Sell our Silverware?

by JD on March 13, 2012

The other day I was talking to my Mom and out of the blue she said “Do you know that silverware set we gave to you last year – it is real silver, you might want to think about selling it.” You could have knocked me over with a feather!

Mom and Dad gave it to us because they rarely used it and are trying to downsize. We only use it ourselves once or twice a year. So my wife and I are thinking about whether it would be advantageous to sell the silverware.

Silver is selling for about $34.25 (as of last Friday). In March of 2010 the average price for silver was $17.10 an ounce – 2012 March average price for silver is $34.07 – just a little less than double!

I found only one site on the internet that would tell me how much they pay per ounce for silver and that was www.silverandgoldexchange.com (they melt it down). They currently are paying $15.87 an ounce (postage meter ounce). Since our silver is 92.5% pure (sterling silver) and we have about 60 ounces worth of silverware, that would come out to $880. Not bad.

I also found a site www.icollectsterling.com that buys silverware for resale. After describing the pieces online (they have a form to assist you), they gave me an initial quote based on the manufacturer and style and the number of pieces. Our Silver is Oneida, the pattern or make is  “Young Love”.  They gave me a quote of $1,178.16!

So we will see. I am not in any hurry to sell, but it is an interesting thought. We are not very sentimental, we don’t use it much, and of course the cash would be handy. Something to think about.

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{ 2 comments }

Beth March 15, 2012 at 10:39 am

Wow, that’s pretty cool! It’s funny that it was your mom who suggested selling it. I used to think that the older people get, the more sentimental they get, but now I think the opposite is true.

JD March 18, 2012 at 9:43 am

It surprised me too! But I think it is part of their downsizing mentality that they are going through right now. Mom and Dad are hoping to move to a smaller home sometime in the next few years so she is in “get rid of stuff” mode. Thanks for sharing!

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