Sterling silver is common in nearly every household in the US. The reason for this is that this type of silver is affordable yet beautiful. This precious metal alloy provides shine on your jewelry items and makes a beautiful accent for your home. It is commonly used for making silverware or silver trays.
This is also one of the most widely used types of metals for making jewelry. If you have some sterling silver jewelry and you wish to sell silver in Colorado Springs, you must know how to determine its value.
How much is sterling silver worth? (Image Source: Unsplash)
To determine the value of sterling silver, this piece of jewelry undergoes a series of processes. The first step is to look for hallmarks for this jewelry.
Make sure you locate the number 925. This number indicates that the jewelry is made up of 92.5% silver. If you do not see a number, this is a good indication that the jewelry is silver-plated only.
There are older types of sterling silver jewelry, though, that are missing this hallmark. Make sure to validate this, too, as it could still be authentic.
The next step is to weigh the jewelry. The unit used is either ounces or grams. The price of silver varies according to the total ounces of the piece.
The percentage of the silver found in the jewelry is multiplied by the total ounces of the jewelry piece. This will determine the total weight of the precious metal.
The hallmarks and the weight of the jewelry are very important to calculate the value. However, there are other characteristics evaluated to determine the value of sterling silver.
The value of sterling silver is determined via the silver spot price. The latter refers to the cost of silver per ounce before the production cost is taken into account, as well as the markups from the dealer.
The spot price for silver is constantly changing. This means that your silver could cost more or less, depending on various conditions. But knowing the spot price of silver is important The spot price is not a one-to-one ratio, however.
It is only used as a barometer to create a ballpark figure for the actual cost of sterling silver in the market. Your goal is to purchase the silver at a lower spot price and then sell your sterling silver at a higher price.
Aside from the silver spot price, numerous factors can cause fluctuations in the price of sterling silver in the market. The current political climate and the economic health of a specific city or region are two of the most notable indicators.
Make sure you consult with an expert appraiser. They can provide you with an accurate assessment of the value of your sterling silver. This will make the task of calculating the value more manageable.
How to determine the cost of sterling silver. (Image Source: Unsplash)
Your search for the best place to sell jewelry in Colorado Springs ends here. At Lane Mitchell Jewelers, we provide an expert appraisal on your prized jewelry possessions so you can be confident when you sell silver in Colorado Springs.
Lane Mitchell Jewelers is a team of expert designers of Colorado jewelry. With over 150 years of experience, you can guarantee that this is the best place to sell or buy jewelry.