Whether you have recently acquired some sterling silver that you’re looking to sell or you want to get into investing, knowing how much sterling silver is worth can be both helpful and fascinating.
How much is a pound of sterling silver worth?
The price of silver fluctuates depending on the demand and other factors within the market, and it can also change from region to region.
You may also be quoted a different price by different buyers and sellers. This makes it hard to say exactly how much sterling silver is worth.
However, currently, the price of 1 pound of sterling silver is worth $293.40.
This price is only for the value of the silver itself. Many pieces, whether they’re dishes, jewelry, or decorative items, have added value due to their age, where they came from, who made them, or what decorations they have.
Before you sell a piece, it’s always a good idea to look into both the silver value and the value of the piece as a functional or decorative item.
What is sterling silver?
Sterling silver is a silver alloy, not pure silver. To be called sterling, it must be 92.5% pure silver and 7.5% other metals.
The other metal used in sterling silver is often copper, but it can be various metals, and several types of metal might be used.
Because sterling silver is 92.5% pure, sterling silver is worth 92.5% of what pure silver is worth.
Sterling silver is often more highly prized than pure silver because it is much more durable.
This is why many utensils, dishes, and jewelry pieces are made of sterling silver instead of pure silver, which is softer.
Sterling silver can stand up to daily use or wear, and it won’t mark or ding easily. Many sterling silver dishes or pieces of silverware can even be put in the dishwasher.
Sterling silver will tarnish, however. Tarnish is what happens when the silver reacts to gases in the air that contain sulfur.
When tarnish occurs, the silver piece will take on a dark greenish hue. Tarnish can be cleared away using silver polish.
How is sterling silver sold?
Sterling silver is sometimes sold by the pound, but more often, silver is sold by the ounce or troy ounce.
A troy ounce is 2.75 pounds heavier than a standard ounce. Troy ounces aren’t used for anything except measuring the weight of metal, but they were once a common standard unit during the Middle Ages.
Troy ounces are still used for buying and selling money because they helped to shape the original metal market and have become a standard.
Using troy ounces also alleviates the need to translate weights between the imperial and metric systems.
What is the best way to invest in sterling silver?
If you want to invest in sterling silver, you’ll first want to learn what marking to look for. Almost all sterling silver is either stamped that it’s sterling or has a 925 mark, indicating that it’s sterling or 92.5% silver.
When you start buying pieces of silver, keep an eye on the metal market and make sure you stay up to date on any price changes within the sterling silver market.
It’s always best to buy at a point when the price is as low as possible and get the best value you can. Then, when the market goes up, you can sell some or all of your collection to make a profit.
Many people prefer to invest in sterling pieces they personally like. This way, they can use or admire the pieces while also knowing they’ve invested in a lucrative metal.
Other people prefer to invest in pieces that have no artistic value. Nuggets are often a good choice for people who simply want to buy and sell silver.
Still, other people enjoy collecting sterling silver coins. These coins are small and can be pretty or interesting to look at, and they can also be quite valuable.