I kep seeing this referred to on various sites/adverts. I understand that sterling silver has an intrinsic value per weight. What is this, approximately? I appreciate it will fluctuate, but it would presumably serve as a very (very) rough guide to the value of pieces.
I do, however, appreciate that the value of an item will also be governed by its age, condition and rarity. I’m just trying to get a better idea of the whole situation.
Thanks!
Pure silver, or .999, is quoted daily on the commodity markets, and those quotes are for a large quanity. Currently silver is quoted at about $16 per troy oz. Sterling silver is 92.5% pure silver so its value is less per troy oz. With silver quoted at about $16 per troy, expect an honest dealer to pay in the range of $10-12 per troy for sterling scrap in small quanities. Silver is an industrial metal with many uses in the chemical, photo, and electrical worlds, so the market is driven by industry and not just by decorative uses.
Regards,
Uncle Vic