Question about selling silver scrap...

[clovis97]

Sorry to ask such a noobie question:

My mom found a spoon at a thrift shop for 25 cents. It is marked on the back "STERLING", and nothing else. She says it is deeply tarnished, and almost looks black.

Assuming it really is sterling silver .925, what is the best price she could expect for it?

How does the math work?

Is it: Spot price X .925 - Dealer room for margin = Price she will receive for the spoon ?

FWIW, my local coin shop pays as much for silver coins as AMPEX does...they are strong buyers, and very honest.

 

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[Sandman]

Try this method. http://dendritics.com/scales/metal-calc.asp

 

[Marchas45]

Or this one: http://www.silverrecyclers.com/Calculators/ster_calculator.aspx

Hi! Sandman, glad to see you back.

 

[clovis97]

Thank you for the replies!!!!

My local shop pays as good as anywhere on the internet...he offered $39 for the spoon today. Since it wasn't mine to sell, I still have it.

My mom is thrilled with the price offered, as is my dad. They paid less than 25 cents for it, and thought I was crazy not to have accepted the cash today.

I'd love to see silver inch up a bit before they sell it.

Again, thanks!!!!

 

[goldinmypan]

How much does it weigh?

 

[clovis97]

I wish I could remember how much the silly thing weighed.

There was a lively debate about a city political issue going on while he was weighing it....and I totally forgot what he said.

FWIW, I've advised my mother to hold the spoon for a short while, just to see if the markets go up. I was a bit taken back when she agreed, for she is not the type risk anything for a better future price. Her philosophy is to take the quick profit, and realize the increase today...not to speculate on possible future earnings.

Seems that silver has spiked about $2 since then...I am going to wait until silver gets to $39+ and let her make the decision.

 

[usandthem]

Maybe she should have sold yesterday. Spot has dropped about $2.30 just today. I haven't seen anything like this in the short time I've been in PM's.

 

[clovis97]

Maybe she should have sold yesterday. Spot has dropped about $2.30 just today. I haven't seen anything like this in the short time I've been in PM's.

I wish now that we would have...

 

[markmopar]

Give it a week or two, it'll come back up.

 

[SilverFace]

Wow, a silver spoon worth $39 bought for just $.25 - that better than getting silver @ face!

I'm going to have to start checking out those thift shops - that's what I'd call thrifty.

 

[fistfulladirt]

It's a crazy rollercoaster lately...today I bought 20 silver halves for below spot from my local dealer...that's never happened before.