Lumo, an affiliated directory of local cash-for-gold buyers with live prices at lumo.gold, centers on gold, but many of the people who go looking for a buyer discover they also own other precious metals. Silverware, platinum wedding bands and the occasional palladium piece all have metal value, and each works a little differently. This guide walks through the basics so sellers can sort what they have before they ask for an offer.
Why the Other Metals Matter
A typical drawer of “old jewelry” is rarely all gold. It may hold a sterling silver bracelet, a set of silver-plated flatware, a platinum engagement setting and a handful of costume pieces that contain no precious metal at all. Knowing which is which keeps a seller from two common mistakes: assuming everything shiny is valuable, and overlooking a heavy item that is worth more than it looks.
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Silver, platinum and palladium are all traded on world markets, and each has a published spot price that moves through the trading day. A local buyer’s offer is usually based on that spot price, the weight of pure metal in the item and the buyer’s own costs for testing, refining and running a business.
Silver: Common, Heavy and Often Plated
Silver is the precious metal most households own in quantity, usually as jewelry, flatware, serving pieces or coins. Its price per ounce is far lower than gold’s, so silver items need real weight before they add up to a meaningful sum.
- Sterling silver is 92.5 percent pure silver and is usually stamped “925,” “Sterling” or “Ster.”
- Coin silver, found in some older American pieces, is typically around 90 percent silver.
- Fine silver is 99.9 percent pure and is stamped “999” or “Fine.” It is common in bullion bars and rounds.
- Silver plate is a thin layer of silver over a base metal such as copper or nickel. Marks like “EP,” “EPNS,” “Silverplate” or “Quadruple Plate” signal plating, and plated items carry very little metal value.
Weighted pieces deserve special attention. Many sterling candlesticks, hollow-handled knives and some trophies are filled with cement, pitch or another material for stability. A buyer will account for that filler, so a candlestick that weighs a pound on a kitchen scale may contain only a fraction of that in actual silver.
Platinum: Dense, Durable and Easy to Miss
Platinum is a white metal that is heavier and more resistant to wear than gold. It became popular in fine jewelry, especially engagement and wedding rings, because it holds gemstones securely and does not tarnish. Because it looks similar to white gold and even to polished silver, owners sometimes do not realize what they have.
Platinum jewelry is usually much purer than gold jewelry. Common stamps include:
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- “PLAT” or “PT” followed by a number, such as PT950 or PT900, indicating 95 or 90 percent platinum.
- “Platinum” or “Plat” on its own, which in many markets indicates a high purity.
- Mixed marks, such as “Iridplat” or “10% Irid,” which identify a platinum and iridium alloy common in older pieces.
Because platinum’s price has at times been above gold’s and at other times below it, sellers should check the current spot price rather than assuming platinum is automatically worth more.
Palladium: The Newer Jewelry Metal
Palladium belongs to the same family of metals as platinum. It is lighter than platinum, naturally white and hypoallergenic, and it has been used in some wedding bands and as an alloying metal in white gold. Most palladium in the world is used in industry, especially in vehicle catalytic converters, which is one reason its price can swing sharply.
Palladium jewelry may be stamped “PD” or “Pall,” often with a number such as 950. Some buyers handle palladium routinely and others do not, so it is worth asking in advance whether a shop purchases it and how it tests it.
How Buyers Test These Metals
A reputable buyer does not rely on stamps alone, because marks can be worn, misleading or counterfeit. Common testing methods include:
- Visual and magnet checks. Precious metals are not magnetic. A strong pull from a magnet suggests a steel or nickel core, although a lack of attraction does not prove an item is genuine.
- Acid testing. A small scratch on a testing stone is exposed to acids formulated for different metals and purities. It is quick and inexpensive but leaves a mark on the stone, not usually on the item.
- Electronic testers. Handheld devices measure electrical properties to estimate purity.
- X-ray fluorescence (XRF). An XRF analyzer reads the surface composition without damaging the piece. It is fast and detailed, though it reads the surface, so thick plating can still require further checks.
Sellers are entitled to watch testing take place and to ask which method is being used.
Understanding the Offer
An offer for any precious metal follows the same basic logic. The buyer estimates the weight of pure metal, multiplies it by a price tied to the current spot quote and then applies a percentage that covers refining, overhead and profit. That percentage varies from shop to shop and from metal to metal. Silver, which is bulky and lower in value per ounce, often carries a wider gap between spot and offer than gold does.
A few practical habits help:
- Look up the spot price for each metal on the day you plan to sell.
- Separate items by metal and by stamp before visiting a buyer.
- Ask for the weight of each group and the price per gram or ounce being offered.
- Get more than one quote, especially for larger lots of sterling flatware or platinum jewelry.
When Melt Value Is Not the Whole Story
Some items are worth more as objects than as metal. Signed designer jewelry, antique silver from well-known makers, collectible coins and pieces with significant gemstones may command more from a jeweler, antiques dealer or coin specialist than from a buyer who pays for metal content. If an item has a maker’s mark, a pattern name or a known history, it can be worth researching before selling it for scrap.
The same caution applies to gemstones set in platinum or palladium. Most metal buyers pay little or nothing for stones, so sellers may want to have significant stones assessed separately or ask whether they can be removed and returned.
A Simple Checklist Before Selling
- Sort pieces into gold, silver, platinum, palladium and unknown.
- Use a loupe or magnifying glass to read stamps, and note them on a list.
- Set aside anything signed, antique or set with notable stones.
- Check current spot prices for each metal.
- Confirm in advance that the buyer purchases the metals you have.
- Keep your list and the buyer’s receipt together for your records.
Precious metals other than gold are easy to overlook, but a little sorting and a few good questions help sellers understand exactly what they own and what a fair conversation with a buyer looks like.
Quick check: A spoon is stamped “EPNS.” What does that most likely tell a seller?
- It is sterling silver at 92.5 percent purity
- It is silver plate over a base metal with little metal value
- It is a platinum and nickel alloy
Show answer
B. “EPNS” stands for electroplated nickel silver, a thin silver coating over base metal, so its precious-metal content is minimal.