Many people have a small horde of silver jewelry, coins, silverware, and even bars or ingots. Selling that silver is an excellent way of making some cash that you can use to buy something you actually want, pay down your debt, or bolster your savings account.
If you’re thinking about selling your silver, it’s important to find a buyer that you trust won’t rip you off. Below is a look at the best ways to sell your silver, including our #1 recommendation when it comes to selling your silver, which is the CashforSilverUSA, which pays within 24 hours and has an A+ rating with the BBB.
- Search for “online silver buyer” and sell your silver online
- Search for “silver buyers near me”
- Search for “cash for silver near me”
1. Search for “online silver buyer” and sell your silver online
One of the easiest ways of selling silver is to find an online buyer. A simple Google search for “online silver buyers” will yield a lot of potential companies willing to buy your metal. It’s a competitive space, with a lot of well-known companies all vying for the same sellers. That’s good news for you, since competition typically translates into higher prices!
CashforGoldUSA's sister site CashforSilverUSA is the online silver buyer that we recommend. The company buys silver in all of its forms, including broken or damaged silver jewelry; scrap silver silver bars, ingots, and bullion; silver flatware, silverware, or tableware; silver coins; and silver jewelry.
Best silver buyer: CashforSilverUSA
CashforSilverUSA is a sister site of CashforGold. The sites accept all forms of silver, from coins and jewelry to scrap, bullion, ingots, bars, and more. Selling your silver to CashforSilver works like this:
- Visit the website and provide your contact information, including your address and email.
- They will send you a free FedEx shipping label that you can use to send your items in.
- Once they receive your items, the items will be appraised within 24 hours, at which point you will receive payment by check, Paypal, or bank wire.
If the amount is less than you expected, they will happily return the items to you and cancel payment free of charge. All you have to do is contact them within 10 business days of receiving the check.
Other silver buyers
Of course, there are many other online silver buyers that you might consider as well, including these that are also gold buyers:
- JM Bullion
- Liberty Gold and Silver
Each of these companies is reputable, and can be trusted to buy your silver. That being said, CashforSilverUSA beat them out for a couple of reasons:
- CashforSilverUSA’s provides a free shipping label and insurance for you to send your items to them, which means you get your appraisal without putting a penny down
- Risk-free cancellation means that if you don’t like the final offer they make for your silver, you can decline and get your items back at no charge
- You can receive your money within 24 hours of confirming that you accept their offer, which is virtually unheard of in the industry and an excellent option if you need your cash fast
- CashforSilverUSA offers a 10% bonus if you send them your silver within a week of receiving your mailer, which often makes them one of the highest-paying silver buyers out there
- More than 250,000 people have sold their silver to CashforSilverUSA, and their A+ rating with the BBB makes them one of the most trusted buyers in the industry
2. Search for “silver buyers near me”
If you don’t want to sell your silver to an online buyer, you can always look for a physical buyer near you.
Where can I sell silver near me?
Silver is nearly always in demand, and you should be able to find someone either online or in your community to buy it. These can include:
- Pawn shops
- Consignment stores
- Jewelry stores
- Scrap or “cash-for-gold” dealers
- Coin shops will also buy silver coins
What to expect when selling silver to a buyer near you
Usually when people opt to sell silver in person to a buyer near them, instead of to an online buyer, it’s because they’re uncomfortable with the idea of sending their silver through the mail. That’s understandable, but it’s important to understand that in-person buyers like pawn shops will often pay less than online buyers. That’s because they have less local competition compared to online buyers, which means they can get away with paying less.
If you’re weary of sending your silver through the mail, find an online buyer that offers free shipping and insurance on your items, like CashforSilverUSA.
3. Search for “cash for silver near me”
The same stores that buy gold for cash will also typically buy silver for cash. But just like selling to a pawn shop or jewelry store, these buyers typically face less competition locally than online buyers. That usually translates into you getting less money for your silver than if you were to go to an online buyer.
What to expect when pawning silver
When you sell your silver to a pawn shop, what you’re really doing is getting a loan and putting your silver up as collateral. If you don’t pay back that loan within a certain period of time, then you forfeit the silver that you’ve put up as collateral, allowing the pawn shop to turn around and sell the silver for a profit. Pawn shops also often charge “fees” for this loan, which comes in the form of less money in your pocket.
Because of the mechanics behind how this works, most pawn shops will offer lower prices for your silver than you will find through an online buyer. After all, reselling your silver at a markup is how they make their money. As a general rule of thumb, you can expect to get half as much for your item when you sell to a pawn shop than if you were to sell to many other buyers.
The main draw to pawn shops, of course, is that they offer you a way to sell your silver for cash immediately. But with online buyers offering faster and faster payment options (CashforSilverUSA can pay within 24 hours of receiving your items, for example) this benefit loses a lot of its value.
Bottom line: Where is the best place to sell silver online?
Ultimately, the best place for you to sell your silver will depend on exactly what it is:
- A potentially valuable silver coin should be brought to a collector or coin shop for appraisal. You don’t want to melt down a priceless coin if you could get more by selling it to a collector!
- A silver antique should be brought to an appraiser or antique shop, for the same reason.
Damaged or unused silver jewelry, flatware, or bullion, or other items should be sold to whoever will give you the most money for it. CashforSilverUSA is a site that I personally trust, for a few reasons:
- CashforSilverUSA pays within 24 hours,
- Found by Fox Business News investigation to pay 3X their competitors
- BBB A+ rating
- Price match guarantee
- Free return guarantee
- 10% bonus if you ship within 7 days
This post is a review of CashforGoldUSA, the sister site, which elaborates on my personal experience with selling fine jewelry, and more details about this family-owned company.