Quite a few of the instruments in my collection were bought second hand. First of all I'm not wealthy enough to buy a brand new specimen of each nice cymbal I come across. Second, even though new cymbals look nicer that doesn't necessarily mean they sound better than used ones. It's no secret that all the big manufacturers keep their newly crafted instruments in their vaults for at least some weeks. The cymbals 'age in' which improves their sound. Accordingly, playing a cymbal for some time alters its sound even more. Generally speaking, the sound gets rounder and more harmonic. This may also be one of the reasons for the currently (2000) strong interest in old cymbals.
Whatever your motivation for buying second hand may be, there are a few things to keep in mind, when judging a piece. Dents, nicks, warpage are all acceptable to some extent. A warped cymbal with a nick and some key holing may not look beautiful. Don't worry if it sounds great. After all that's what they are made for: Sounding good. But beware of hidden cracks! I have seen a cymbal that looked perfect at first sight: No warping, no nicks, logos intact, with just a few stick marks. Good buy, wasn't it for that slight buzzing noise when I gave it a blow with my fingertips. That made me look at it closely and there it was -- an almost invisible crack around the bell. The cymbal still sounded alright, especially when struck with a stick. The reason why I didn't buy it was the simple fact that I didn't know how long it would last. If you have a cymbal, that is already cracked, the section on fixing cymbals may be interesting. When in doubt, if the seller treated his cymbal well, have him/her play it. This will give you an idea of what to expect from your used cymbal.
If you're looking for a special used cymbal in the US or you just want to check for prices, see what is offered at ebay .
Checking for cracks
So when everything looks alright with your hopeful candidate take it to the test. Place the cymbal on a stand which doesn't make any disturbing noises. If none is available stick a drum stick through the hole and use that as a stand. Be sure to support the cymbal with your thumb and index finger. The cymbal should rest on your fingers - not on the stick - so it may move freely. Now tap the edge with your fingertips. If you have a felt mallet handy, the better. Start beating the edge softly, then increase impact until the higher frequencies come out. When there are any hidden cracks in it you will here a buzzing noise that clearly isn't part of the cymbal's natural sound. The one thing to care about is to not use a drum stick for testing. The high frequencies generated by a stick would cover the buzzing.
Keyhole?
Once you're sure there are no cracks, check the hole. Slight key holing should be tolerable if the sound of the piece justifies it. Key holed cymbals need extra care and attention, e.g., frequent changing of sleeves. Be sure you are willing to do that, or don't buy.
The reason to worry about even a small keyhole is that things get worse once the cymbal cannot not turn around freely but 'locks' to the same position again, even if you turn it around. Thus the process carries on indefinitely. A small keyhole is acceptable when you check for an intact hose frequently. Even new cymbals should be checked for sharp edges in the hole. Smoothing these carefully with a small file will keep the cymbal from cutting the hose too early.
Nicked Edge?
Move you fingers around the complete circumference of the cymbal. You will easily feel any irregularities on the edge. It's much easier than to find them with your eyes. Nicks are often starting points of hidden cracks. Look closely!
Warpage
While a slight warp on a ride cymbal isn't really a disqualifier, things are different with hi-hats. A warped hi-hat cannot be closed around the whole circumference and will never sound dry. If you play them half open all the time, don't worry. Hi-hat bottom cymbals are less prone to be damaged because they don't get hit directly. Anyway, remember to check the bottom, too.
Dents
Place the cymbal on a flat surface. A table will do. Move the palm of your hand in circles over the entire cymbal surface. Any larger dents will be easily discovered. Smaller ones are better detected with your fingertips. Closing your eyes will help concentration. Dents are a sign of mistreatment and an indication of trouble to come.
Flat?
Place the cymbal on a table, bell up. A slight gap here and there between the edge of the cymbal and the table is acceptable. Anything larger than the diameter of a drum stick (given a 20" cymbal) could impair the sound because the symmetry is disturbed. You then should check the cymbal for sound consistency by tapping it with a stick in circles of even distance from the middle. If the sound differs significantly, you know why.
Serial
Some cymbals have serial numbers punched in (All Paistes have). If the serial number obviously has been removed, be prepared for some trouble in the future. The cymbal might have been stolen. Also, this will void any product warranty.
Logos
The intactness of the colored logo stamps seems to be quite important to some drummers. Personally, I don't care much about logos because they don't add to the quality of a cymbal (And some of them are so ugly). As long as the logos are not completely gone, chances are you will be able to tell if the piece really is what the seller claims it to be. I prefer punched logos because they don't disturb the natural appearance of the cymbal and cannot be wiped off.