How Much is Sterling Silver Flatware Worth
The next time you polish the household silver, spare a thought to how much your sterling silver flatware is worth. After all, at 92.5% pure silver, sterling is a very high purity. In case you have spent a lifetime collecting piece by piece or were lucky enough to inherit, the sterling silver flatware lying dormant in your sideboard may be worth much more than you expect.
In times of economic hardship, sterling silver flatware such as knives, forks and spoons and sterling silver holloware such as teapots, sugar-pots, trays and other such items may just be the saving grace many of us are looking for.
‘How Much is Sterling Silver Flatware Worth’ Calculator
Calculating How Much a Sterling Silver Knife is Worth
Take for example, a sterling silver knife. On average, it can weigh anything between 50 and 100g. However, in most cases, only the handle is actually silver. The blade itself may actually be stainless steel (this should be clearly marked). Furthermore, the handle is unlikely to be a solid piece. More likely it will be hollow or weighted with some other material.
Thus, the actual content in a sterling silver knife that originally weighs 75g may be only around 25g of sterling silver.
We now need to know the formula for converting grams into troy ounces. This is because the spot silver price is quoted in troy ounces and it is therefore easier to evaluate how much a sterling silver flatware set is worth if we know its weight in troy ounces rather than grams.
1 Troy Ounce = 31.1035 Grams
Thus, 25g is equal to 0.8 troy ounces of sterling silver. A ten piece dinner set with 10 knives is therefore approximately 8 toz. Using the ‘How Much is Sterling Silver Flatware Worth‘ calculator above, we see that at a silver price of $30 an ounce, this comes out to a melt value of just over $220.
Calculating How Much a Sterling Silver Fork is Worth
Somewhat surprisingly, a sterling silver fork is likely to contain more silver content than its generally larger counterpart knife and this is because there are no hidden surprises as discussed regarding knives above.
One single average sterling silver fork can easily weigh over an ounce alone. Thus using the calculator above and the same estimate of $30 an ounce, this comes out to over $27 per fork. For the same 10 piece dinner set, you could therefore be looking at another $270 (assuming a 100% sale price).
Thus, a ten piece sterling silver flatware set is easily worth over $500 based on just the knives and forks alone.
Bear in mind, that the ‘How Much is Sterling Silver flatware’ calculator above is telling you just the melt value of your sterling silver flatware set. If you sell to scrap silver sellers, they will not give you anywhere near 100% of the melt value as they need to factor in their profit margin. On the other hand, if you can find a buyer for the cutlery set as a piece, you will make a greater profit as you are selling not only sterling silver but also a functional flatware set.
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