Sterling Silver Price

[I:http://etipsntricks.com/blogwp-content/uploads/SiennaNalin40.jpg] That old sterling silver spoon is for more than just eating! Yes, sterling silver is a commodity that you can either barter or get a great deal of money for. To help you understand the value of sterling silver, here is the break down from an actual question about sterling silver price and the value of metals. (Image by Wystan via Flickr)

People have been asking a lot of questions about silver recently. Sterling silver has value as a commodity -- the worth of the raw silver in a piece -- and, sometimes, as an antique or collectible item.

If you were going to sell an item for its silver, you first have to know how much silver there is in it in order to know how much you should get, and the weight of silver needs to be in troy ounces. Sterling silver products are mixed with other metals which is why you need to research and know how much of it is silver.

To figure out how much you would be getting paid for just the silver you then have to multiply by .925. Once you get that figure for your silver content then you can go onto seeing what the current rate of silver is. Once you find out the amount for silver in troy ounces at this point in time and times it by the figure you just got, that is how much you could get.

Now you have a price that you can start at to sell it to a dealer. The thing with selling to a dealer is that since they have other cost to cover they will more than likely ask to buy it for something lower than the number you came to. But if this price is still more than what you would make on the item as a collectible, then why not sell.

Sterling also can have a collector value. But since the price of pure silver has gone from less than $5 an ounce in 2003 to around $30 an ounce today, a lot of dinnerware formerly viewed as collectible is now being sold for the silver content only. Recently a set of Classic Rose weighing 32 troy ounces auctioned for $600. Doing the math, that price was only about $15 more than the melt value, without considering the commission the consignor paid to the auction house.

If you do have an old flatware set somewhere in storage, now you know what to do with it. It can either go for collector value if there was not a lot of popularity for that item and if there was then selling it for the melt value would be the way to go.

Thinking about selling an old sterling silver collectible? Well here is some helpful guidelines to take a look at when it comes to understanding the sterling silver price and also the price as just a collectible

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