Currency Issues and Spending

[Mackay]

WOW Knoxx you got me to thinking when you said you purchased silver jewelry... I started doing inventory in my head and behold, my mothers sterling silverware popped into my head...

Last she told me it was worth 3,000 dollars about 15 years ago. I forgot all about it

 

[Denim Deb]

I am NOT messing w/you guys!!!!!

 

[~gd]

War with China aside - K0xxx, what form do you buy your silver in?
Would it be worth continuing to buy silver items found cheaply at thrift stores and the like? I only buy old items that are tarnished and seem pure, but is there any quick and easy way of telling whether or not an item is in fact pure silver?
Right now my collection of silver is over 11 pounds but I question the purity of some of it, though most have Rogers Co or Oneida hallmarks.

But how much of it is silver plate? both Rogers and Oneita turn out p;ate by the ton. If it isn't marked Sterling (925) or Britannia (958) it is very like to be plate. BTW pure silver is very rare and usually does NOT show tarnish it is the copper in the alloy that causes tarnish. Some of the old silver is marked COIN because it was made from melted coins but the silver contents of coins can vary quite a bit by time and place. The easy way to find the purity of gold or silver is to take to a place that buys goid or silver. They will usually explain why it isn't worth what you thought it was worth (but their plices are usually much lower than than market because they have to make a profit on their service. Both gold and silver is by Troy oz which are not the same as the ounces used for other things.

 

[k0xxx]

BTW pure silver is very rare and usually does NOT show tarnish it is the copper in the alloy that causes tarnish.

I don't know how pure you are speaking of, but I have .999 fine silver bullion that shows tarnish and I believe that is about as pure as the average person will ever see. Sterling (92.5%) and coin (90%) silver will both tarnish.

The photo below is a U.S. Silver Eagle which is .999 fine silver.

 

[Dunkopf]

How do you find someone that can tell you if your silverware is plated or solid? How can you trust them? Does it lower the value to scrape the surface? Don't they just melt it down anyway? If it is plated what do they usually use as a base metal?

 

[k0xxx]

How do you find someone that can tell you if your silverware is plated or solid? How can you trust them? Does it lower the value to scrape the surface? Don't they just melt it down anyway? If it is plated what do they usually use as a base metal?

A reputable jewelry store will usually tell you if an item is plated, although if you bring them a lot of stuff to check and aren't a regular paying customer, you can wear out your welcome fast. ;?) The best thing to do is call ahead and see if they would be willing to check some items for you.

I recommend buying a silver test kit (usually nitric acid and a scrape stone) off of eBay or somewhere else. If you're patient, you can usually find the kits under $10, including shipping. If it is an item that you would be selling only for the silver content, then scratching the surface will not hurt its' value. Base metals can be a lot of things, copper, brass, nickle, etc.

With silver currently so cheap, it isn't worth trying to salvage plated silver. The best you can probably do with it is to polish it, and sell it either at a garage sale or flea market.

Another thing to be wary of when buying silver, is that sometimes items like salt shakers, candy dishes, and such, will have a non-silver weight added to their base to make them stable and not easily tipped over. A lot of times this weight will weigh as much, if not more than the actual silver portion of the item. Also, a lot of people have been fooled by items marked "german silver". German silver is a nickel/copper alloy (like the 5 cent coins) that has no actual silver content.

 

[Dunkopf]

Thanks

 

[Mackay]

The silverware I have is definately sterling, except forth knife blades. It is marked with a stamp... It was a big deal for my mom to get it for a wedding present back in the 40's.

Everytime it was used, when putting it away, a count had to be done to make sure one didnt get tossed by accident.

So if she said it was worth 3,000 back about 15 or 20 years ago, what is is worth now?....ball park? the dang stuff is heavy!

Guess I should take it in and get some kind of measure of how much silver is there in weight. If I knew what each utensil weighed in at that would make it easier to trade if need should ever arise. We would have to be near starving before I let this go... I would rather see one of the boys inherit it.

Meanwhile we are going to enjoy using it this Thanks Giving and Christmas.... as we have for 20 years.

 

[Mackay]

The photo below is a U.S. Silver Eagle which is .999 fine silver.

We keep our coins in a sealed wrap so they dont tarnish.... for some people the visual aspect is important, and they want coins that have not been cleaned.. all of ours look pretty because we don't expose them... some are packed with tarnish cloths.

 

[k0xxx]

Mackay - Determine how many pounds of silverware you have, and then multiply that number by .925 (sterling silver is 92.5% silver)

The multiply that by 14.58 to get the approximate number of troy ounces.

Then multiply the number of troy ounces by the current spot price of silver to get the current silver value. Keep in mind though, that certain patterns of silver flatware are worth more than the actual silver content.

lbs silverware x .925 x 14.58 x spot price = approx. value

I would certainly recommend checking with your homeowners insurance provider to make sure that the set is covered. If not, I'd look into a rider specifically for the set. You may need a written appraisal for the insurance company, but it would probably be worth it.

As for storing the coins, it depends on the type. My Silver Eagles are stored in special holders for the rarer dates and the special issues, such as proofs. The common dates are stored in bulk holders. Alot of times, if they're nothing special, I'll leave them in what ever holder they were in when I bought them. The same goes for our "junk" silver coins. For common silver and bullion items, if you ever sell them for their silver content, it probably won't matter if they are tarnished or not as they will be melted down.

Below is a look at the variety of holders that I have my SIlver Eagles in.