What is my silver worth?

How silver is valued as metal

The value of silver as a metal comes from three items: its weight, its purity and the current market price, often called the spot price. Spot price is the going rate for the metal itself, before anyone takes a margin.

It is unusual to be paid the full spot price for silver jewellery valued only by its weight of silver. A dealer has to cover their own costs, so the offer will sit below it.

Some silver is worth more than its metal. Antique and vintage pieces can be, which is what makes valuing them harder. A buyer who only weighs the silver may not notice a rare or valuable piece, even when it is broken or tarnished.

Check that it is silver, then read the marks

Before anything else, check the piece really is silver. Four simple checks give a rough idea: a magnet, which silver does not cling to; an ice cube, which melts faster on silver because the metal carries heat well; tarnish, the dark film silver gets in the air; and wear on the edges. None of them gives an exact purity.

Then look for marks. Is the piece signed? Does it carry a hallmark, or a stamp such as 925? Sterling silver stamped 925 is 925 parts silver in every thousand, with the rest other metals. A stamp of 800 means 800 parts silver and 200 parts other metals. Rings and chains are often stamped with a dot first, as in .925.

Maker's marks and foreign assay marks (the stamps of testing offices abroad) can show that a piece is old. An old piece may be worth more than its weight in silver.

Some makers are well known, and their work is copied a lot. A signed piece is worth a proper look, because the copies are hard to tell from a genuine piece.

Pearls and other stones in silver

Modern jewellery usually uses cultured pearls, which are grown on pearl farms. Older pieces are more likely to hold natural pearls. The only certain way to tell is an x-ray, although an experienced buyer can often judge from the shape and shine. Natural pearls are sought after more than cultured ones, and cultured pearls are worth far less. Small seed pearls were common in Victorian pieces. Plastic copies also exist, so have a piece looked at before it goes.

A clear stone is not always a diamond. Diamonds are rare in old silver jewellery, and when they appear the cut is less exact, so they look a little lumpy next to a modern stone. Tiny diamonds rarely hold much value when resold.

Red, blue and green stones, which may be rubies, sapphires or emeralds, should be looked at by a specialist. Old stones were usually left untreated, where modern gems are often heated, which changes the colour and sparkle. A clear stone that shines with no bubbles inside is more likely to be real. Judging a stone takes years of study, and even then the answer is only as sure as the testing allows.

Antique silver

If a piece looks highly unusual, it may be rare or antique. Brooches, earrings, hair clips and pendants shaped like bugs are the kind to look at twice. Victorian and unusual vintage pieces are more likely to be worth more than the metal alone.

Valuing vintage silver is not easy, but it is the kind of piece most likely to be worth more than its weight in silver.