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View Full Version : I found some sterling silver! Now what?



Steadfast
6th April 2009, 07:44
This Sunday my wife and I did some serious deep cleaning!
And while choking on the cloud of dust, we found some sterling silver baby spoons and a sterling silver bread basket in and old forgotten box!
I placed them in that blue cleaning stuff that smells like rotten egg, and the tanish melted away revealing silver with a slight yellow caste. Which I think is sterling silver.

I am not sure if the bread basket is solid silver, but the spoons are. :grin:

There are 8 spoons in all.
So, what should I do with them?
Should I trade them in for bullion and if so how do I figuire how much they are worth before I take them into the local coin shop?

What would you guys do?

Steadfast
6th April 2009, 10:15
I am going to take this new found silver to the coin shop today...
I really need some advice on this...soon... :rolleyes:

Paul
6th April 2009, 10:23
Unless you really need the money i would stick it away and forget about it until Silver is sitting at a better price. Sterling can be melted down and fashioned into jewellry without too much messing around so it's not frowned upon by most silver dealers.

hiyosilver
6th April 2009, 10:43
Sterling ware usually brings more money for what it is. At the current PM price especially. ......I understand your excitement but you must learn control and patience if you want to get the best value. If you insist on selling it now, (which I think is a bad move), then sell it as sterling ware (it may be some rare design), and not for it's silver content to a coin dealer. (That's like sending your gold jewelry to cashforgold.com....). If it is true sterling, just multiply the weight times .925 and consider the product as how much bullion you already have, and put it back where you got it....

goldminer
6th April 2009, 10:43
Virtually all sterling silver is marked "Sterling" or ".925". Suspected items not marked need to be tested.

If you ask one dealer, ask two...and get an estimate of value and (2) what the dealer will play/what the dealer thinks some other dealer will pay.

This said, the best place to sell Sterling IMO is on Craigs list: no costs and non-dealer individuals are likely to pay more.

Steadfast
6th April 2009, 10:49
I am not thinking about selling it for cash... (That would be stupid right now)
But rather, trading it, silver for silver... Spoon for bullion...

Or would it be better to just get it tested for purity, weighed, lable each spoon for how much .999 silver is present in each spoon and then store it with the rest of my silver?

hiyosilver
6th April 2009, 11:08
Do some research on the design or take it to someone who sells sterling and ask for an appraisal. trading as you're planning will not get you the best value. You already have silver, just in a different form. Diversity is good. When shtf, it will be money...and alot more than it is now. But again, if you're anxious to convert to .999, sell them as silver spoons to a customer for that, and not as scrap silver, then take the cash to buy the .999. You'll come out alot better that way. Remember the middle man always get's his cut....aka the coin dealer...This way, you are the middle man. I'm guessing that a trade off will lose you at least 25%, and likely much more.

Steadfast
6th April 2009, 12:16
Just got back in...

The basket is silver plated...
So, I kept it for the wife to play with.

The spoons weighed 5.6 troy ounces in sterling.
I got three .999 silver 1oz. rounds in trade.

Not great, but Not TOO bad...either

Homer
6th April 2009, 14:02
So you got three ounces for 5.18 ounces.

Steadfast
6th April 2009, 14:07
Ouch... I could look at it THAT way... :(

Or I could look at it like:
I now own 3 ounces of silver, for something useless that I randomly found in a dust filled box... ;)

Homer
6th April 2009, 16:40
Ouch... I could look at it THAT way... :(

Or I could look at it like:
I now own 3 ounces of silver, for something useless that I randomly found in a dust filled box... ;)

Well, a good deal is when both sides walk away happy. You seem to be happy and I am sure the dealer should be. Now that you have started it will be hard to stop.

Good luck.

Nomen luni
6th April 2009, 16:43
Should have kept the spoons. Always good to have some assets in a form that is unlikely to get confiscated.

hiyosilver
6th April 2009, 19:19
basically you gave away 2 ounces of silver....:rolleyes:...and I wasted my time...

argentos
6th April 2009, 20:27
basically you gave away 2 ounces of silver....:rolleyes:...and I wasted my time...

That's not right by English prices, though things may be different your side of the pond.

Baird (a London refiner) are selling fine silver now at 400 per kg for 500 gram bars and buying scrap sterling silver for 223 per kg. Obviously they charge more for coins and smaller bars.

400/223 x 5.6 = 3.12 so IMO Steadfast only "lost" the equivalent of 0.12 oz, assuming he could get his sterling spoons to a refiner for no transport cost.

Unless, of course, the spoons were George lll with a famous maker's mark or summat like that! :D

CrazyFoool
6th April 2009, 20:32
Tell me next time you find 10000 dollars in an unforgotten box..ill give yyou 8000 for it.


i'm just teasing. go melt those rounds into spoons!!

hiyosilver
6th April 2009, 21:35
That's not right by English prices, though things may be different your side of the pond.

Baird (a London refiner) are selling fine silver now at 400 per kg for 500 gram bars and buying scrap sterling silver for 223 per kg. Obviously they charge more for coins and smaller bars.

400/223 x 5.6 = 3.12 so IMO Steadfast only "lost" the equivalent of 0.12 oz, assuming he could get his sterling spoons to a refiner for no transport cost.

Unless, of course, the spoons were George lll with a famous maker's mark or summat like that! :D



A bit like comparing apples and oranges, don't you think? Whatever side you're on, the price even the local coins shop pays for an ASE, and the price he sells it for, are significantly different. No two ways about it. The guy gave away 2 ounces of silver and he probably could have bought 6 ounces or more for the money he likely would have gotten had he had to patience to sell the spoons to someone in the market for silver spoons. There are many collectors for those things.

fansubs_ca
7th April 2009, 02:25
basically you gave away 2 ounces of silver....:rolleyes:...and I wasted my time...

Behold the power! Witness minds being bent with spoons on the Silverseek
message board! :D

Somebody had to post it! ;)

Steadfast
7th April 2009, 15:34
he he he nice!

guys!
I found a really neat online sterling silver to .999 fine silver calcuator!
http://www.silverrecyclers.com/Calculators/ster_calculator.aspx

hiyosilver
8th April 2009, 00:11
If it is true sterling, just multiply the weight times .925 and consider the product as how much bullion you already have



I guess they stopped teaching multiplication in North Carolina schools....

Steadfast
8th April 2009, 07:04
he he he....

Hey, I'm a product of Texas Schools...
And they stopped teaching that kind of stuff decades ago! ;)

argentos
8th April 2009, 10:09
English schools stopped teaching English Grammar many years ago. It's the way the world is going.

In places where education is "free" (ie paid for out of tax) little value is placed on it.

silverbuyer
13th April 2009, 11:13
How do you calclate how much is sterling silver and how much is added weight? Candlesticks flatware, other pieces often have base metal added to give it balance or weight.

argentos
13th April 2009, 17:19
In England the lead weight in the base of a sterling candlestick is removable. You take off the green baize, remove the brass screw and the weight comes out.

My Pants Are Cold
13th April 2009, 20:15
I am not thinking about selling it for cash... (That would be stupid right now)
But rather, trading it, silver for silver... Spoon for bullion...

Or would it be better to just get it tested for purity, weighed, lable each spoon for how much .999 silver is present in each spoon and then store it with the rest of my silver?

You and the wife could just start spitting out youngins, and stick a spoon in each mouth. Just a thought.

Ivan Rybkin
19th April 2009, 02:38
On sterling silver spoons you can get a 100 % premium. even if they are not very special.

5 ounces of sterling silver spoons would be about 65 dollars at least.

Only with a lot of wear you get no premium at all.
With smaller spoons the premium is probably higher.