Selling Sterling Flatware
GuzziSport
Posts: 521 ✭✭✭✭✭
I have some old sterling flatware hanging around, and a local coin shop is offering 75% of spot price as their buy price…. Does that sound about right to you?
I did do a quick search on the topic and didn’t find anything current.
Thanks!
Chris
Other passions include golf, Moto Guzzi motorcycles, and Euro motorcycles in general.
Chris
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Right now, thats pretty good with many refineries not buying at all or paying a reduced price.
I am not buying it currently, because I dont want to offer low on it, so i just pass
Keep spooling up spaghetti with that stuff for now!
COPPER is gutter !
knives weight is primarily in the non-silver blade. the handles are often hollow.
weigh everything without the knives, then discuss the knives separately
Manufacturer? Pattern? Some are collectible.
so true
It’s Lunt, don’t know pattern though.
So 75% of spot seems fair?
Thanks all!
Other passions include golf, Moto Guzzi motorcycles, and Euro motorcycles in general.
Chris
Sterling is 92.5% of spot. The difference between 92.5% and 75% represents profit. The problem is finding a refiner who is not backed up. I
f you have a set and not odd pieces, spend some time checking out the pattern. Try Replacements website.
It’s sold, 86 ounces for $4100 (70% of spot).
The first place I went to offered $2800, even though they said they paid 75% of spot. When I did the math on my phone, I called BS on them, and they said they pay 75% of their wholesalers price… which was total BS, they had said 75% of spot. Ripoffs.
Thanks all.
Other passions include golf, Moto Guzzi motorcycles, and Euro motorcycles in general.
Chris
86 ozs (28.6 grams) or troy ozs, (31.103) ?
Thanks for sharing. You may have done better than you thought.
.925 sterling x $66.38 spot x 86 ounces = $5,280
$4100/$5280 =77.65% of spot
Good calculation.
Or 84.4% if weight was US ozs. vs metric troy ozs. A US oz is 92% of the troy oz. So if weighted using US scale measurement, you may only have had slightly over 79 troy ozs, or $4,856 of pure silver. If that is the case, you got a very good deal.
Honestly I’m unsure if the second buyer was US or Troy oz measurement, I know the first place that offered $2800 was Troy oz.
I’m very pleased with $4100, I hoped going in I’d be at about $3500.
Other passions include golf, Moto Guzzi motorcycles, and Euro motorcycles in general.
Chris
I almost recently sold one of the two full sets of sterling silver flatware that I inherited. I am glad that I waited.
I just traded some sterling flatware for refined 999 silver bars (which I will use for future minted products).
I received 90% of the net silver content (the refiner retained 10% of the silver as their profit, which I think is reasonable).