Buying Silver servingware

Hi, this is my first post on this forum. I was lead to this forum from a political forum that I post on. We were discussing buying precious metals and I had a question. I often see silver servingware and flatware being sold at low prices at estate auctions. I don't know the percentage silver in servingware or even if it has a standard percentage. Is this a good way to stock up on silver? Could anyone tell me the pros and cons? Is this considered scrap silver? Thanks,

skemper

[G-khan]

Originally Posted by skemper

Hi, this is my first post on this forum. I was lead to this forum from a political forum that I post on. We were discussing buying precious metals and I had a question. I often see silver servingware and flatware being sold at low prices at estate auctions. I don't know the percentage silver in servingware or even if it has a standard percentage. Is this a good way to stock up on silver? Could anyone tell me the pros and cons? Is this considered scrap silver? Thanks,

skemper

Welcome to GIM.....

If it is sterling it will be 92.5% Silver and it may be a good buy but you best know what you are doing and what the weight is. If you want to get Silver I would suggest buying bullion coins or bars. You can aslo get bags of old coins that come in 40% and 90% bags...

Good Luck - glad you found us..

[G-khan]

Take some time to read the stuff on the Fed Reserve and let your political friends know about it - they are destroying our country and they are the politics and power...

[gpond]

Welcome skemper!

In the very late 1970's and very early 1980's I worked for a brief time for a company that was buying junk gold and silver. We would swoop into town, rent a suite at a local hotel/motel and advertise cash for gold and silver. Believe me, I have cracked open many a class ring, and many silver candles, and flatware.

The two most useful pieces of information I can pass on to you are these:

1) Most sterling flatware is marked 925 or .925 indicating (as G-khan said) that it is 92.5% silver.

2) And more importantly!! Most modern sterling flatware and other items (candlesticks, salt shakers, etc.) that have any bulk to them contain a worthless filler. For instance, it is very common for the handles of butter knives to be filled with a substance that I would describe as close to plaster of paris. Also, candlesticks with a solid base are almost universally filled with the same substance.

Therefore, purchasing flatware or sterling items for the silver content is far from being as simple as placing the whole items on the scale and paying spot prices.

In fact, at current silver prices, most sterling items are probably worth more for their intended utility or beauty than for the silver content. Perhaps this will change in the future. So caution is advised purchasing these items for their silver content.

I agree with G-khan. Silver bullion coins and 90% Silver pre-1964 US coins are more straightforward.

I also agree with him about the Federal Reserve Board - a private bank granted a monopoly on our money. Thus: monopoly money.

Regards,

[asimpowers]

Originally Posted by gpond

Welcome skemper!

In the very late 1970's and very early 1980's I worked for a brief time for a company that was buying junk gold and silver. We would swoop into town, rent a suite at a local hotel/motel and advertise cash for gold and silver. Believe me, I have cracked open many a class ring, and many silver candles, and flatware.

The two most useful pieces of information I can pass on to you are these:

1) Most sterling flatware is marked 925 or .925 indicating (as G-khan said) that it is 92.5% silver.

2) And more importantly!! Most modern sterling flatware and other items (candlesticks, salt shakers, etc.) that have any bulk to them contain a worthless filler. For instance, it is very common for the handles of butter knives to be filled with a substance that I would describe as close to plaster of paris. Also, candlesticks with a solid base are almost universally filled with the same substance.

Therefore, purchasing flatware or sterling items for the silver content is far from being as simple as placing the whole items on the scale and paying spot prices.

In fact, at current silver prices, most sterling items are probably worth more for their intended utility or beauty than for the silver content. Perhaps this will change in the future. So caution is advised purchasing these items for their silver content.

I agree with G-khan. Silver bullion coins and 90% Silver pre-1964 US coins are more straightforward.

I also agree with him about the Federal Reserve Board - a private bank granted a monopoly on our money. Thus: monopoly money.

Regards,

Hi G-Khan,
I just came into some money today and was looking to buy some 90% silver coins. I read somewhere on this site that Tulving had good prices and service. Can you recommend how to pick a good coin dealer. I am moving soon and will scope the local dealers in due time and would like some insight. Also, does it matter what type of coins I get (dimes vs. quarters). Is it all the same as long as it is pre-1964?

[IrishGold]

First, a big welcome to skemper! we are glad you decided to join us. I can add nothing to what gpond an G-khan have already told you. Silver coins in my estimation is the best way to go. Silver Eagles, 90%, or 40%, in my opinion are the way to go in silver purchases.

Asimpowers: I have delt with Tulving on several occasions and have never, ever been dissatisfied. Dimes quarters or halves, makes no difference in the silver content. $1,000 face value is what you are buying and therefore you will get the most coins if you get dimes, but you will not get any more, or any less silver.

What are your reasons for buying silver coins? Is it to sell back when the price of silver has exploded, or is it because you think there is going to be a monetary meltdown and silver coin will be the only accepted medium of exchange?

If it is for the first reason, I don't believe it will make any difference which coins you have. If it is the later reason, I would suggest you plan on eventually having a mix of halves, quarters and dimes.

All the above is only my opinion, your mileage may vary.

Thanks for the advice, everybody. I will stick to silver coins. I will not buy anything right away but will visit some dealers locally as a learning experience.

[asimpowers]

Originally Posted by IrishGold

First, a big welcome to skemper! we are glad you decided to join us. I can add nothing to what gpond an G-khan have already told you. Silver coins in my estimation is the best way to go. Silver Eagles, 90%, or 40%, in my opinion are the way to go in silver purchases.

Asimpowers: I have delt with Tulving on several occasions and have never, ever been dissatisfied. Dimes quarters or halves, makes no difference in the silver content. $1,000 face value is what you are buying and therefore you will get the most coins if you get dimes, but you will not get any more, or any less silver.

What are your reasons for buying silver coins? Is it to sell back when the price of silver has exploded, or is it because you think there is going to be a monetary meltdown and silver coin will be the only accepted medium of exchange?

If it is for the first reason, I don't believe it will make any difference which coins you have. If it is the later reason, I would suggest you plan on eventually having a mix of halves, quarters and dimes.

All the above is only my opinion, your mileage may vary.

Thanks Irish. To answer your question, a little of both. I would like to get some silver coins because I dont think we will see silver prices this cheap for years to come. I have been kicking myself for not buying when I first got in this market and silver was selling at $4.40. Even buying it at $5.00/oz is probably the lowest cost/reward ratio you are every going to find in any market anywhere. Period. As I told you before, I am new to this market and am just building my position. I would like this bag to represent the "just in case" scenario. It is when $hit hits the fan that I may need these coins to get by. I imagine that when things get that bad, it will be hard finding silver and 90% silver coins in the first place. My next bag, I will consider selling if the price gets way out of control. Right now, its just a matter of insurance.

[IrishGold]

Okay Asim, if this first buy is for an insurance policy for a WTSHTF future, then I would probably suggest dimes.

There are a number of reasons for my choice of dimes first. None of the reasons are, in and of themselves, really good, it's just that overall, I feel dimes squeak out a small advantage. As an example, you can put two or three together to make twenty or thirty cents, neither quarters or halves will work for that. The same argument goes for all the amounts that are divisible by 10, but not by 25 or 50.

Based on this argument quarters would become the next choice, but here, I would say, "No, the next best choice would be 40% halves." Remember we are not talking about face value here, we are looking at silver content. A 90% dime has roughly .075 - .08 oz. of silver. The next step up is a 40% half dollar which contains about .148 - .15 oz. of silver. Next is the 90% quarter with about .177- .18 oz. of silver. Last comes the 90% half dollar which has around .357 - .36 oz. of silver.

I hope this helps.