I have some very old silver flatware that I need to sell, but I have no idea how to go about this.
I want to sell the flatware and ensure that I do not get ripped off.
The flatware is from the 1940s.
Are there markings I need to look for? Where can I complete this type of sale (obviously ebay would work, but are there other options).
How do I determine a fair value for the set?
There’s always eBay. You can look at completed auctions.
According to the Pawn Stars it’s only value will be the weight of the silver content.
More info:
Wm. Rogers Mfg AA is stamped on the back of this set.
There are two ways to value this.
One is the sliver content. This is what the pawn shops, silver exchanges, etc…, will base the value on. They will give you a fraction of the worth of the silver content (that is, they will offer you less than the full value of the silver content, since they can’t make any money if they pay more).
The other value is a collector value. That is, what someone who is not interested in the sliver content, but in the article itself. As this is flatware, this would most likely be someone who has a set of this pattern and they are interested in adding to them. This value is likely to be more than the content value, since collectors have to offer more than that value to be able to buy it.
Finding a collector can be difficult. For highly-desirable pieces it is easier, since there is a higher demand for these. There are sites, like http://replacements.com/ that you may want to look at. If they have your pattern listed, they may be interested in buying your pieces. But, they may not pay more than the content price, since they have to sell to the collector and the collector may not be willing to pay much more than the content value.
It really is like anything else; it is only worth what someone else is willing to pay for it. If you think someone buying them for less than they are worth is ripping you off, you will be ripped off, since that these folks make their money buying stuff for less than someone else will pay for it. Knowing the content value, though, is a good place to start.
excavating (for a mind)
I am also interested in where find the current scrap market price for sterling silver, and what is a fair discount to expect from a silver buyer? Also, if there are better places to sell for scrap than pawn shops?
Don’t be afraid to go to a few Pawn shops in your area.
They won’t give you what YOU think the silver is worth, but they WILL give you cash. Just remember they have to resell the silver to an end user, so they can’t give you what its worth.
Don’t let them ask you how much money you want for the item. Make them give you an offer. Then say, “Gee, I thought they would be worth more than that.” Thank them, and go on to another shop. See which place gives you the best price and cash the silver in there. The price of silver just crashed so if you can wait a few months, it might come up again.
You could wait around trying to find an end user yourself, but I think you’ll find all the time and effort involved won’t be worth it. Just sell the silver at the Pawn shop that gave you the best price.
A bird in the hand is worth two in the bush. Cash in your hands is better than waiting for someone to come along and give you “your price”.
Looking on ebay all the Wm. Rogers Mfg AA stuff appears to be silverplate. Even large sets do not command much money.
Some sold listings
For selling silver or gold, I’d first check with coins shops before pawn shops or jewelers. Coin shops usually give a better price. Now a coin shop may not take silverware, especially if it’s just plate, but it wouldn’t hurt to give them a ring.
Is this true? Why can’t a pawn shop buy silver items and then sell them for scrap value?
They do, I think that’s what he means. But you still get less than the value of the silver. Whoever the pawn shop sells to has to process it and make a profit themself, and the pawn shop still has to make a profit.
No, Mangosteen said that they “have to resell the silver to an end user,” by which I assume he means they have to sell it to someone who wants it to use as flatware. I’m asking why the pawn shop can’t buy the flatware and scrap the silver. (And BTW, based on my extensive viewing of Hardcore Pawn, they’ll value the silver based on its weight, not its value as an antique.)
Well in that case I’d be confused too. I doubt a pawn shop is going to try to sell silverware to an end user of that sort. How many people are going to shop for silverware at a pawn shop? Their money would be tied up for years waiting for a buyer when they can get the wholesale value of the silver right away. And aside from wedding presents, how many people buy real silverware anymore?
Even for wedding presents, who buys sterling silver flatware any more? I just checked Macy’s website and the cheapest sterling flatware was $570 a place setting. That’s a ridiculous indulgence when you can get a full set of stainless flatware for about a hundred bucks.
Agreed. My step-mother tried to talk my then fiancée and me into registering for silver and china over twenty years ago. I literally laughed at her. The thought of the two of us ever hosting and event where regular plates and utensils weren’t good enough was beyond ridiculous.
Anyway to answer the OP, an aquaitence of mine makes a good amount of extra cash buying silver bowls and utensils and such at thrift shops and reselling them to a jewelry shop. The jeweler melts it down. Call around to local jewlers and see who will give you the best price by weight.
As some may know, I’m in the business of buying coins/scrap jewelry for forty years now. I’d be surprised if any local jewelry store is gonna pay the best for any form of precious metal.
We’re currently paying the public $15/gross troy ounce for sterling silver. Sterling flatware is essentially not saleable.
I don’t doubt that this is generally true but there is one jewelry shop in town here that is the exception at the very least. Years before I even met this woman I had a small amount of gold to sell and they offered the best price including the coin shops. Right around that time you mentioned in a thread what you were paying for gold and they were like five percent off of that.
This is what I meant. The pawn shop is not the end user. They have to sell the silverware to a customer or a scrap metal dealer. Either way the pawn shop has to make a profit.
What is the difference between sterling silver and sterling flatware?
Sterling flatware is just jargon for knives/forks/spoons made out of sterling silver.
IF you have candlesticks, etc. made out of sterling silver, we call that holloware.