Scrap Silver Calculator
Enter the weight of your silver, choose its purity, and set the silver spot price to get the full melt value and estimated dealer payout. Common purities are pre-loaded (fine .999, sterling .925, coin .900, and more) or enter a custom percentage. A dealer discount slider converts the theoretical melt price into a realistic offer. All calculations update as you type.
How to calculate scrap silver value
The melt value of any silver item is determined by three things: the weight of the piece, the purity (fineness) of the silver alloy, and the current silver spot price. The formula is straightforward. First, convert the item weight to grams using the appropriate factor (1 troy ounce = 31.1035 g). Second, multiply by the fineness to get the pure silver mass. Third, convert that mass back to troy ounces and multiply by the spot price per troy ounce. For example, a sterling silver (.925) necklace weighing 25 grams contains 25 x 0.925 = 23.125 g of pure silver, or 0.7434 ozt. At a spot price of $32.50/ozt that gives a melt value of $24.16. Always deduct the dealer margin (typically 10-30%) to estimate your actual payout.
Understanding dealer discounts and real-world payouts
The melt value is the theoretical ceiling - what you would receive if you refined the silver yourself at spot price. In practice, dealers and refiners charge a margin to cover their operating costs and profit. Most scrap silver buyers pay 70-90% of melt value, meaning the discount to melt is roughly 10-30%. The exact offer depends on the buyer type (pawn shop vs. coin dealer vs. online refiner), the lot size (larger lots command better rates), the purity (fine bars trade closer to spot than mixed jewelry), and current market conditions. Getting two or three competing offers before selling is the single most effective way to narrow that gap. This calculator lets you dial in any discount rate so you can see exactly what you need to receive to beat the melt floor.
Identifying silver purity - hallmarks and stamps
Most silver items are stamped with a fineness mark or a traditional hallmark. In the United States, sterling silver must be at least .925 and is usually stamped 925, Sterling, or STER. Pre-1965 circulated US coins (dimes, quarters, and half dollars minted before 1965) are 90% silver (.900). Wartime Jefferson nickels (1942-1945) and Kennedy half dollars (1965-1970) use different alloys - 35% and 40% silver respectively. European silver is often .800 or .835, and antique British silverware may be Britannia (.9584). Investment-grade bars and modern bullion coins are typically .999 or .9999. If your piece has no visible stamp, a professional acid test or XRF assay is needed to confirm purity before calculating.
Silver value vs. numismatic or antique premium
This calculator gives the melt value - the worth of the raw metal only. Many silver items carry an additional premium over melt. Rare coins in high grade can sell for multiples of their silver content. Antique sterling flatware from desirable makers such as Tiffany, Gorham, or Georg Jensen commands collector and decorator premiums. Commemorative medals, art bars, and first-strike bullion coins may trade above spot depending on demand. Before scrapping any piece, spend a few minutes checking auction results on eBay (completed listings), Heritage Auctions, or a dedicated coin price guide - the numismatic value can far exceed the scrap price.
Common silver purity standards
| Hallmark | Fineness | Name | Typical use |
|---|---|---|---|
| .9999 / 9999 | 99.99% | Four nines fine | Investment bars, premium coins |
| .999 / 999 | 99.9% | Three nines fine | Bullion bars, Silver Eagles, Maples |
| .9584 / 958 | 95.84% | Britannia silver | British Britannia coins, UK jewelry |
| .925 / 925 | 92.5% | Sterling silver | Jewelry, flatware, hollowware |
| .900 / 900 | 90% | Coin silver | Pre-1965 US dimes, quarters, halves |
| .835 / 835 | 83.5% | Continental silver | Many European coins and jewelry |
| .800 / 800 | 80% | European silver | German, Scandinavian, Swiss pieces |
| .750 / 750 | 75% | Low-grade alloy | Some Middle Eastern & Indian silver |
| .400 / 400 | 40% | Low alloy | Wartime US half dollars 1942-1945 |
Hallmarks stamped on silver items indicate their purity. Use this table to identify your piece before calculating.
Frequently asked questions
What is melt value?
Melt value is the intrinsic value of the precious metal in an item if it were refined down to pure silver and sold at the current spot price. It represents the theoretical maximum you could receive - before dealer margins, refining fees, or assay costs. Real-world offers are always somewhat below melt value.
How much do scrap silver dealers pay?
Most scrap silver buyers (coin shops, pawn brokers, online refiners) pay between 70% and 90% of melt value, implying a 10-30% discount to spot. Local pawn shops tend to be on the lower end. Coin dealers and dedicated silver buyers often pay 80-90%. High-volume online refiners such as APMEX and JM Bullion sometimes pay near 95% for fine bullion. The bigger your lot and the higher its purity, the better your offer will typically be.
What is the difference between troy ounces and regular ounces?
Precious metals are weighed in troy ounces (ozt), not avoirdupois ounces (the household ounce on a kitchen scale). One troy ounce equals 31.1035 grams, while one avoirdupois ounce is only 28.3495 grams - about 10% lighter. Silver spot prices are always quoted per troy ounce. If you weigh your silver on a kitchen scale that shows avoirdupois ounces, multiply by 0.9115 to convert to troy ounces before using a spot price.
Is pre-1965 US coin silver worth more than scrap?
Pre-1965 US dimes, quarters, and half dollars are 90% silver (.900) and are actively bought and sold at a premium to raw scrap because they are easy to authenticate and widely recognized. Common-date circulated coins often trade at or slightly above melt value, while key dates and uncirculated examples command significant numismatic premiums. It is almost always worth checking the numismatic value of old coins before treating them as scrap.
Does sterling silver tarnish affect its scrap value?
No. Tarnish is a thin layer of silver sulfide on the surface and does not meaningfully reduce the silver content of the piece. A refiner will melt the item regardless of its surface condition. Cosmetic tarnish has no effect on the calculated melt value.
How do I weigh silver accurately at home?
Use a digital scale that reads in grams to at least two decimal places. Kitchen scales are usually accurate enough for larger lots. For small items such as rings or thin chains, a jeweler scale (0.01 g precision) is more reliable. Weigh in grams and use this calculator to convert - it supports grams, troy ounces, pennyweights, avoirdupois ounces, kilograms, and pounds.
What is pennyweight and why is it used for silver?
Pennyweight (dwt) is a traditional unit equal to 1/20 of a troy ounce, or about 1.5552 grams. It is still commonly used by US jewelry buyers and pawnbrokers. If a buyer quotes you a price per pennyweight, multiply by 20 to get the price per troy ounce for comparison with spot price. One troy ounce equals exactly 20 pennyweights.