Finding the Worth of Your Silver

Determining the worth of your silver will always be an approximation, because the market value, known as the spot price, of silver fluctuates over time and buyers assess fees at different rates. The worth of your silver also depends on the type of silver item that you are selling. Certain rare silver coins, antiques and items may be worth more than the melt value, or the amount of money silver is worth after it’s melted. Silver stocks are valued based on current market prices. Knowing the approximate worth of your silver can protect you from selling your silver for far less than it's worth to an unscrupulous dealer.

Silver Scrap

Silver scrap includes silver jewelry, silverware, coins, and any items that contain silver. These items are usually appraised based on the melt value, unless you possess a rare collectible item. The value of silver depends on the purity and weight. Legally, silver must be 92.5 percent pure to be sold as sterling silver in the U.S. You can identify silver by standard markings such as . 925, sterling, or ster. Weighted silver that contains filler or stainless steel, and silver sold in other parts of the world will have to be specially appraised to determine the purity. To determine the weight, place the silver on a small scale and weigh it. Once you’ve determined the weight of your silver you can use an online silver calculator to convert the weight to troy ounces, as well as multiply the weight by the current silver market value to provide you with an estimate of the gross melt value. The gross value is based on the assumption that the silver is 92.5 percent pure. However, you also won’t receive the gross value when you sell your silver because you’ll still have to pay fees when you sell it. If you know the percentage rate at which your buyer assesses fees, then you can also calculate the net value online.  

Silver Coins

The value of a silver coin depends primarily on the age and condition of the coin. In most cases, silver coins are only worth the standard melt value. You can determine this value by using an online calculator that lists common types of silver coins such as half dollars, war nickels, and Eisenhower dollars. These calculators let you input the market price and the number of coins you own, then calculate the melt value. Rare coins in mint or uncirculated condition may be worth more than the melt value. If you believe you have a rare coin, have it appraised for value and authenticity by a professional dealer before selling it, so you know the exact value and aren’t shorted.

Silver Stocks

Silver exchange traded funds (EFTs) are traded on the stock market. Currently, there are two silver EFTs, iShares Silver Trust (SLV), and ETFS Physical Silver Shares (SIVR). Both exchanges are physically backed by actual silver. Similar to other stocks, the value is based on the current stock price, and what a buyer is willing to pay for your shares. To find the value, look up the stock price of your fund, and you’ll have an idea of how much your silver stock is worth.