Question on unloading Sterling flatware

[Twitch]

I was at an auction today and bought some Sterling silverware on a bit of a whim. I paid almost exactly melt which I think might be a bit high for Sterling. My question is what's the most cost effective way to sell it? I'e looked though the old posts on here and have some ideas but wanted to take a chance on any new / updated info or ideas. I'm going to head to the 'ole coin store tomorrow and see what they'll offer. Based on old posts here I'm guessing 90% of melt is about the highest price possible.

Thanks.

 

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[palidin20603]

Figure out the maker and pattern and check ebay. Is it monogrmed? Monogram s hurt the value

 

[nathan104]

Why would you buy something for melt value and then think about selling it for 90% melt the next day? Sounds kind of backwards.

 

[Twitch]

Why would you buy something for melt value and then think about selling it for 90% melt the next day? Sounds kind of backwards.

I always buy high and sell low... Am I doing it wrong? Just kidding.

When I bought it I had no idea what I could get for it. I figured paying roughly melt I couldn't get hurt too bad. After buying it I've done a little research and now believe about 90% of melt is about the absolute top for what you can expect to get for sterling flatware. Just looking for some help from people who have more experience in this than I do.

Thanks.

 

[Twitch]

Figure out the maker and pattern and check ebay. Is it monogrmed? Monogram s hurt the value

Palidin - Thanks. It is monogrammed and it's really just a mismatched handful of silverware. I'll check around to make sure I don't have a desirable maker.

One thing I think I've learned it that generally coins retain roughly full silver value because they're usually not actually refined back to a more pure silver. Sterling, on the other hand, generally actually is refined back and therefor is less valuable in retail because of the extra processing steps in the value chain. Does that sound right or am I way off base?

 

[mjlalt]

Keep it and wait for silver to go up

 

[randazzo1]

Even with the monos you can usually get a substantial premium over scrap - sometimes very substantial. Research maker and pattern for each piece (usually quite simple). Sept Oct Nov are good months to sell it.

 

[Koffee]

I would call a matching service and see what they would give me for the set. They normally pay more then spot price for flatware. I almost never take spot on flatware sets as matching services pay you more usually. I would also check and get three quotes from matching services just to make sure I was getting a square deal.

Cheers - Koffee

 

[Twitch]

Even with the monos you can usually get a substantial premium over scrap - sometimes very substantial. Research maker and pattern for each piece (usually quite simple). Sept Oct Nov are good months to sell it.

Thanks. That's a simply amazing Clovis. Do you mind sharing the story? Looks to be a western Chalcedony or Agate point.

 

[inspectorgadget]

One thing I think I've learned it that generally coins retain roughly full silver value because they're usually not actually refined back to a more pure silver. Sterling, on the other hand, generally actually is refined back and therefor is less valuable in retail because of the extra processing steps in the value chain. Does that sound right or am I way off base?

Huh?? Many coins are worth way more than their silver content but ones like later silver Washing quarters & Roosevelt dimes unless uncirculated are only really worth silver value as are pretty much all half Kennedy 40%ers. .925 = a higher silver content than does 900 silver such as is in coins. Many times coins were melted down & items such as flutes were made out of this coin silver but thinking a silver coin will not get purified if refined isn't accurate as silver coins made of 900 silver are few & far between these days. Most silver needs to be .925 or .999 for whatever it's getting melted down for. I'm sure some ends up in electronics as well & I'm not sure of the purity when used that way.

Check each silver flatware piece as some pieces can be somewhat rare or at the least somewhat expensive (way more than melt)!

 

[diggummup]

The 2 very best choices you have to actually make a profit are reply number 6 or reply number 7. Period.

 

[jerseyben]

Why would you buy something for melt value and then think about selling it for 90% melt the next day? Sounds kind of backwards.

I was thinking the same exact thing. Yikes...