bringing in.
Questions to ask before selling
Not every buyer operates the same way. These are worth asking:
What percentage of spot price do you pay?
Any minimum quantities or fees?
When do you pay and how?
If a buyer gives straight answers, that's a good sign. If they're vague or dodge questions, probably time to look elsewhere.
About those preliminary quotes
Photos help for getting initial estimates. Hallmark shots and pictures of the overall lot give refiners enough to work with. But the actual price comes after physical testing. Purity can vary between pieces that look identical. You need proper testing equipment to catch that.
Couple other things
People sometimes ask if they should separate chains from rings or organize by style. For scrap value, it doesn't matter. It's all going in the furnace. Grouping by purity helps speed up testing, but that's about it.
Stones have to come out before weighing. They add weight but no silver value, which throws off the calculation. If there are valuable gems in the pieces, those should be evaluated separately anyway.
Frequently Asked Questions
Does broken or tarnished silver lose value?
No. Scrap value is only about silver content and weight. Condition doesn't factor in.
What affects the payout percentage?
Quantity, purity level, and material type. Higher purity and larger amounts usually get better rates.
The main thing is understanding what's actually being bought. It's not jewelry anymore. It's the silver content. Know the purity, know the weight, and get quotes from a few different buyers. That shows pretty quickly who's offering fair rates and who isn't.