I am in Los Angeles, and I need someone who buys or smelts silver scrap.

[dejapooh]

By brother has a 10 oz bar of scrap silver (unknown purity), and I have a few oz of sterling jewlery. Where do I go to get the silver purified? What should I pay?

I think that I will probably have to build up a few pounds of scrap before it is worth doing, so I am thinking of buying my brother's bar, adding it to my scrap, buy some more over the next year or two, and then melt everything down. Thoughts please?

 

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[jerseyben]

What EXACTLY are you looking to do? Are you looking to have some silver purified or are you looking to sell some scrap silver?

 

[dejapooh]

Good question. For right now, I am going to build up my stock of Silver. Once I have a few pounds, I will look to dispose of it in the best way possible. I would either scrap it or purify it or trade it for pure silver bars or rounds... Whatever make the most profit. What do you think would make the most sense? My brother's bar is about 10 oz. It is probably too small to purify (would you agree?). If I buy it from him, throw it in with a few pounds of old jewlery, would it make sense to purify it at that point? I guess I am asking what is the post profitable way of moving through this stuff.

 

[oxbowbarefoot]

I doesn't make too much sense to bring only a few ounces of silver to a refiner. If you don't know the purity of the bar, bring it to a jeweler to have it tested. Usually when people go to the refiner, they have quite a bit of silver, otherwise, they sell to someone who buys scrap silver. The people who buy usually bring in larger quantities to the refiners. You will likely get between 75-90% of melt from the right buyer. Some will try to low ball you, others will be close to melt. Just ask around until you find a price you are happy with.

 

[dejapooh]

Thanks. I will wait until I have a few pounds of mixed silver and then make a decision...

 

[mjlalt]

I recently shipped some scrap sterling to ARAgold and they paid me 90% of melt value for it.

 

[joshua2]

I dont often respond to many posts, I guess you could call me a lurker. I am an avid detectoris,coin roll hunter, coin collector, and garage sell hunter. I often see the questions who should I sell to. I got screwed the first time I sold scrap jewelry, what should have been a $250 dollar sell turned into a 90 dollar sell due to the low spot priced I was offered. This made me FURIOUS. It inspired me to open my own gold and silver buyiong business to offer what I think is a fair price. I offer 70% spot. It makes me mad when i see people post that this is a low ball price. Opening a legit business with all the overhead and PAYING TAXES is not easy. 70% is a great deal when you consider all this. Most pawn shops and gold buyers (and i said most) will screw you with 30-50 % spot. I addition anyone who sells goods more than 3 times in a calendar year is no longer considered a casual seller and must pay taxes. So to the original poster (dejapooh) It would be in your best interest to hold your silver untill you have what you fill is a large enough amount to sell, then shop locall shops untill you get up to the 70-90%. Good luck man and check your local garage sales you can get your silver stock pile up quickly in one summer doing this.

 

[jerseyben]

I dont often respond to many posts, I guess you could call me a lurker. I am an avid detectoris,coin roll hunter, coin collector, and garage sell hunter. I often see the questions who should I sell to. I got screwed the first time I sold scrap jewelry, what should have been a $250 dollar sell turned into a 90 dollar sell due to the low spot priced I was offered. This made me FURIOUS. It inspired me to open my own gold and silver buyiong business to offer what I think is a fair price. I offer 70% spot. It makes me mad when i see people post that this is a low ball price. Opening a legit business with all the overhead and PAYING TAXES is not easy. 70% is a great deal when you consider all this. Most pawn shops and gold buyers (and i said most) will screw you with 30-50 % spot. I addition anyone who sells goods more than 3 times in a calendar year is no longer considered a casual seller and must pay taxes. So to the original poster (dejapooh) It would be in your best interest to hold your silver untill you have what you fill is a large enough amount to sell, then shop locall shops untill you get up to the 70-90%. Good luck man and check your local garage sales you can get your silver stock pile up quickly in one summer doing this.

Your post is contradictory.

First you say it made you furious to be offered a low ball price. Then you say people accuse you of offerring a low ball price and even justify it by explaining how hard it is to run a business. Well, which is it?

 

[redfish76]

Wow 70% kind of sucks!!! I get 90% for junk and over spot for the nice stuff on eBay..

 

[N.J.THer]

I don't see how people get mad with an offer. The great thing about offers are you can accept them or refuse them. If your looking to sell something and someelse is willing to pony up the money for it then of course they are going to try to get the best price they can. In this case it is a sell beware situation.

I think Joshua was upset with the 35% spot offer but feels the 70% spot offer is reasonable. Others feel the 70% offer is low and 90% is reasonable. I feel this is America and everyone has a right to try to make as much money as they can and the only person looking out for your interests are you so don't fall asleep at the wheel.

We are all trying to make as much money as we can whether buying or selling...it is the American way.

Now stepping down from my soapbox.

Good luck to everyone
NJ

 

[Jason in Enid]

Back to the OP's question... You will be better off trading out your junk silver for bars or rounds from a mint, like NW Territory or Sunshine. They will have to test the bar and probably make you a decent % offer in trade.

 

[leadnugget]

no one mentioned it so far so i will, stop melting the silver!
its likely worth more, maybe far more as the item it is. than if you melt it into a unknown purity bar.
sure some banged up items are scrap but there are a lot of silver items that that you buy that can go for a lot more than scrap value.
check out vintage taxco silver jewelry on ebay it can go for some good money.
better yet check this out.

Vintage Mexican Silver Hector Aguilar Necklace Six Spheres 940 Silver Taxco | eBay

i would offer a buck or 2 at a garage sale for that (old tarnished necklace), i might even go as high as $25.


that 296 grams of 940 silver. $285 silver value -10 or 20% for the refiner or
$2500 to the right person on an auction site, your choice. that buys a lot of 999 silver bars!

if your in LA there is likely a lot of vintage taxco jewelry at the swap meets, in glass cases and garage sale siting there just waiting to get bought up for scrap prices or less.i know i have seen a lot of it at the swap meets here in phx area and have bought and sold some.
it is out there for those who will look.
knowledge is power = cash.
here is some knowledge.

The Little Book of Mexican Silver Trade and Hallmarks: Hecho en Mexico - Bille Hougart - Google Books

Mexican Silver Marks I - Online Encyclopedia of Silver Marks, Hallmarks & Makers' Marks

learn it, buy it. sell it.

 

[dejapooh]

I will be offering all of the sterling with hallmarks on Ebay for Double spot for .999. Those pieces without hallmarks will probably not get offered on Ebay. I may try a piece or two that I like, but in general, it is mostly not great stuff.

Thanks for the suggestions. I have always believed in buying the book before buying the piece.