Huge sterling silverware score today, anyone know where to melt?

Hi there -

Scored huge on a bunch of sterling today at a yard sale, took it to a jewelry store who calculated I had a little over 19 oz...they offered me 24.50 / oz but I didnt take it. Does anyone know of a company (online or not) who could melt this for me?? Thanks in advance for any help

 

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Not for free. A silver melt assay will usually run you $50-$100 per lot. And if you want your exact silver back the processing fee is probably the same or more as a melt assay. You might just sell it as is to a place like APMEX.. I'd call them.

 

Sterling sells for a discount, even compared to coin silver, even though it's .925 instead of .900. As it's been explained to me, sterling is harder to refine, because the other components of the alloy are less predictable.

Last time I checked sterling offers, silver was around $39/oz. The dealer was offering 26x FV for 90% coin, which works out to around $36/oz (about an 8% discount), and $32/oz for sterling, which works out to about $34.60/oz (about an 11% discount).

Of course, at a show, dealers have to compete harder. Going to a storefront, you'll almost always get a lower offer, from what I've seen.

 

Actually, I think that was a fair offer. Even though sterling has a slightly higher silver content than 90% coins, the "buy" price (somewhere around 80% of melt locally) is a little lower than coinage.

 

Your silverware may be worth more being sold as silverware rather than to melt it, especially if it's a rare and desireable silverware pattern.
I agree with the post above, I just did the online calculations and they offered you about $50.00 more than my local scap silver dealer would have paid.

 

Spot silver is ~$31. $24.50 is a good price if you are only looking for silver value.

 

Thanks everyone for all the great info, sounds like selling them off is wiser decision, now the debate to sell or hold out for $50 an oz??!!!?!?

 

I agree.

 

Man I would hate to say yes, especially when there's no guarantee that a run up is coming. If you need the cash, then I would certainly sell them. If not, hold on to them for a while.

 

There are places like Replacements.com that deal in old patterns, they might give you a good price for it. Costs nothing to ask!