Grandma’s silver was such a great gift. Until you realized you need to polish it. Gorgeous old silver flatware, trays, bowls, pitchers and tea sets may be more of a responsibility than many people today are able to take on. If you decide to sell it, you’ll want to get top dollar.
A wide array of businesses buy household silver, and many offer considerably less than your silver is worth.
“It seems these days on every corner next to the nail parlor, you see a place with a sign: ‘We buy gold, we buy precious metals,’” says Steve Yvaska, The Antiques Advisor. An expert in American silver, he appraises antiques and writes a column on antiques and collectibles for the San Jose Mercury News.
Don’t just walk into an unknown business with your bag of silver and expect to get the best price. By the same token, you can’t expect to get more for your silver than is realistic. Educate yourself to learn the value of what you have and maximize your profit, Yvaska urges.
Learn what you’ve got
Household silver is sold in one of two ways: by the troy ounce if it is to be melted down, or you might be able to get a higher price if it has antique value.
Begin your education by searching online for a site that gives the price of silver and then follow it daily to get a sense of the fluctuating market value. Expect businesses that buy silver to offer you less than market rates, since they need to make a profit reselling it.
Next, identify what you have. If your silver has no antique value, sell it by weight. Be aware that not all “silver” is sterling silver. Silver-plated objects are made of less valuable (“base”) metals with a thin coat of silver. They’re considerably less valuable than silver.
Sterling silver has identifying marks stamped into it. You may need a magnifying glass to see these tiny marks. Look for the word “sterling” or the numbers “925,” which means that 925 of a possible 1,000 parts are sterling silver, Yvaska says.
But make sure you’re not parting with something valuable. Skinner Auctioneers, in the Boston area, explains:
If you take a collection to a smelter or scrapper knowing nothing about when it was manufactured, or by whom, you may inadvertently let go of a rare, high quality silver piece for significantly less than its true worth. Even worse than the monetary loss, a rare art object could be destroyed.
Identify and appraise
Here are several ways to identify silver pieces and establish their approximate value:
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Local antiques shops and dealers. Phone to ask policies on buying and valuing antique silver.
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Professional appraisers. Search for accredited professionals through the Appraisers Association of America and the International Society of Appraisers. Ask about fees, which are charged as a flat rate or by the hour, says Consumer Reports. Ethical appraisers don’t buy items they’ve appraised, which allows you to get an objective opinion.
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Kovels Antiques & Collectibles Price Guide. A free list of values, with registration. Kovels also explains more about identification and catalogs antique silver marks.
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Online valuations. You can get a valuation — not an appraisal or authentication — online. Consumer Reports says: