When selling silver silverware, the optimal approach depends on whether you are selling it for its intrinsic silver value or for its resale value as a complete set. The first and most crucial step is to identify what you possess. Examine the back of the pieces for markings. If they are marked "Sterling" or "925," they are made of 92.5% pure silver. If they are marked "plate," "EPNS," or "A1," they are silver-plated and hold very little monetary value.
If your silverware is sterling and consists of a complete or significant partial set from a well-known manufacturer like Tiffany, Gorham, or Reed & Barton, it may be worth more than its simple melt value. In this case, your best option is to sell it for its resale value. You should research the manufacturer and pattern to gauge its desirability. The most effective sales channels for these items are specialty silver dealers who understand the market for specific patterns and are willing to pay a premium to acquire sets for resale. Selling to collectors directly through platforms like eBay is another viable option, but this requires more effort in terms of photography, description, and handling transactions. Avoid selling a valuable, complete set to a place that will simply melt it down, as you will lose the added value of its craftsmanship and design.
If you have mismatched sterling pieces, damaged items, or a common, less desirable pattern, selling based on the weight or "melt value" is the most practical path. To prepare, you can weigh the items and calculate the value based on the current spot price of silver. Local coin shops are often a preferred venue for this type of sale, as they typically pay a high percentage of the melt value, often around 90%. It is advisable to contact several shops to compare their offers. While pawn shops or jewelers will also buy sterling silver, they frequently offer a much lower percentage, sometimes only 50-60% of the melt value, making them a less profitable choice.
