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Measuring Silver’s Value: How is it calculated?
Here at GoldFellow, we are experts in all things gold. Whether you want to sell 10K gold, 18K gold, or any carat level, you are confident when you come to us. What some people may overlook is our expertise in all fine metals and gems. One of these fine metals that we pride ourselves in being knowledgeable about is silver. Measuring silver’s value can be a bit tricky, which is why we recommend consulting with an expert so that you can receive a proper valuation of the fine metals and gems you possess.
Silver vs. Sterling Silver vs. Fine Silver
If you possess silver at home, whether in the form of jewelry, ornaments, or cutlery, chances are it is sterling silver. In the United States, sterling silver is an alloy consisting of 92.5% silver and 7.5% of another metal or mix of metals, usually copper. Some countries have differing standards for what is considered sterling silver. For example, in Germany, silver with a purity level of 83.5% or higher is regarded as sterling silver.
Fine silver has a purity level of 99.9% and is the most valuable type of silver. It is less common than sterling silver, as fine silver can be too soft for daily use and wear.
Is Your Silver Sterling Silver?
Sterling silver is usually stamped to verify its purity. Pieces of sterling silver should have a hallmark of ‘925.’ Any lower-numbered hallmarks mean lower purity and are not considered sterling silver by US standards. If your silver lacks a hallmark, it most likely means it is silver plated. There are exceptions, of course, as older pieces of silver may have been molded before the general acceptance and implementation of hallmarks.
If you have trouble finding a hallmark or don’t feel confident about its accuracy, seek out a specialist who can identify the purity level of your silver.
How Much is Silver Worth?
If you’ve identified your silver as sterling silver or have found its level of purity, determining its value is relatively simple.
For sterling silver, multiply your piece's weight by .925 to attain the weight of pure silver your piece contains. Then multiply this number by the current price of silver. Silver is usually measured in ounces, grams, or kilos. At the time of this writing, silver is currently valued at 27.79 USD per ounce.1
If your piece has a lower purity than sterling silver, multiply the percentage by the weight, and multiply that product by the current price of silver.
Getting the Most Out of Your Silver
At GoldFellow, we pride ourselves on providing expert authentication and valuation service, and we offer fair prices for your fine metals and gemstones. Whether you’re looking to get cash for gold, for silver, or any precious metals or gems, GoldFellow provides you with the means to do so. Use our online cash for gold calculator to find what your items are worth. We are located in Weston, Florida, and offer online services to sell your gold and other metals online.
