Silverware vs. Silver Coins

Discussion in 'Financial Cents' started by wags_01, Aug 22, 2011.

  1. wags_01

    wags_01 Monkey+

    Hi all,

    I inherited a set of sterling silverware a while back, and it's just been sitting on a shelf for years now. There's roughly 80 ounces of pure silver in it, and at current spot price, that'd be ~$3400 (43.31/oz as of this post).

    My question is, should I trade in this set for silver coin or keep it as-is and just sit on it? I'm not sure how barter-able it would be relative to coins.

  2. kckndrgn

    kckndrgn Monkey+++ Moderator Emeritus Founding Member

    good question, you might have to find someone that buys silver/gold and get the cash first, don't know how many would trade silverware for silver coin. not saying it couldn't happen.

    I know my wife was given some "junk" necklaces that are all sterling silver. She can't wear them and we've thought about selling them for the silver content.
  3. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Talk to your local coin dealer.

    If it were me, I'd sell the silverware for silver content for FRN's.
    then take the FRN's and purchase:
    American Silver Eagles
    US Silver Quarters
    US Silver Dimes
    US Silver Halves.

    I'd probably stay away from Silver Dollars (Morgans & Peace Dollars) as there seem to be a few bogus ones being created in China, Mostly of the more 'rare' or Desirable dates.

    That is what I'd do.

    Another though would be to have them made into your own token coin or ingot. There may be a precious metals processor in your area. They usually have a fee of 5%
  4. jasonl6

    jasonl6 Monkey+++

    Mountainman likes this.
  5. wags_01

    wags_01 Monkey+

    I was thinking of doing this, but cautious about how much value I'd lose due to the price differential in the sell vs. buy prices.

    That is a good thought, though I'd be worried about the barter value & parceling it out; whereas US coins are smaller in denomination and instantly recognizable.
    Falcon15 likes this.
  6. wags_01

    wags_01 Monkey+

    I remember reading this, and may keep a few of them around.
  7. Falcon15

    Falcon15 Falco Peregrinus

    Only if, and I repeat soundly, IF the person you are dealing with has a half a brain and understands pre-1964 coinage is 90% silver. If, again I stress if, they sit there and refuse to take a Pre-64 quarter, for example; this is most likely because the individual does not know or does not remember that once upon a time, American money was made from precious metals. Since pre '64 coinage is not stamped with a "SILVER .90 PURE" there is no way on Gods green Earth you'll be able to convince an ignorant person otherwise. Stick with ANYTHING stamped SILVER with a purity number - like STERLING 925 (meaning sterling silver 92.5% pure) or SILVER 925 or my favorite SILVER 999 PURE. Even just the STERLING mark, most people know it is real silver.

    All of the rounds I buy - including my divisible ones are clearly marked with SILVER, their weight and their purity (the divisible rounds are marked on each and every quarter - .25 OUNCE 999 PURE SILVER)
  8. wags_01

    wags_01 Monkey+

    And therein lies the rub, eh?
  9. Falcon15

    Falcon15 Falco Peregrinus

    Hence my personal preference to deal with clearly marked silver. Hell when Obama's approval rating is at 58%, what does that tell you about the populace?
    Mountainman likes this.
  10. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    That means I'll be selling Bicentennial 1776-1976 quarters at 10x - 20x face. It will be such a deal
  11. Nailbender

    Nailbender Monkey+++

    Find out the Make and Pattern of the set before you do anything. You might be setting on the mother lode.
  12. wags_01

    wags_01 Monkey+

    It's a Birks Chantilly 12 place setting set, no monograms, including forks, salad forks (both w/ sterling times), hollow knives (w/ stainless blades), demitasse spoons, soup spoons, butter spreaders (w/ stainless blades, 1 missing), table spoons, 3 large serving spoons, 1 large serving fork (w/ sterling tines), teaspoons, cream ladle, sugar tongs, small sugar tongs, 4 iced tea spoons, another ladle of some sort, a serving fork & knife for fish, a petite server, and a large fork & spoon with plastic tines/bowl.

    The antique shop that I took them to offered me $3200-3400, and I extrapolated the 80oz of silver from their price based on the spot value that day. I plan to get a second opinion and maybe an official appraisal.
  13. Witch Doctor 01

    Witch Doctor 01 Mojo Maker

    spot is questionable... you will recieve less if sold for spot value... they need to smelt it down for the actual silver so figure 30% less...
  14. wags_01

    wags_01 Monkey+

    Good point, I probably should not have assumed the price offered was solely dependent upon spot value.
  15. TnAndy

    TnAndy Senior Member Founding Member

    Send to Midwest refinery if you plan to melt it. They pay 90% of silver content, and based on spot on the day of settlement.

    Midwest Silver Page
  16. Falcon15

    Falcon15 Falco Peregrinus

    Don't extrapolate the weight. Weigh the pieces. Remember a troy ounce differs from a standard (avoirdupois) ounce. Make sure to check all the pieces carefully for weighted bases etc.

    Survival Doc has a great vid on sterling silver as a prep...
    Sterling Silver Scrap - YouTube
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