What % of melt should one expect for marked sterling?

291fifth

I sold some silver this week for the first time in several years. What I didn't sell was marked sterling since I felt the offer was way too low. (The buy price for .999 silver and US .900 silver coins was very reasonable. That's what I did sell.)

With melt value at about $21 per sterling ounce I was only being offered $15 per sterling ounce.

Is this typical of this market? If it is, why are the offers so low?

chumley

the lady at the local antique shop told me she stopped taking sterling because it was a pain to get rid of...maybe there is no/little market for it?

Weiss

What Chumley said.

Dealer can buy a 1 oz bar a few % less than melt, sell it to the next buyer at a few % above melt.

Sterling has no secondary market to speak of. It all heads to the smelters. Smelters pay less than melt, so the dealers have to pay even less than the smelter in order to make any money.

tydye

Guys near me pay 80%. So around $18. No one wants the stuff and I am one of them. I do not own a single sterling item

mkman123

you could try to ebay it or bst the nice stuff but in general, sterling silver is the black sheep.

CaptHenway

We only burn miscellaneous silver two or three times a year, and therefore have to accumulate it for 4 to 6 months. It eats up space and capital, and might go down substantially before it goes to the fire. Therefore, we offer cheap on sterling silver jewelry, flatware, cups, etc.

We do pay more on marked sterling silver medals, which we can sell unrefined to our refiner at a good price. He doesn't have to refine and assay it, and can just melt it into sterling shot which he sells to the jewelry trade.

TD

scrapman1077

I will trade a new one troy oz 999 silver round for 1.4 troy oz of sterling, in any amount!

RGJohn

<< <i>I will trade a new one troy oz 999 silver round for 1.4 troy oz of sterling, in any amount! >>



I traded my sterling to Jay (scrapman1077) for .999 rounds and they are beautiful Morgan-like rounds that have proven to be vastly more popular and tradeable than the flatware I swapped. Win/win and this was at least the third perfect dealing I've had with him.

YukonCharlie

I have been to many coin shows and the best price I have ever seen offered was 80%. IMO that is a fair price considering it goes to a smelter to be melted.

Baley

depends on how the sterling silver is shaped

if it's shaped like coins or bars, should be close to melt..

if it's shaped like forks, candlesticks, picture frames, and broken jewelry, it could be quite a bit under melt.

let me ask you...how much do YOU pay for odd-shaped sterling?

291fifth

<< <i>depends on how the sterling silver is shaped

if it's shaped like coins or bars, should be close to melt..

if it's shaped like forks, candlesticks, picture frames, and broken jewelry, it could be quite a bit under melt.

let me ask you...how much do YOU pay for odd-shaped sterling? >>



Why would I want to buy sterling? I'm not a dealer. My question is about selling.

CaptHenway

<< <i>I have been to many coin shows and the best price I have ever seen offered was 80%. IMO that is a fair price considering it goes to a smelter to be melted. >>




Is that Franklin Mint medals or flatware, and is it 80% of gross weight or 80% of net weight?

TD

timcoin

I think it is typical. My local B&M pays even less on low quantities. I used to go to varous flea markets, garage sales, etc., looking for bargains on sterling silver, so asked him how it worked. He says they shop refinaries regularly, but they are all really close--usually around 90% of melt, or 83% of spot price. By the time they have to ship all that heavy bulk to the refinary, account for the loss of items melting out at a purity of less than .925, and wait for a check, there is not much profit.

7over8

90% shipped to most refiners, 85% when sold locally

of course, those prices are ideal, most dealers low ball you at 70%