Gold isn’t the only precious metal in demand at pawn shops throughout Chicago. If you have decorative cutlery made of silver at home or an eye-catching piece of platinum jewelry, you might be able to cash those items in fairly easily. Or you could use them as leverage next time you need a loan.
Why Pawn Shops Want Your Silver
People’s love of all things silver has a long history, making it a natural precious metal to exchange for cash (or hold onto, as the case may be). Like gold, it isn’t just beautiful but also has a solid reputation in monetary markets, which is part of its allure for pawners.
This underappreciated precious metal is used in so many ways that it might be lurking in your home somewhere without your knowledge. It’s a popular feature of lots of things other than jewelry. It can be found on the toes of boots and in electronics, batteries, car parts, and decorative knick-knacks. It’s also been used to make pretty much every type of utensil found in kitchens and dining rooms everywhere.
Precious Metal Value Depends on Beauty, Weight & Other Factors
Silver has a timeless beauty that sells, which is why so many people adorn themselves with it in all of its forms. But just like other precious metals, your metal item’s dollar value could be based on a few different factors:
- Purity. What variety of silver is the item you want to sell? For example, sterling silver is made up of 92.5 percent silver, making it one of the more valuable, in-demand types of silver there is.
- Weight. The amount of silver in an item is also determined by its weight, thus bringing people more dollars for heavier items.
- Market demand. How much the shop believes it can make on a given day is yet another consideration.
- Its uniqueness. A one-of-a-kind necklace might be easier to sell than something more generic.
- Other variables. Social, political and economic factors can all impact consumers’ willingness to buy a given item, impacting how much money you may get for it.
Platinum Jewelry Is More Rare – Also More Valuable Than Silver
It’s less likely that you have a jewelry box full of platinum goods – but pawn shops are still interested in this highly valuable precious metal. Because it is less malleable than metals like silver and gold, craft jewelers don’t tend to use it as much. So while it’s more of a niche market compared to silver, its rarity adds to its appeal.
But again, what a given pawn shop might give you for your platinum piece of jewelry – or how much it will provide in collateral – depends both on its value and how much the broker wants it.
Research the Value of Your Platinum or Silver Item
Prospective sellers are always encouraged to do their own research before attempting to sell an item. Pawn shops are usually willing to take a look at potentially valuable products that come through their doors. One stop on your research journey should be Fullerton Pawners in Chicago. We have a history of building relationships with our neighbors, who buy and sell all kinds of precious metal goods at our North Side store.
Bring Your Precious Metals to Fullerton Pawners in Chicago
At Fullerton Pawners, our team is always interested in checking out unique precious metal items, particularly if our customers are interested in selling them. But we provide many other services, too, like assisting with broken clasps and helping to restart antique watches.
What else we do:
- Specialize in antique assessments
- Repair your jewelry
- Fix old watches
- Bring computers back to life
- Offer free appraisals
- Give you our honest, unvarnished opinions
Check out Fullerton Pawners online to find out more – or call us at 773-637-9999 with any questions you have about precious metals!