What is the scrap value of silver?

Scrap value comes down to weight, purity and the current spot price. Weigh the item, multiply by its purity to find the fine silver content, then multiply that by the live price per gram or per troy ounce.

For example, 100 grams of sterling silver contains 92.5 grams of pure silver. If the spot price works out at £1.57 per gram, the melt value of that piece is roughly £145. Our calculator does this conversion for you at the live rate.

• Weight: how heavy the item is, ideally on a digital scale
• Purity: the proportion of pure silver, shown by hallmarks such as 925 or 999
• Spot price: the live wholesale price of silver, which moves constantly

Scrap buyers must melt, assay and refine the metal before they can sell it back into the market. To cover those costs and their margin, most pay somewhere around 90 to 98 per cent of the melt value, with the exact rate depending on volume and competition.

If an offer seems far below melt value, it is worth getting a second quote. Knowing the melt figure before you walk in puts you in a much stronger position to judge whether an offer is fair.

Not everything should be valued as scrap. Antique silverware, rare coins and pieces from sought-after makers can sell for well above their metal content to collectors. British silver coins minted before 1947 contain 92.5% silver, while those from 1920 to 1946 contain 50% — and some dates carry numismatic premiums on top.

A sensible approach is to check the melt value first as a floor, then research whether the item has collector appeal before accepting any scrap offer.

Because the spot price moves throughout the trading day, scrap values change too. Check the live price of silver today, weigh your items accurately and identify their hallmarks — then use our calculator to see the current melt value before you approach a buyer.