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What price does .925 (sterling) silver go for these days?

Discussion in 'PM's - Coins - Numis - Base Metals' started by Jimfrancisco, Apr 14, 2011.



  1. Jimfrancisco

    Jimfrancisco Seeker Seeker

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    I seem to have amassed about 13/14lbs of the stuff, mostly scrap - dented bowls, cigarette cases, squashed hip flasks and a lot of jewellery. Mostly for pennies or a couple of dollars at yard sales because "It's just an old dented bowl", etc. The 13lbs is once I took out all the steel jewellery pins, low value gems, steel anything, etc - it is all hallmarked and all .925.
    I know it's worth a lot less than .999 silver, but would anyone care to have a guess at what a reputable buyer/refiner would offer for this lot? I have no idea if it is "valuable" (it certainly isn't to me!) or just junk silver that a hobbyist might buy to melt down and make jewellery and the like.
    Anyone any guesstimates?
     
  2. Jimfrancisco

    Jimfrancisco Seeker Seeker

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    Apologies, it seems we don't value silver in lbs! It's 190 or so Troy Ounces.
     
  3. TnAndy

    TnAndy retired guy Midas Member

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  4. silverwood

    silverwood Seeker Seeker

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    Midwest refiners, google it and call them. My guess is it will bring 80 to 90% of spot after being refined for it actual silver content. I don't know of any but a jeweler who make their own jewelry should be willing to pay more than a refiner would, IMO.
     
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  5. Jimfrancisco

    Jimfrancisco Seeker Seeker

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    Jesus, 7 grand? I probably spent less than $200 on the whole lot! I have a friend with a forge, who could melt it all into one bar or whatever shape I want (no coins in there) - should I do that, or just bring in the 100+individual pieces? Should I clean them first, or is like antique silver where cleaning drops the value?
    And - you're not ****ting me about the value? I thought it might bring in a few hundred at best!
     
  6. Turner-son

    Turner-son Silver Member Silver Miner

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    Very conservatively, if you assume 80% of spot, due to loss or not quite .925, the lot would bring: 0.8*190*42 = 6348. Say ~$6250 after shipping and handling and assuming the price of silver doesn't move from the current price.

    90% yield would be $7182 gross.
     
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  7. TnAndy

    TnAndy retired guy Midas Member

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    Go to Midwest's website.

    They have a list of what they will and won't take ( sterling silver knives with steel blades, for example....you have to remove the blade ). Don't bother cleaning, melting it or anything....it's all going in the melting pot there.... box it up, send it INSURED to them, and decide how you want payment....they do check, wire transfer, or pay in gold/silver bullion/coin if they have what you want in stock.

    But yes....about 7 grand IF you have 190 troy ounces of silver....I assume you already did the math of "Bulk weight x .925 (sterling)= your ounces of silver in the stuff"

    Then they pay 90% of that 190 = 171 paid ounces, and silver just busted 42 quite nicely, so 42 x 171 = 7,182......but hurry....if silver runs on up to 50, you're gonna be burdened with 8,550.....ahahahaaaaa
     
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  8. Jimfrancisco

    Jimfrancisco Seeker Seeker

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    That's insane - I was about to put it on Ebay. But who is going to fork out 6-7k on scrap silver on Ebay! So what's the verdict, polish or not, melt down or not? I'm not really a precious metals person, mostly stay in the survival prep forum - but a few grand effectively for "free" would be great!
     
  9. Jimfrancisco

    Jimfrancisco Seeker Seeker

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    It's all clean of anything like steel, lead, everything - spent night after night doing it and making sure it was all hallmarked.
    I was going to have some of it it made into a nice bar as a lamp base for my girlfriend (likes shiny things!) with her name engraved on it, thinking it was maybe worth around $3-400 all in. But I can get her something really nice with even a fraction of the cash now!
     
  10. TnAndy

    TnAndy retired guy Midas Member

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    Now you see why Grandma's is buying a gun safe for her 12 place silver tableware set huh ?
     
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  11. Jimfrancisco

    Jimfrancisco Seeker Seeker

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    Not half! Grandma is long gone, but I have a load of her "nice" silver I will never melt - this stuff is just bent, squashed, junk to me. I do look at the little "How much metals have gone up by" thing in the top right corner of the screen, and silver is nearly always a nice green arrow - always thought it would be nice to hold a couple of ounce bars, just to have. Never realised junk silver was worth good money as well!
    That's the kitchen refitted then, a couple more guns, some into the mortgage, and some hookers and blow. And a nice new shovel to bury the hookers with afterwards.:cool1:
    I must weigh my mum's inherited gold jewellery (some of it damaged), she thinks it is "safe" in her jewellery box, and has quite a lot from different relatives. Time for a floor safe, or one of these boat trips I hear people take!
    Thank you, people!
    J.
     
  12. Solo

    Solo Midas Member Midas Member

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    Hopefully you'll offer a few of the better pieces to a local antique shop or two before sending everything off. It would be a shame to melt 100+ year old handmade silver for only 80% of spot. I can only imagine how much was melted during the early 80's :\
     
  13. Turner-son

    Turner-son Silver Member Silver Miner

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    Why wouldn't junk sterling silver be worth money? It's still 92.5% pure silver. A troy ounce of sterling would be worth 92.5% of spot, disregarding any aesthetic value.
     
  14. Jimfrancisco

    Jimfrancisco Seeker Seeker

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    And maybe time to check out a LOT more yard sales as well... it's like a silver mine!
     
  15. Jimfrancisco

    Jimfrancisco Seeker Seeker

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    Oh, don't worry - I'll be weighing the few good pieces and bringing them to jewellers and shops before anything gets melted, just in case!
     
  16. Jimfrancisco

    Jimfrancisco Seeker Seeker

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    I just had the idea in my head that as it wasn't pure .999, it was "cheap" silver, a bit like electroplated crap. pretty worthless. VERY pleased to be wrong!
     
  17. TnAndy

    TnAndy retired guy Midas Member

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    The day is coming when even plated will be worth fooling with......
     
  18. dacrunch

    dacrunch Gold Member Gold Chaser

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  19. fasTTcar

    fasTTcar Seeker Seeker

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    Not for a while.

    The standard is 1 troy ounce per 144 forks in a "silverware" set. We have to tack on a couple zeros to the spot price before we get there.

    In the meantime, I found it pretty breath taking that I purchased a sterling set today and, broken down, I paid $47.18 per dinner fork and was happy to get it.
     
  20. TnAndy

    TnAndy retired guy Midas Member

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    OK....didn't know the amount. So 144 forks = 1 troy ounce ( I assume you meant silver plated forks )....that makes one worth about .29 cents.

    Probably do that now at yard sales......and set aside until the day silver hits 100/oz.

    Good to have some idea what silver plate is worth.....thanks.
     
  21. dacrunch

    dacrunch Gold Member Gold Chaser

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    I just sent in a box of sterling mis-matched silverware (forks, spoons, ladles) to Midwest Refineries... About 44 troy ounces content... Calculator says it's above $2200... But perhaps some of the items were NOT sterling, so we'll see. (I can't tell whether the "unmarked" ones are "German Silver", aka zinc & ?... All from my wife's visits to yard sales a decade or 2 ago, probably 25 cents each... She didn't know they were silver, just knew we didn't have enough spoons & forks... :)

    To Midwest Refineries

    On the phone, they said they had few 999 coins for trade in stock, but a few gold coins. Smallest gold coins they carry are 1 oz. Asked for payment with 1oz of Gold Coin, balance with silver coins.
    They pay 90% of the Troy Silver content. For coins in payment they charge $2 above spot for silver coins, and $55 above spot for gold 1oz coins.

    Still - it makes for an interesting "swap" between "unmarketable old silverware" and "recognizable PM bullion"...

    About a 10 day turnaround, we'll see what comes... If they don't have the bullion, they'll just send a check.

    I didn't send in a complete sterling set of 12 teaspoons with a sugar-cube pincher, in a velvet-lined wooden box... Calculator said they're worth $350 in troy content... but it's a complete set, so held on... Might be worth more as a set... Interested in selling that one, if somebody's interested I'll take pictures.
     
  22. curmudgeonista

    curmudgeonista Banned

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    What, no 80% premium on the cash settlement?

    Sorry, just kidding.

    Anyway, I'm interested to hear the outcome. Please post final results when the deal is done.
     
  23. Sindgefallen

    Sindgefallen Gold Member Gold Chaser

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    I just sent out 10 ounces of sterling crap to Midwest this morning.

    I just....I just could not part with the rest of my spoons and my last sterling dinner plate! They are all profit from past sterling scores and I just like having tangibles. Instead I just sent the last of my scrap crap.
     
  24. drpiranha

    drpiranha Seeker Seeker

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    I just sent 32 pieces of sterling silverware there yesterday. The knives were a pain in the ass. It took about 3 hours to do all the work (about 20 minutes a knife). It would have been much faster if I had a vise. A $2 shift in silver price is worth about $100 in value. I need the price to stay up there the next 10 days or so to maximize the return.
     
  25. dacrunch

    dacrunch Gold Member Gold Chaser

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    Just called them up to make sure they'd got my package... Said "what we get goes straight into the vault at the back of the line - a good 10 day backlog - we're working on items received the 18th - working non-stop here"...

    So, yes, need to wait at least 10 days for "valuation"...

    :bandit:
     
  26. Mr. Shiny

    Mr. Shiny Silver Member Silver Miner

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    Smells a little shifty to me, what happened to 'locking in' a price?
    Hell, this way they just wait for a 'correction' or tell you they did your lot last week, depending on how the market is looking.
     
  27. teamnick

    teamnick Seeker Seeker

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    There's a technique to the knives, you want to whack them with a hammer really hard and rotate them until one of the sides splits open and starts spitting clay out, then you just pound up and down the handle to crumble the clay and let it fall out the hole...

    Suppose it's a bit late for that now though...
     
  28. teamnick

    teamnick Seeker Seeker

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    That tends to be what happens. With most refiners, the settlement price is, coincidentally, the lowest spot price in the 10 day period.
     
  29. pay dirt

    pay dirt Gold Member Gold Chaser

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    Wonder if they would swap scrap for junk silver? Imagine that they would have a lot more of that than .999 these days.
     

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