When there is a small variation in the spot silver prices, it can cause a big difference in the actual melt values of silver items. The silver melt value is also known as the scrap value of silver jewelry, sterling silver items including silverware, plaques, trophies, silver cups and silver coins.
What is a Spot Price?
The spot price normally indicates the present delivery price of a particular commodity that is traded in the spot market. The goods are for cash and immediate delivery. The spot silver prices are displayed on different commodity exchanges and various other sites in different units pertaining to several countries e.g. Dollars per ounce. The spot price is actually used by the dealers for trading and they set it as a mid point between the prevailing buy and sell rates currently in bullion and coins. The spot price is used as a mutually accepted point for buying or selling.
Silver Melt Value:
Melt value is the actual current value of the pure silver metal present in a scrap silver item.
Basically the Melt Value = Weight of the Item x % of Pure Silver x Spot Price.
For example, an item weighs 50 Oz. and has 80% pure (99.99%) silver in it . If the Spot silver price is $33/Oz, then its
Silver Melt Value = $ 50 x 80/100 x 33 = $132.
The spot melt value can also be easily obtained with great accuracy with the help of a precious silver value calculator available online on several websites.
When you want to sell any broken or unusable silver jewelry, sterling silver item or silver coins, you can use a free online silver melt value calculator and immediately know the present value of any silver item, provides you know its weight and purity accurately.
The calculators are featured for different uses as well. For instance, the calculator can find out for you the amount of 99.99% Silver contained in a particular quantity of 0.925 or 92.5% Sterling Silver. These calculators are also designed to automatically subtract the weight of other alloying metal contents. The calculators also updated with the latest spot prices in various currencies or have currency converters included in them. You can also use the corresponding weight units in the particular country. They work for top 35 currencies and update the exchange rates daily making it easier for the traders.
What is The Actual Worth?
If you are aware of the actual silver value of an item, you cannot go for a wrong deal while selling your old silver jewelry or any other silver item. You need to recognize the weight of your item and its real purity. Then use the calculators to do the rest of the work.
The calculators will give you only the silver melt value or alloying copper melt value based on the purity of silver in the silver coin. You can visit several sites that show the current values of the different silver coins of various countries including the USA, UK, Canada and more. These values only indicate the silver value and not the rarity or numismatic value.
The values indicated are the values of the pure base metal as silver value of the coin. These calculations are simply based on the weight of the coin, its composition, and the silver prices. The weight and the percentage of silver in a denomination is the indicator of its purchasing power. Obviously, a coin with over 100% silver content and weight has more silver melt value.
If you use silver coin melt value calculator, you only have to be aware of the number of coins of each type. The coin calculator will easily find for you the silver melt value of the coins.
The calculators are most suitable for those who buy or sell scrap sterling silver, jewelry or coins. The sellers may quote weight using different units of weight such as grams, ounces, or grains etc. You may use the calculator for conversions of currencies and weight units in no time without the possibility of any mistake in calculations.
Gross Silver Melt Value:
The calculators tell you only the gross melt value. If the item is not 99.99% pure, it will involve recovery charges with the refiner and the buyer will also make some profit. The net
melt value will be different from what the calculator has shown.
The refiners usually make profit through refining charges. Usually the buyer acts as a middle man to a refiner. They buy the silver scrap at a low enough price to make profit after bearing the refining costs . Most of the time they will offer you 50-60% of the gross melt value. That makes it more important to know the silver melt value before you make a deal.
Finding the Purity of Silver:
The Sterling Silver is usually marked with “Ster”, Sterling”, “. 925, or a mark or symbol. An item with minimum 92.5% purity can be sold as sterling silver. You can find the different marks used in sterling silver on some websites. Sterling Silver items can be silver ware, candlestick holders or several other items. These may be “weighted” with filler like, plaster or concrete, wax or steel for support or any other function. They are generally stamped “weighted” to show the presence of metal or other fillers. The sterling silver weight should not include the weight of a filler when you calculate the silver melt value.
The silver jewelry is normally stamped showing its purity such as .800,.830,.900 or like. A .800 mark means it is 80% pure silver and so on. If an item is not marked, it may be silver plated or it is not made from silver. You will have to get it checked by a reliable jeweler for its purity. An electroplated item has only a layer of silver instead of being an alloy of silver.
How to Use the Silver Melt Value Calculator?
Remove any filler from “weighted” items. Weigh your item accurately. Enter its purity. Enter the spot price from the calculator or use any other value you want. Select the type of weight units. You can choose micro grams, milligrams, grams or any other unit. Enter the weight of the item in the units you are using. Click the “calculate” button to get silver melt value.
When you sell a silver scrap item that had an artistic value, that will just not be considered. If it is a valuable item, think about repairing it and then negotiate a reasonable price for