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.

Categories: Money Makers