I know the answer I seek will only be a "ball park" figure, however here goes. I am trying to assist a family member sell a set of sterling silver flatware. Does anyone know the troy weight of an average 5 or 6 piece place setting: knife, soup spoon, 1 or 2 teaspoons, dinner fork and salad fork. I know the knife is tough because of a steel blade and filled handle. Family member wants a price at melt = troy weight in ounces X spot X .925 - a legitimate profit or fee. I'm hoping a CT member has bought or sold or participated in a similar transaction.
River, We do tons of sets like this at the shop. There is no way to tell by looking on weight, they must be put on a scale. They must be marked sterling of coarse. Hollow handled knives average about 25% of their weight. you can figure it out from there. Matt
Thanks Matt! The knife parameters help. Part of my problem is trying to be of assistance over long distance telephone. My question is very general and your experience will be helpful. So, give me an idea what an 8 setting set would be: $1000, $5000, $10,000. I just don't know what kind of dollar amount is reasonable. My sister doesn't have a scale and the nearest B&M coin shop is 100 miles away. I've told her that I will execute her at dawn if she takes it to an airport motel traveling pm buyer. Matt, what would be a good $ starting point?
Even a rough weight would be of help. If she even has or can borrow a bath scale, she could put a plastic shoe box or such on it, adjust it to zero with the little wheel and get a rough weight of the 2 totals, knives separate and the rest. I don't do these, but a friend who does, uses a decreased % for valuing sterling as the foundry gives him a much lower price than pure or 90% coins, so you might find out a going price and modify your formula. JIm
All sets are different. Does it have serving pieces, salad forks, dessert pieces, etc? Old sets will have some pretty weird pieces. Each utensil has to be given a weight then you can X them by piece and add up the grams or oz, then pay her on what you think is fair, a refiner will easily take 5% or more, so maybe 85-90% of melt. Depends on how bullish you feel about the market and how you feel about dealing with family. Just gotta get a weight to start. We have a pawn shop here that sells digital scales for 20 bucks, but I was laughing at myself picturing this woman weighing out some silver at the produce section at the local grocery store. Again, don't forget to make sure they are actually silver. Old, shiny and fancy doesn't make them silver! Matt
they need to be marked as .925. If not, they're most likely plated. Many items may be weighted. If the item is weighted, figure 20% is silver. Less for certain items. There's no way anyone will pay melt for it unless it's a full set in collectable condition. weight x .925 x 80% is a more reasonable figure. Sterling is a PITA, even moreso than scrap gold. A bath scale is very inaccurate. at the very least, weigh it with a postal scale.
Some post offices have self service kiosks with a scale. You can weigh stuff without actually shipping it.
