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.

We talk a lot about gold here at Manhattan Gold & Silver, and sometimes it can seem like silver is a bit unappreciated. But that idea is far from true.

The silver market is an interesting animal. Did you know that silver is potentially more valuable than gold? That's because the industrial applications that use silver destroy the metal in the process. The demand outstrips the amount of new product mined; the difference is made up by remelting scrap metal.

The result is a price that may go in several different directions at any given time. Sometimes it seems to move relative to gold prices, but other times, it seems to be moving without any apparent connection to the precious yellow metal. Silver is its own best friend. And this year, it could be a friend to you.

At the start of 2005, the price was just under $6.50. Now, five years later, it has more than tripled, which put it in shooting distance of $30.00 per ounce with many market-watchers expecting it will hit that benchmark and continue upward in 2011.

So the coming year could see silver prices soar higher than ever before, according to some. But that's not likely in either literal or figurative terms. Silver previously peaked in 1980 when the price hit $49.45 per ounce. But adjust for inflation and the price would have to vault to $250 per ounce to break new territory. 

We will continue to watch the market and post about news as it arises. When you're ready to bring your silver and other precious metals in for recycling, we're here to help.