What is Scrap Platinum?
Scrap platinum is your way to a few more dollars in your pocket. There are plenty of people who earn extra cash from finding scrap platinum and then selling it on to dealers, and you’ll be surprised just how easy it is to come by.
Basically, scrap platinum is anything made of platinum that is no longer needed. And it can be found almost anywhere and everywhere. Jewelry is a good source of platinum. Looking similar to silver, rings, watches, bracelets, and necklaces can be worth a lot more now than when they were first purchased so long ago. With the rise in price of precious metals over the past 20 years, a piece that is no longer in fashion can net hundreds of dollars as platinum to melt down.
Catalytic converters have high platinum content. If you work in a junk yard or are a mechanic working on cars, remove the catalytic converter which could be worth as much as $200. As well as disused catalytic converters, thermocouple wire is made of platinum: old boilers are often thrown away with all this wire intact.
In fact, anything that needs resistance to heat might be made of platinum. Old laboratory equipment falls into this category perfectly.
How do you know its platinum?
Platinum is a soft metal, and so will scratch. But, unlike other metals when scratched, if it is then buffed up, the metal will return to its original place: the scratch is actually a displacement of metal rather than a loss.
Now you’ve collected all that scrap platinum, what do you do with it?
There are high street scrap metal dealers that will buy platinum as well as gold, silver, and other precious metals. But more usually with platinum, it is sold online to dealers around the world. You should always check the reliability of the dealer, and its very rare for a dealer to accept catalytic converters through the post.
The price you receive will depend upon the ‘cash price’ of platinum. Then the dealer will discount this price, usually by 5% to 10% to allow for wastage in the melting down process and a margin for his profit.
Be careful what you scrap!
Whilst there is plenty of money to be made from scrapping platinum, the road to riches has many pitfalls.
If you are scrapping jewelry, for example, it’s wise to ask a jeweler the value of the piece, or perhaps conduct an internet search. However you do your research, make sure it is thorough, as there are many stories of people scrapping jewelry not realizing that the piece is worth far more intact than as scrap.
In fact, this is a good maxim to follow for any potential scrap platinum items. Ensure that they have no value as the item itself, and you won’t end up kicking yourself later!
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