Is it possible to take silver to a pawnshop and how much will it cost?

Money is considered the most liquid commodity. Either because of their quick liquidity, or because of a lack of funds, situations arise when this same money becomes needed very urgently. A way out of the situation may be to go to a pawnshop. You can return your jewelry without returning it or buy it back after some time.

Of course, the amount of proceeds from the delivery of silver will be significantly lower than from the delivery of gold. As of April 27, 2016, the average cost of 1 gram of gold is 2,637 rubles, and 1 gram of silver is 36.22 rubles. This significant difference is explained by the high percentage of impurities in the composition of silver products and their low market value.

Purchasing silver items is often not profitable for pawnshops. Therefore, if you are planning to take your silver to a pawnshop, the price per gram should not shock you - this is the maximum that you can get.

What kind of products can be taken to a pawnshop?

Some institutions do not accept silver due to its low price. However, if you try, you can find a suitable place in your city.

A pawnshop that accepts silver is interested in:

• Jewelry (earrings, bracelets, rings)
• Crockery (sets, spoons)
• Accessories (brooches, cufflinks)
• Antique items.
• Scrap silver (damaged items)
• Technical silver (wires and wires).

Comments: 2

Your comment (question) If you have questions about this article, you can tell us. Our team consists of only experienced experts and specialists with specialized education. We will try to help you in this topic:

Author of the article Evgeny Nikitin

Consultant, author Popovich Anna

Financial author Olga Pikhotskaya

1. Ilya
   10/08/2021 at 22:39 Silver spoon without hallmark. The sample is broken, will the pawnshop accept it?!
   Reply ↓ Olga Pikhotskaya
   08.10.2021 at 23:46

   Ilya, hello. You can take the product to a pawnshop without testing it. In this case, it will be accepted as scrap, and you will receive a significantly smaller amount.

   Reply ↓

How does the silver donation process work?

Before you go to a lending institution, you need to establish what you are going to donate your silver for. There can be two goals: sale, or collateral for a loan.

If the product is put up for sale, then all manipulations with it are carried out in the presence of the recipient of the service, and their completion takes no more than 30 minutes . After this, a purchase and sale agreement is drawn up in two copies. The contract describes the product, its weight, cost per gram and total amount. Next, enter the date of the transaction and the customer’s signature. Then the owner is given money, and the product is transferred into the possession of the pawnshop.

When a product is surrendered as collateral, the transaction takes place in several stages:

1. The product is being inspected.
2. A quote is made for the condition of the item.
3. The product is weighed in the presence of the owner.
4. The metal sample is specified.
5. If the client is satisfied with the assessment, an agreement is drawn up, to which a deposit ticket is attached.
6. The agreement is drawn up in two copies: the first is given to the client, the second remains with the credit institution.
7. After signing the agreement, the borrower is given a sum of money, which he is obliged to repay on time with interest (5-7% per month).

If I don't have time to buy back the silver

In this case, pawnshops often accommodate the client halfway. After the expiration of the loan term, which is indicated in the pledge ticket, the so-called grace period begins. This may be a month, or another period established by a specific pawnshop. Just in case, when you pawn silver, inquire about the availability of such a period and its duration. The grace period implies an extension of the loan term, and in this case the client is asked to pay only the accrued interest.

Once all deadlines have passed, unfortunately, the product cannot be returned. However, you may get lucky: pawn shops offer unredeemed silver jewelry and other items for sale. The new price for silver is usually set higher than the collateral price, but significantly lower than the market price.

The price of silver in a pawnshop

The price of an item depends on its condition and the standard of silver. The higher the sample, the higher the price per 1 gram. Below is a table with prices for 1 gram in rubles.

Why is there a difference between buying and selling prices?

Often, an ordinary person who does not understand the intricacies of the precious metals market draws the analogy of making a transaction to exchange from Argentum and Aurum. The differences between these two processes are very significant. Since gold is a metal in higher demand, its turnover is better. And, accordingly, the factors influencing the cost of a gram of this noble metal are different. Gold products have a lower markup at all stages and therefore the difference between the initial price and the cost of the final result is not as significant as for the less noble metal Ag.

This also determines the tariffs offered by buyers. For a unit of finished product made of gold, you can get about 40-45% of its original value in the commodity price tag, which cannot be said about silver items.

The selling price of silver is significantly lower than buying it

A silver item purchased for 600 rubles per weight measure will turn into a figure indicating how much the precious metal costs in a pawn shop in its pure form, that is, 36-40 rubles. Therefore, when buying Ag jewelry in a store, you should not regard this precious metal as a profitable investment of funds.

What determines the price of silver?

The price of silver for rent depends on the type of product itself. For example, appearance is important for precious jewelry. Is there a mark, engraving, or any defects on the product? The manufacturing method also plays a special role: it can be handmade or stamped. Unique jewelry is of great value.

For silverware, age is important, as is the manufacturer's brand and the condition of the item.

Maximum loan amount for 30 days provided for 1 gram of precious metal

When inspecting jewelry, our specialists are guided by the following classification:

1st category. This includes exclusive jewelry that is made of high-quality precious metals, has a clear mark, and looks attractive. Weight – up to 5 grams.

2nd category. This category includes modern models that have a clear brand and interesting design.

Category 3. All outdated products, as well as those that do not have any mark or have an unclear mark, those jewelry that need cleaning, as well as crowns, wedding rings, jewelry elements and other precious metals.

Where to donate silver?

Many people have the opinion that they can only take their valuables to a pawnshop. A pawnshop is a place where you can evaluate and buy goods. But besides this, there are a number of institutions that accept silver as collateral.

1. Specialized reception points . They are the most reliable place to donate jewelry, as they are time-tested. These locations employ real professionals who do not deceive clients.
2. Jewelry stores . The advantage of this method is that you can exchange old jewelry for new ones by paying an additional amount.
3. Jewelry workshops . They can be used to smelt a new product from scrap silver.

How safe is it

When temporary insolvency occurs, many begin a painful search for the best option from whom they can borrow the required amount. One such option is a pawnshop, where you can deposit your silver jewelry as collateral and immediately receive cash. Often, a loan from such an institution is much more profitable than a bank loan in terms of documentation and speed of receipt. But compared to loans issued by banks, loans from pawnshops are not as popular.

Many people consider storing valuables given to a pawnshop as collateral risky. They doubt that they will get it back when they are able to repay the borrowed funds. However, such fears cannot be called anything other than far-fetched. Since the law obliges bail institutions to provide the necessary security conditions. In addition, the institutions themselves are interested in the safe storage of collateral silver. Because if it is lost, the client will not fulfill his financial obligations to the institution. Silver items are insured for safe storage.

How to calculate the cost of a product

Before handing over silver jewelry for purchase with subsequent redemption, a person wonders whether it is possible to independently calculate how much the silver costs on credit. To do this, you can use the following calculation scheme.

Let's say you need to turn in a silver ring. Its weight is 3.5 grams, and its purity is 925. The pawnshop offers to accept jewelry for 30 rubles per gram. Knowing how much 1 gram costs, you can calculate the cost of the entire piece of jewelry. After the assessment, they will be able to offer you 105 rubles for the ring.

In this case, the loan amount will be approximately 71 rubles.

Next, you should calculate the amount of interest that you will have to pay for the fact that the jewelry is being purchased. It will range from 3.5 to 5 rubles depending on the percentage. It follows from this that if you buy back the jewelry after 30 days, you will need to return the amount at which the ring was valued, plus a small percentage.

You can hand over silver jewelry to a pawnshop and receive a certain amount of money at any time. That is why such barter is popular among people.

Source

Buying and exchanging gold

In order to quickly get a certain amount of money, people often hand over already used yellow metal that is no longer needed. Services for buying gold in Moscow are found in ordinary stores and markets, but it is much more reasonable and profitable to contact a special workshop, jewelry store or pawnshop. Similar organizations are located in any city, and it is possible to earn a lot with the help of this business. This is quite a profitable business, because yellow metal is accepted in any form and is paid in cash. The main thing is to take into account the conditions of the institution you are contacting. Different pawn shops may charge different prices. And since the delivery of gold jewelry takes place taking into account its weight, each jewelry store sets certain prices per gram. The amount is also determined depending on the type of precious metal. Its most common types are white, yellow, and green. In Moscow, you can sell gold profitably or successfully leave it as collateral. Both the exchange of gold and the pawning in stores and workshops take place in the presence of the client. The visitor has the opportunity to personally verify the quality of the product brought and its sample. This kind of examination was introduced to check the amount of pure metal found in the product. The main types of samples are the carat and metric systems. With their help, the share of pure gold is determined and the price is set. Clients collect their money in cash.

Of course, noble metal is accepted in the form of any product or part of it, because then it is still melted down. But if you want to sell gold jewelry at a fairly high price, you better make sure that it is clean and that there are no serious damages on its surface.

Scrap gold and silver

Scrap gold and silver are accepted, as are solid pieces. Often, people sell scrap to get rid of old, damaged or small parts made of precious material and get money in return. You can also do a scrap exchange - hand over unnecessary debris and take new, necessary products. Scrap is not used as collateral, as this is not profitable for buyers. And the opportunity to buy it back is also not given by all pawn shops. To make bilateral, profitable exchanges, you need to contact only specialized institutions.

Buying 925 silver

We hereby inform you that in accordance with the provisions of the Federal Law dated 04/03/2020 No. 106-FZ “On Amendments to the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” and certain legislative acts of the Russian Federation regarding the specifics of changing the terms of the loan agreement, agreement loan" and the regulatory legal acts adopted in its development, including Government Resolution No. 435 of April 3, 2021 "On establishing the maximum amount of credit (loan) for credits (loans), under which the borrower has the right to contact the lender with a demand on changing the terms of the credit agreement (loan agreement), providing for the suspension of the borrower’s fulfillment of its obligations”, Information Letter of the Bank of Russia dated 04/05/2020 No. IN-06-59/49 “On the specifics of the application of Federal Law dated 04/03/2020 No. 106-FZ”, Pawnshop borrowers are entitled to holidays on consumer loans. The borrower can apply for a credit holiday until September 30, 2021; this opportunity is given once for each loan agreement.

The borrower can submit an application for a credit holiday in the manner provided for in the agreement, including by telephone specified by the borrower when registering it.

Credit holidays can be issued only for those contracts that were concluded before 04/03/2020.

Credit holidays can be issued for any required period of up to 6 months. In this case, the start date of the credit holiday should not be later than 14 days after submitting the application.

One of the conditions for granting holidays is a reduction in income for the month preceding the application by more than 30% of the average monthly income of borrowers for 2021.

The borrower must provide the pawnshop with any of the following documents within 90 days of filing the application to verify the decrease in income:

• certificate in form 2-NDFL for 2019-2020,
• certificate of unemployed status,
• sick leave for a period of 1 month or more.

For the purpose of obtaining documents confirming a decrease in income in electronic form (if providing them from the accounting department of the employing organization is difficult), we recommend that you follow the Letter of the Ministry of Finance of Russia dated May 27, 2020 No. 05-06-06/3/44742 and use the following electronic services: (for obtaining a certificate in form 2-NDFL and information about the status of an individual personal account from the Pension Fund of the Russian Federation - for those working under an employment contract), (to obtain a certificate about the status of calculations (income) for professional income tax (KND 1122036) - for the self-employed).

Unemployment status can be obtained on the website:

Please also note that during the grace period (during credit holidays) interest is charged on the principal amount at a preferential rate of 2/3 of the rate under the loan agreement. So the deferral is not free.

We also draw your attention to the fact that the pawnshop has the right to refuse to provide a credit holiday if, when checking documents, it turns out that the borrower does not meet the established criteria. In this case, the deferment on payments is canceled, and the borrower will have to repay the missed payments in full for the entire term.

What makes sense to carry

What should we pawn when we urgently need money? Usually something quite expensive, but compact, not the most fragile and not needed every day. Most often the choice falls on jewelry. In this regard, people are interested in what is generally accepted: will they take gold, is it possible to take silver to a pawnshop. It is the last metal that we will focus on. As a rule, it makes sense to bring silver accessories if their total weight exceeds 50 grams. Otherwise, such a transaction will not bring benefits to either the pawnshop or the client. Cutlery, antiques, art objects, icons - this is what can bring money.

For all of the above items, especially those made of precious metals, the demand remains consistently high. Therefore, credit institutions of various kinds are willing to lend money against them. Prices are also remarkably constant (not counting minor seasonal fluctuations).

Buying and exchanging silver

Silver, like other expensive materials, is in demand among private buyers. If the item being handed over has artistic value, it is better to contact a specialized institution. Silver is also weighed, evaluated, and a price is set depending on its type and quality. As a test, the client can see for himself, since everything takes place in his presence. The most expensive is silver with a purity of 999. This is an ancient, but sought-after type of this metal. Silver is also exchanged with its other samples - 800, 916, 910, 925, the latter being the most common today. The cost of the delivered product is calculated depending on the price per gram. An institution specialized in the exchange and purchase of material sets a certain price per gram. Payment takes place immediately after the transaction is concluded, in cash. Like any other material, silver is left as collateral - the client has the opportunity to give it away for a certain amount of money and then buy it back. For this you need a passport. To sell silver jewelry at a high price, it is better to bring it clean and intact - without significant defects or damage. Although, in most cases, the staff does not pay much attention to the presentability of the product, since it will still be melted down.

Precious metal formula

Previously, silver producers had to indicate the percentage of all components of the alloy. In the 925th sample the main component was copper. Currently, the sample indicates the percentage of the main component.

On sale you can find 925-grade alloy with various impurities:

1. Platinum. Platinum is an expensive metal; adding this element to the base allows you to reduce the percentage of oxidation. As you know, silver jewelry is made in a light tone, which is excessively susceptible to the oxidation process, and oxidation does not form on gold or platinum alloys. If you add gold to the base to reduce oxidation, the alloy may change its original color. When platinum is added, this process does not occur, silver retains its original color, and the physical properties of the alloy are significantly improved.
2. Palladium. Palladium belongs to the platinum group metals, but its cost is several times lower. Jewelry made from a silver alloy with the addition of palladium provides a beautiful shine, and the oxidation process slows down much.
3. Zinc. Zinc can also be added to 1 gram of 925 silver. This additive makes the base a little cloudy, but adds two positive aspects. The finished silver product is much stronger, the price of the product becomes several times cheaper. But we should not forget that zinc is an allergenic metal, so jewelry made on the basis of such an alloy should not be worn by the category of consumers who are susceptible to skin allergies.
4. Rhodium. Rhodium can also act as an additional component to silver. But rhodium is not mixed into the base, but is used as a decoration in the product. By choosing rhodium as a coating, manufacturers give the finished jewelry a unique shine, and the oxidation process is blocked.

Caring for 925 sterling silver items

To ensure that your jewelry does not lose its appearance, you should take proper care of it. Such jewelry must be stored in a dark and dry place. In direct sunlight, metal can not only become dull, but also darken. The exceptions are alloys with the addition of palladium and platinum, as well as rhodium-plated silver.

In order to clean a silver item, you need to wash it in water with the addition of dishwashing detergent and wipe it with a soft cloth. You can often hear advice about cleaning with toothpaste, however, this method can damage the metal surface. A weak solution of ammonia will help clean jewelry from the sulfide film formed upon contact with air. It is enough to hold the jewelry in it for 10 minutes, rinse with water and wipe with a soft cloth. Baking soda can also be used to clean precious metal. To do this, you need to boil 500 ml of water with 2 tablespoons of soda, put a piece of foil and silver in there. After 10 minutes you can rinse with clean water and dry.

In addition, jewelry stores offer a selection of special means for cleaning silver items, with the help of which the jewelry will always look like new and delight you with its shine.