Silver can be an incredible gift or inheritance, but it’s not for everyone. Silver is commonly passed down from one generation to another in the form of jewellery, coin collections, flatware, holloware, or other heirlooms.
However, silver isn’t always easy to take care of and store, and it’s not to everyone’s personal taste. Whether you keep it or not is a personal decision. These are the next steps you should take after you receive the gift of silver.
1. Learn How to Store and Maintain Silver
Even if you plan to sell the silver that you’ve received, you should learn how to store and maintain it until you find a proper buyer. Maintenance and storage differ depending on what form it takes.
For example, if you receive silver coins, the easiest thing to do is store them in an airtight, non-plastic, non-PVC container, keep them out of the sun to prevent tarnishing and avoid cleaning them altogether.
If you receive silver flatware that you use, you will want to be very careful cleaning it after use, using mild dish, soap and never leaving it to air dry.
2. Decide Whether or Not to Keep It
Once you know how to properly store and maintain silver to minimize tarnish and protect it from scratches and dents, decide whether or not it’s worth the effort and if you want to keep it.
A silver collection can be worth a sizable amount of money, including silver flatware and holloware, silver coins, and even silver jewellery.
If you’re going to sell, there are some steps you’ll need to take to get the best possible price. If you’re going to keep it, you may want to check your home insurance coverage to make sure it’s covered.
3. Find Out How Much Your Silver Is Worth
Whether you plan to sell your silver or keep it, you should learn how much it’s worth. If you’re going to sell it, it can prepare you for what to expect. Even if you plan to keep your silver, it’s important to know for your home inventory in case you ever need to make a home insurance claim.
The quickest way to estimate how much it’s worth is to look for a hallmark that will tell you what the silver content is and weigh the silver.
4. Find the Best Place to Sell Silver
When you decide to sell, the next step is finding top silver buyers who can offer the best price available. Good silver buyers are clear about their pricing policies. They also treat each piece on its own, meaning that they value pieces with different silver purities separately.
You can check out local bullion dealers or go online. Many silver buyers today will allow you to mailin silver for sale.
5. Make a Plan for the Extra Cash
If you’ve decided that selling the silver is the best option for you, now you need a plan for the extra cash. You can do anything with it, but it helps to have a goal so that it doesn’t just disappear through everyday spending.
Use the extra cash to do something special or meaningful, whether that means paying off credit card debt or going on a family vacation.
Silver can be a big financial boon when you’re given it or inherit it. Even if you decide to keep it for now, silver has a track record of maintaining its value, and it can still sell for a great price in the future.
Krishna Murthy is the senior publisher at Trickyfinance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.