Beyond being desired for its beauty and many uses, gold was used to create coins (currency). Silver and copper eventually replace gold for the production of coins and paper currency was introduced. Paper currency was originally created as a receipt for gold, representing a certain amount of gold as its value. The value of gold is currently around $900 an ounce, but it has fluctuated greatly over the years. Today’s gold prices depend on its investment value on Wall Street, but this has not always been the case. The United States government fixed the price of gold so at $20.67 per ounce until 1934. It wasn’t until 1975 that gold became an entirely free market investment. Since then, the price of gold has varied from $200 an ounce to more than $1,000 an ounce. While the $850 an ounce price that it reached in 1980 is no longer a record, it is easily the highest amount when adjusting for inflation (roughly $2,176 an ounce by today’s standards).
Since its peak in 1980, the price of gold has stayed between $250 and $500 an ounce, and since September 2007, the price of gold has not dropped below $700 an ounce or risen above the $1,023.50 per ounce (a record set in March 2008).
It is largely speculative that the price of gold will continue to rise as economic times worsen, and is due in part to the historical fact that the value of gold rises as the dollar weakens.
A Guide to Selling Silver
The chemical symbol for silver is Ag. It is the most reflective of all the metals and has the highest conductivity of all the elements. Not only is silver nature’s best conductor of heat and electricity, it is also used in products ranging from electronics and film production equipment to solar energy and water purification. Since ancient times silver has been used as a curative property and is still quite frequently used in modern medicine today.
Fun Facts about Silver
- In ancient times silver jugs were used to store precious fluids such as wine and oil for optimal preservation.
- Silver became the popular metal to use for eating utensils when it was realized that fewer people got sick due to its antibacterial qualities.
- Silver was China’s currency up until the 1930’s.
- Many refrigerators and dryer liners contain silver to fight bacteria.
- Silver was used as an antimicrobial before it was replaced by antibiotics.
Selling Your Silver
There are some important choices to be made before selling your silver. Getting as much information about the price of silver on the current market is the first step before making any decisions about how to sell it. The success you have when you sell silver is usually determined by the silver content in each piece. Whether it is a sterling silver tea set, flatware, silverware, silver jewelry or silver coins most dealers will simply pay the “melt value”. Before selling your silver bars, silver coins or silver jewelry, it is always a good idea to get all the facts.
Important Things to Remember When Selling Your Silver
- Selling silver coins is easier than selling your silver jewelry because the quality and quantity of pure silver coins is already guaranteed. As a result selling silver coins is relatively simple and dealers around the world will most likely be willing to pay top dollar for the coins. It is also a good idea to make sure the silver coins for sale are not rare and do not have a higher value to collectors or historians than the current melt value.
- Selling silver bars is also relatively easy because the silver content of a bar can be turned into silver jewelry. While silver coins already have a specific amount of silver guaranteed, they also will vary in the amount of actual melt value.
- Selling silver jewelry or silver sets is the most difficult way to get the full value of your silver. It helps when the current market for silver is high and dealers are more likely to pay higher prices. To get the highest price when you are selling your silver it is important to know what buyers are looking for. Silver jewelry and silver sets are typically only worth their melt value. One exception to this rule is if the silver jewelry or silver set is antique or made by a famous designer. If neither of these is the case then it is safe to assume you will receive only the price of the silver content.
Before selling your silver it is wise to research the current silver prices. It is important to choose a dealer who will pay you what your silver is worth. Knowing what a buyer is looking for is one way to be assured of getting the best deal when selling your silver.
Come in and see us . . . You’ll be glad you did!
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Gold Star Jewelry & Coin Co is open Monday through Saturday 10:00 AM until 6:00 PM. We’re located at 7048 N. Clark Street, Chicago IL 60626; Phone: 773.942.6556.