92.5% Sterling Silver scrap value, and where to sell it to a precious metals dealer in the Seattle area: Any advice?
I have inherited a truly massive horde of sterling silver from an elderly relative. I am 99% confident that the silver in question is of the 92.5% silver content variety, and much of it was manufactured pre-1935. My questions are:
1) There appear to be several complete 60+ piece sets, complete with weird things like toast servers, giant ladles, etc. They closely resemble sets which are selling for $1400+ on eBay in the sterling silver category. Is it worth my time to take these to an estate sale/appraiser to see how much value they might have as antiques or collectibles, above and beyond their weight in silver? I have little to no interest in researching these sets' values, polishing them, photographing them and selling them individually on eBay myself.
2) In my initial research, I have read that it is common for certain items such as knives and candle holders to have steel shafts inside or hollow cavities filled with wax. If sold for scrap value, apparently these are usually cut up and the excess metal is removed before weighing?
3) I've found
this website which lists a "buy" price for sterling silver at $0.858 USD per gram. They do not work directly with consumers, the FAQ on the website says they only buy from refiners, pawn shops, jewelers and so forth. If I really have a bunch of sterling silver flatware to sell, how much less than $0.858 USD/gram would be normal to get paid from a local metal purchaser?
I am very hesitant to consider doing business with one of the scammy looking "cash for gold" type operations that have popped up around North America over the past several years. I also thing it's a bit sad that semi-unique pieces which may be 100 years old could be melted down for their silver value - but pure silver was at $12/troy ounce in 2009, and is currently hovering somewhere around $33.50/troy ounce right now. Judging by the weight of all this (unless much of it is not in fact silver) we might be looking at $5,000+ USD worth of silver.
Lastly, if anyone can offer contact info or a reference to an estate appraiser or reputable, honest broker of precious metals in the Seattle area, it would be highly appreciated.
2) Yes, it is due to how they're constructed. This is for a variety of reasons, such as because back when people were buying them, sterling was expensive and people wouldn't pay for the extra weight in a knive, but would put it into a showier serving piece. Sometimes this has to do with replacing the blade and heat transfer. Some may have ivory or bone ferrules, which can be replaced if needed (by a dealer). Here is a discussion of the weight and content of hollow-handled knives.
3) You can keep track of the Fix here. Really, you lose a little from the price per gram in every transaction because each hand it passes through needs to make a few bucks. You need to decide how much you want this to be over with quickly, or whether it's worth the investment of your time to get the best price. Please don't make me do the math - I haven't had to in years, but I'm sure you can figure the formula to get your price per gram?
I don't have a reference for a dealer or appraiser in your area. In such circumstances, I usually suggest getting references from friends and family members who have had good experiences, though of course, random internet strangers can be extremely helpful. Most auction houses give a verbal auction estimate with no obligation at no cost. There are a few associations to start with. This is the one I am most familiar with.
It sounds like you are eager to melt. I would suggest that if they are a rare and beautiful pattern, to please let them go to a dealer who will keep them intact - at least the desirable serving pieces. If it's something common like Chantilly, which has been produced for years, there's no real crime in letting it go. The last time silver really peaked in the 80's (which I remember was when my parents let go everything we had in silver) many many beautiful things were lost to the world, and that's why certain things are now more valuable than their melt due to rarity. I'm not particularly an avid rescuer of souvenir spoons and butter knives, but I've spent enough years selling in antique stores and auction houses to swoon a bit over a fine set of oyster forks, so I urge you to get a few opinions from people who are enthusiastic about the stuff.
posted by peagood at 6:12 PM on January 30, 2012 [7 favorites]