Need advise on silverware set

LeagueLeader

Probably a dumb question.....

I recently inherited a sterling silverware set, which, by weight, contains about 18 pounds of silver. At today's silver price, the melt value is approaching $10K.

My question is this..... Is there a possibility that the value of this set could be worth more than it's silver melt value?

The set is dated 1918 and was purchased by a wealthly relative as a present for my grandparents wedding. It would have been purchased in New York City, possibly Tiffany's.

Any comments on this, like how I could find out more about the set would be greatly appreciated.

Thanks;
Jack

Weiss

You may be able to sell it for more than its silver content--but I doubt it. There are fewer and fewer people who want silverware and still an abundance of sets.

However, your calculations are likely off. Remember that anything with a handle will likely be filled with resin or cement. Knifes in particular, but also any larger forks. Also remember that knife blades are usually steel.

gecko109

In addition to what Weiss wrote (that guy is almost always right) 18 pounds of .999 fine silver equals 261 troy ounces which at $27/oz is about $7,000. Sterling, which is just 92.5% silver would have a melt value of around $6,500 for 18 pounds worth.

So, Im not sure how it is with math in your area, but where I live, $6,500 is nowhere near $10,000.

PreTurb

Is it monogrammed? If so, with what?

TomB

It may very well have collector value to those who buy silverware, but finding the right buyer may be quite difficult. You may be able to consign the material to an antique dealer or may be able to get an auction house such as Heritage involved in an appraisal, but the quickest way to liquidity is likely through selling it for the silver value. The use of your units is also somewhat confusing in that you mention 18 pounds of silver, but do not state if this is troy pounds or avoirdupois pounds and also do not state if this is the gross weight (total weight) of the set or net weight (total silver weight) of the set. Examples of the confusion in units are below-

1) 18 troy pounds gross weight=216 gross troy ounces (12 troy ounces per troy pound)=(216 troy ounces x $26.75/ounce x 0.925 sterling)=$5,345

2) 18 troy pounds net weight=216 net troy ounces (12 troy ounces per troy pound)=(216 troy ounces x $26.75/ounce)=$5,778

3) 18 avoirdupois pounds gross weight=288 gross avoirdupois ounces (16 avoirdupois ounces per avoirdupois pound)=262.5 gross troy ounces (288 avoirdupois ounces x 0.911 troy ounce/avoirdupois ounce x 0.925 sterling)=$6,495

4) 18 avoirdupois pounds net weight=288 net avoirdupois ounces (16 avoirdupois ounces per avoirdupois pound)=262.5 net troy ounces (288 avoirdupois ounces x 0.911 troy ounce/avoirdupois ounce)=$7,022

Regardless, if you are selling this as bullion I would not expect to receive total net weight value for the set and would expect to receive some fraction in the 90%-97% area of bullion value for an offer.

ksammut

<< <i>Probably a dumb question.....

I recently inherited a sterling silverware set, which, by weight, contains about 18 pounds of silver. At today's silver price, the melt value is approaching $10K.

My question is this..... Is there a possibility that the value of this set could be worth more than it's silver melt value?

The set is dated 1918 and was purchased by a wealthly relative as a present for my grandparents wedding. It would have been purchased in New York City, possibly Tiffany's.

Any comments on this, like how I could find out more about the set would be greatly appreciated.

Thanks;
Jack >>



I have purchased a lot of silverware and then sold it for the melt value. Then used that money to purchase 90% and bars. Most of this buying and selling was more than a year ago.

Remember, the knives handles are filled with cement or some other type of material so a lot of the weight in your knives is not silver. Also the blade is probably not silver. Depending on the size of the knife handles, you may need approximately 2 knife handles (with the cement taken out) to equal one ounce of silver. Silver pots or tea sets may be silver over copper and not sterling. Candle holders will be weighted with cement too.

To see if your set is worth any collector value, you will need to take it to an antique person who has a knowledge of silverware sets.

Ken

BBQnBLUES

Without a pattern name or manufactures counterstamp can't be much help as to value...

Contact Replacements Ltd or pull up the website to identify the pattern.

LeagueLeader

Thank you all for the comments, tips, advise, calculations, etc. As I am sure you can tell, I know nothing about it.

Preturb..... Monogramed with M & S for my grandparents first names, and a larger D for their last name. Does a monogram have an impact on value?

Gecko 109.... yes, I made a mistake in my calculations, the value is lower than I stated, although what I said was "approaching $10K".
Your comment, however, concerning "math in my area" was, in my opinion, uncalled for.


Weiss.... good info, I did not know about resin and cement.

TomB. ..... Thanks the calulations info. I actually had a gross weight of 19.5 pounds and used 92% to get about 18 pounds silver content.

Ksammut....Also good info, appreciated.

BBQnBLUES.... good ideas, which I will look into...Thanks

THANKS AGAIN FOR TAKING THE TIME TO EDUCATE ME.

REGARDS;
Jack