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camarossguy2
18th June 2008, 10:55
What to do with a 178oz of new wallace flatware?


Hey guys

Really sorry if this is in the wrong forum or if its been asked before, i didn't find anything in a search.

For my wedding last year, my wife and i received 14 sets of Wallace barocco 5 piece dinner sets and 14 butter spreaders. From a little research, they are sterling silver, which while being high quality to my understand is less pure and valuable then real silver.

They are all brand new and in the plastic. Tried to return them, but they were bought a couple states away and a non-chain flatware place (why couldn't they buy them where we were registered lol). oh well.

I honestly didn't know they had a significant value by just being silver until i did some poking around online. Still new to this and really am naive to the pros of owning this stuff.




Anyway, my question is what to do with it? Is not an heirloom or anything like that so i'd like it to make me some $$:
-Ebay (couple listed, none have ever sold, plus fees are now exorbitant)
-Craigslist (on ther now, no bites in months )
-Gold / silver exchange, I have called a few, and here locally, i've found some willing to give my $0.75 on the dollar of the value in weight :shrug:
-OR, hold on to it all 178oz of it and see if its value goes up? (its sterling though, and from reading the "market" forum here people seem iffy on the future, although mostly positive)
Other?


Any incite / tips is appreciated, or direction to a better place to ask this. Thanks

argentos
18th June 2008, 11:58
What to do with a 178oz of

From a little research, they are sterling silver, which while being high quality to my understand is less pure and valuable then real silver.




Sterling silver (hallmarked with a lion in the UK) is 92.5% pure silver and 7.5 % other metals.

Fine silver is 99.9% pure and is considered too soft for items like your flatware, so the silver is alloyed, traditionally with copper, to strengthen it.

SilverWhore
18th June 2008, 12:26
Find a jewler that deals with any gold or silver. Most I know will buy sterling silverware. Of course barely any dealer will give you the exact spot price or how would they make money? You should get a fair value though and that is pretty much the only way to make your money off of it if you are selling for the silver. Jewlers and coin dealers have hookups with refineries where they can melt everything down whereas people on Ebay will only be looking at your silverware for silverware in most cases.

LETMYSILVERGO
18th June 2008, 14:28
just make sure it is real sterling silver. go to ebay, search sterling silver scap.
you should see there folks selling sterling by the oz or pound or troy pound.

you can sell it ther if you wish. or I'll give you a $1,000.00 bucks for the job lot, {smiles} let me know.

Argentum
18th June 2008, 16:27
Heck, post the id number and/or web page so I can take a look at them.

JesterJay
18th June 2008, 16:31
The 75% of spot on sterling "scrap" ware is the going rate at my local coin shop. He'll buy anything silver and toss it in the "bucket". I have bought things out of his bucket (at spot) and put them on ebay for a profit.
I would do this IF I were in your position as it is very difficult to find someone looking for the exact set you have. Salvage value will be your quickest avenue to .999 fine silver. The form most prefered for investment. Or trade it for 90% if that is an option. That is another good option as 90% does not YET bring much over spot, and sometimes under.
BARGAIN basement price on 90% now.
Time to act, get the good stuff and hold it until it makes you SMILE BIG!
JesterJay




What to do with a 178oz of new wallace flatware?
-Gold / silver exchange, I have called a few, and here locally, i've found some willing to give my $0.75 on the dollar of the value in weight :shrug:
Any incite / tips is appreciated, or direction to a better place to ask this. Thanks

clr8ter
18th June 2008, 18:10
Personally, I would stash it, then call the person who gave it to me and thank them agian. 175 oz. is awesome, regardless of the form it is in. I sold some 40% last weekend for a decent profit........

camarossguy2
18th June 2008, 19:30
Heck, post the id number and/or web page so I can take a look at them.


the manufacture is http://www.wallacesilver.com/

Here are them for sale from several retailers(its 14 of the 5pc contental dinner settings and 14 of the "butter speaders, HH"

http://westernsilver.com/wallace/barocco.html
http://www.bedbathandbeyond.com/product.asp?order_num=-1&SKU=114065
http://www1.macys.com/catalog/product/index.ognc?ID=236998&PseudoCat=se-xx-xx-xx.esn_results

My Pants Are Cold
18th June 2008, 19:41
Or trade it for 90% if that is an option.
JesterJay

Why on earth would you trade .925 for .90?:confused:

JesterJay
18th June 2008, 21:04
Cuz it will fit in my pocket!!!
Monetary silver instead of stuff that needs to be melted. 90% will trade for a premium in the future. Is easily recognizable as REAL silver. Can be used as MONEY, just add nothing! Very difficult to fake a silver dime/quarter/half/dollar.
Really depends on where you think ALL THIS is going whether to buy the 90 or not. The sterling, in either case, MUST GO!
You should have thought before that question. Put your pants in the microwave. Your brain is freezing.
Sorry- couldn't resist that one!
JesterJay



Why on earth would you trade .925 for .90?:confused:

My Pants Are Cold
19th June 2008, 01:26
Cuz it will fit in my pocket!!!
Monetary silver instead of stuff that needs to be melted. 90% will trade for a premium in the future. Is easily recognizable as REAL silver. Can be used as MONEY, just add nothing! Very difficult to fake a silver dime/quarter/half/dollar.
Really depends on where you think ALL THIS is going whether to buy the 90 or not. The sterling, in either case, MUST GO!
You should have thought before that question. Put your pants in the microwave. Your brain is freezing.
Sorry- couldn't resist that one!
JesterJay

The closer to .999 the better. Just add common sense.

JesterJay
19th June 2008, 22:30
Agreed. I already stated I prefer .999. This point is an offshoot of that. Another option as it were. 90% will someday be popular and bring a premium. It sells for spot or less now. It IS currently the "bargain form" of silver.
JesterJay



The closer to .999 the better. Just add common sense.

hiyosilver
20th June 2008, 01:17
Assuming you're saying 178 troy ounces, that means 164.65 troy ounces of silver if it truly is 92.5%. At the NYMEX closing rate Thursday, you're looking at $2869.06. Your best deal would be to sell it for what it is (new silverware)for whatever you can get above that and then buy bullion. Converting that later into real spendable money may be a difficult and costly process.

Nehpets
20th June 2008, 19:53
I would eat with it.

" The Owl "

argentos
20th June 2008, 20:29
I would eat with it.

" The Owl "

14 butter spreaders?

My Pants Are Cold
20th June 2008, 21:41
14 butter spreaders?

Sounds like 14 buttery meals without having to wash a single spreader.;)

pkrebaum
20th June 2008, 22:55
What to do with a 178oz of new wallace flatware?

Why,.... send it to me of course. I'll even pay for the shipping. :) :) :)

balou2
21st June 2008, 00:40
What to do with a 178oz of new wallace flatware?

Why,.... send it to me of course. I'll even pay for the shipping. :) :) :)

I'll pay double ;)

argentos
21st June 2008, 15:48
It takes a while, but the cogs have been going round in my head and produced a thought.

I wonder how much of the 178 oz (?t.oz?) is stainless steel knife blades.

Gino
22nd June 2008, 05:15
Contact the manufacturer and confirm the silver content. Sell it for scrap and then buy silver bullion, or coins if you like them. Then, buy a safe, watch the price of silver on kitcosilver.com (http://www.kitcosilver.com/)and buy some more on the next dip in price. Then, keep buying until your wife is calling you a inconsiderate, silver obsessed, idiot who is denying her her womanly right of spending your money anyway she likes, like for new handbags and shoes to compliment the 20 other handbags and pairs of shoes she has in the closet. Then keep on buying silver until she starts crying and tells you that her mother was right about you being a bum who would be insensitive and unappreciative of all the sacrifices she has made for you and your career. Then keep on buying until she gets used to the idea of saving and making do on a budget you can afford.

Then, in a year or two, when silver is sitting at $50 per ozt and your wife is respecting you for being some kind of genius, the MiL is calling you for advice and the FiL is asking you to play golf, you will be living happily ever after.;)

It has been good buying under $17 (per ozt) recently, but we (I assume this is a common view around here) are not expecting that to last too much longer. Market researchers have predicted an average price of $18 this year, which means it should be over $20 by years end.

http://www.kitco.com/LFgif/ag3650nyb.gif

camarossguy2
22nd June 2008, 17:15
It takes a while, but the cogs have been going round in my head and produced a thought.

I wonder how much of the 178 oz (?t.oz?) is stainless steel knife blades.



Good point but i think they are all SS... but i'll have to call wallace to check for sure.

pkrebaum
23rd June 2008, 22:55
Usually fabricated Silver retails for 5 to 10 times its scrap value. In other words, it's worth far more as a flatware set than it ever will be as scrap.

Find out what the set retails for new. Put it up for sale on ebay with a minimum (reserve) auction bid equal to 66% of the retail price.

Take your auction proceeds and buy 999 bullion.

amadeus
24th June 2008, 16:24
Why not use it?

I realize you don't need 14 butter spreaders, so simply pare it down to a reasonable set, then sell off all the excess pieces, use the $$ to buy real bullion or coins.

As has been discussed in the threads about where people stash their silver, keeping a set of actual *silver*ware around would easily fall into the "in plain sight" category. Were someone to rob you, I doubt your silverware would be high on their list when ransacking your house for valuables, since real *silver*ware is rather uncommon in this day and age, not to mention that the average thug who'd be robbing your house likely doesn't have a clue when it comes to identifying sterling silverware and therefore more than likely wouldn't bother with it.

I would love to have a real set of *silver*ware to eat with. It would make a great "hidden" store of wealth.

Do yourself a favor and keep a nice full set for personal use. Take the profit from reselling the excess pieces and convert it into silver bullion and/or silver coinage.

Just make sure your wife is also aware of your silverware's true value so she doesn't decide to toss it/give it away and replace it with something else on a whim someday when you are nowhere around to stop her.

My Pants Are Cold
24th June 2008, 20:05
Just make sure your wife is also aware of your silverware's true value so she doesn't decide to toss it/give it away and replace it with something else on a whim someday when you are nowhere around to stop her.


Hicurrumba! That sounds exactly like something my wife would do. Just like she threw away my old(favorite) cut off Levis that had at least 8 threads left in the crotch.

Argentum
28th June 2008, 06:34
What's the status Camarossguy2 - inquiring minds want to know!!

Oh, and I got evil eye when I mentioned silver flatware. The kind of look we all get from family per the other thread.

SilverHawk
29th June 2008, 14:47
I'd go to the biggest coin shop in your area and see what they'll give for for a swap in Silver Rounds. Then calculate the dollar value of the transaction. If you can't do better than putting it on eBay, take the coin shop transaction.

Remember, the times are tough, and there aren't many people out there that have "Buy Used Silverware Set" on their list of things to buy. Aside form Home Forecloseures, Car payments and now credit cards are not being attended to.

You should have liquidated this years ago, before the current financial crisis.

And you don't want to know what I'd give you for it, for my sack of flour !!

SilverHawk
29th June 2008, 14:55
Why not use it?

I realize you don't need 14 butter spreaders, so simply pare it down to a reasonable set, then sell off all the excess pieces, use the $$ to buy real bullion or coins.

Sell it all. You'll need the coins to survive




As has been discussed in the threads about where people stash their silver, keeping a set of actual *silver*ware around would easily fall into the "in plain sight" category. Were someone to rob you, I doubt your silverware would be high on their list when ransacking your house for valuables, since real *silver*ware is rather uncommon in this day and age, not to mention that the average thug who'd be robbing your house likely doesn't have a clue when it comes to identifying sterling silverware and therefore more than likely wouldn't bother with it.[QUOTE]

Ah, I beg to differ. They're ripping off copper gutters from Churchs, I think they'd grab the silverware too!

[QUOTE=amadeus;6233]
I would love to have a real set of *silver*ware to eat with. It would make a great "hidden" store of wealth.

Do yourself a favor and keep a nice full set for personal use. Take the profit from reselling the excess pieces and convert it into silver bullion and/or silver coinage.


Sell it all, sell it all....

amadeus
29th June 2008, 15:24
Sell it all. You'll need the coins to survive

Ah, I beg to differ. They're ripping off copper gutters from Churchs, I think they'd grab the silverware too!
.

As I said, your average burglar is more likely to assume the silverware is worthless stainless steel as opposed to sterling silver.

You can still barter with sterling silverware should a total economic meltdown ensue so long as it's marked and you can weigh it.

camarossguy2
7th July 2008, 12:32
What's the status Camarossguy2 - inquiring minds want to know!!

Oh, and I got evil eye when I mentioned silver flatware. The kind of look we all get from family per the other thread.




Just sitting on it. Every once and a while ebay cuts a deal on insertion fees and final value fees, guess i'll wait until then.

Retail is About $7800 at the cheapest online stores.
At a local store for scap is worth $2400-$2600
I kinda wanna get over $5000... I'll see i guess

amadeus
7th July 2008, 22:47
Just sitting on it. Every once and a while ebay cuts a deal on insertion fees and final value fees, guess i'll wait until then.

Retail is About $7800 at the cheapest online stores.
At a local store for scap is worth $2400-$2600
I kinda wanna get over $5000... I'll see i guess

Just use it!

Sell the excess you don't need... (like some of those butter spreaders you mention)