Have you ever wondered if there’s treasure in your midst? A pile of precious metal you walk right past everyday? If TV shows like Storage Wars and Pawn Stars are any indication – it’s quite possible.

Having a collection of sorts seems to increase your odds. One such treasure discovery occurred at the state library in Passau, Bavaria. The library, nearly 400 years old and housing one of the oldest book collections in all of Germany, is home to a lot of historical pieces. However, an incredible treasure was “hidden” right in plain site.

The fourth floor of the library is home to the archive, which contains many knick-knacks preserved by the library in addition to several books. Whether it was librarians retrieving books for patrons or custodians dusting the shelves and displays, nobody paid any attention to an unmarked wooden box that was stored in the archive. That is, until janitor Tanja Höls finally got curious enough to look inside.

The box contained 172 silver coins and medallions. When Höls told the head of the library, the find was investigated. The coins date back to 1803 and are worth at least six figures. The box had sat in the library undisturbed for nearly 200 years.

But how did they get there? The library suspects that the coins belonged to the prince-bishops of Passau. During their time, Germany was undergoing secularization, which entailed the state absorbing the assets of the church. To prevent the government from getting these valuable silver coins, they were discreetly stashed in the library.

The take away lesson here is to meticulously document your collection. Otherwise you’ll never know if you’re sitting on treasure.

One of customers recently wrote in, asking: “I have a sterling silver flatware service set for 12 weighing approximately 4 lbs. Would you be interested in purchasing it, and at what price?”

Yes, we will purchase a silver flatware set. Our payout would be based on the London Daily Fixing. However, you should note that sterling silver is not pure silver. Therefore, you wouldn’t be paid for 4 lbs. of silver; you would need to deduct the impurities from the weight.  Keep in mind knife handles are estimated because they have steel blades.

Usually, sterling silver is 92.5% pure silver. However, flatware can vary depending on where it was made. Examine your flatware set and look for a number stamp. Check this number with our silver purity chart to determine how much silver is in the set.

The easiest way to get an estimate for your payout is to register with MGS. Once you do, you’ll gain access to our payout calculator. Simply input the weight and the type of metal, and our calculator will tell you our estimated payout. You can then ship the metal straight to us, and we can send you a check or wire payment, usually on the same day we receive your lot.

People often wonder how to judge or evaluate the value of their scrap metals. What matters is purity and weight. Manhattan Gold & Silver utilizes two main means of judging a lot’s worth – hand testing or melting and then fire assaying a sample. But there are other factors that can influence value in separate markets.

When it comes to coins, for example, there is a difference between “collector” and “scrap” value. For instance, most silver coins with common dates have no value to coin collectors, but do have value from a metal purity standpoint. On the other hand, some coins are rare or unique special date coins, and they do indeed have a greater value than the content of the precious metal making up the coin. In a typical precious metal refining arrangement all coins are equal based on their purity and weight; but to a collector a “less valuable” coin from a precious metal perspective, may indeed be more valuable, due to its rarity.

In addition, it’s important to keep in mind that precious metals are commodities, and their prices can fluctuate greatly from day to day, so the value of your scrap can also vary from day to day, and the price you are quoted on Tuesday, may not be the same price you will get if you decide to wait until Friday to sell. We base our prices on the daily London Fix and pay out up to 99% of a lot’s value.

Finally, when you’re evaluating the best options for your lot, be sure that you understand how your precious metals stack up in terms of purity. Gold and silver are oftentimes combined with other more durable metals to make them stronger. Gold is measured in Karats (K) and the higher the Karat (up to 24K which is considered pure gold), the greater the value. Similarly, silver is usually either 40%, 80% or 90% silver. If you understand what it is that you have, you will be able to make the right recycling decision to suit your needs. Check out our gold and silver historical price charts to learn more about how values fluctuate over time.