It’s a new year, and you are already looking for ways to pay off debt. You got the tip that you could ask how much is a 925 silver ring worth? It pays to find out when you have old or broken jewelry that you can’t sell or pay to have repaired. How can you find out what it’s worth?
There are several things you can do to determine what your ring is worth. It’s a good thing that sterling silver is a commonly found metal. Sterling silver has been added to many things, but primarily it is found in electronics and jewelry. This may cause you to think twice before you throw something out, just because it’s old.
The first thing you should know is that 925 silver isn’t pure silver. This grade of silver is what is known as an alloy. This means that it is mixed with another metal. This is where understanding where the value comes in is important.
Sterling silver alone is too soft to work with. This is why adding something with silver is important. This makes silver strong enough to turn into beautiful jewelry pieces like earrings, rings, and bracelets.
The .925 symbol that you see on jewelry means that it is 92.5% pure sterling silver. The rest is generally comprised of copper or some other metal that makes it sturdy. This means that the ring you are wearing could be something other than sterling silver.
This is why taking it to a jeweler you trust is important. They will be able to look for the “assay mark”, that reveals what type of metal the ring is made from. Additionally, they can test it to determine whether or not it’s made from sterling silver.
Another way to determine whether or not it is stamped with the correct mark is to see if a magnet attracts it. If the ring can be picked up by a magnet it is likely that it is silver plated and not sterling silver at all.
How much is a 925 silver ring worth? Today and every day it is based on the market price of silver. The market changes constantly, and based on the price of silver there is a calculation that you’ll use to determine the actual price.
For example, the formula used says that one ounce of silver is equal to 0.91 troy ounces.
When a jeweler opts to buy your piece, it will also be carefully reviewed for it’s composition and style. Let’s keep it simple. If you sell 100 troy ounces to a dealer, you can expect to be paid 91% of the spot price.
Always ask how the gold shop, coin shop or jeweler is paying you for your sterling silver.