Buying Scrap Silver

We are pleased to offer the following strong rates for scrap silver according to quantity supplied. Our advertised rates are the highest you are likely to find! 

Scrap 925 Silver Prices:

Date: 24/05/2013    London Silver Market Fix for 999 Silver: £14.80/tr.oz. or £475.72/kg

N.B. 20% VAT is paid on top of the net value for all VAT registered businesses - a VAT number must be provided on headed paper. More information.

Minimum order quantity for the above is 10 troy ounces (approx. 300 grams)

For more information regarding our scrap metal service and how we process, salvage and re-sell the silver received, please refer to our other website at this link:-

www.uksilverexchange.co.uk

Frequently Asked Questions:

How do I sell my scrap silver?

Simply send the silver to us in a secure box or deliver by hand (by appointment only). We suggest Royal Mail Special Delivery for small quantities (under 20kg) or a carrier such as Parcelforce (via the post office), UPS or DHL for larger quantities. Please email scrap@antiquesilverspoons.co.uk for address details.

The silver will be weighed on receipt and a price given according to the above quantity rates on the next fix. Please provide your name, address, telephone number and email address. Payment will be sent according to the terms provided below. Should you not wish to sell on the next fix, you must inform us by telephone before 10.45AM. - please see our Stow Away service.

How do I work out how much I am likely to receive?

Firstly, check that all the items are 925 silver. We do buy lower grade silver for proportionately lower prices. Check that there are no non-silver elements. Weigh the silver. Multiply your weight by the rates given at the top of this page. We pay out on the fix of the day that the consignment is received.

You can convert grams to troy ounces by dividing the weight by 31.1. You can convert to troy from avoir dupois ounces (kitchen scales) by multiplying by 0.911.

What constitutes scrap silver?

The above scrap rates are for clean 925 grade silver (92.5% pure). All UK hallmarked silver has a minimum 92.5% silver content (the remaining 7.5% is mostly copper). That means that the silver must bear either English, Scottish, Irish or other silver marks that are equal to or above Sterling 925 standard. We will also accept 1st Standard French, Dutch, Austro-Hungarian and Russian within this category, plus USA, Canadian, NZ & Australian items marked "Sterling".

The silver must be "clean". That means there are no non-silver elements (e.g. enamel, wooden handles, resin etc). For more information on selling silver with integral non-silver elements please click here.  

See also lower grade silver, higher grade silver and gold.

What articles are considered to be "scrap"?

The current high silver metal prices means that the intrinsic metal value of many pieces has overtaken their value as an article ("out-priced"). In many instances, we try to salvage pieces for re-sale as articles, but will not pay over the current scrap rates.

Articles that are now valued purely on their metal value (i.e. by weight) include: most 20th century hollowware (e.g. tea sets, trays, cups, bowls, mugs, baskets, dishes, napkin rings, condiment sets, cigarette cases, boxes etc), virtually all 19th & 20th C flatware (spoons and forks), damaged, worn or repaired items.

The types of item that still maintain their article value include: small collectables, good quality antique hollowware, 18th century and earlier good quality silver, hand made pieces by top makers (inc. Arts & Crafts), novelties, etc.

Will you actually scrap the items I send?

Not necessarily. Our prime business is as antique silver dealers. We find it difficult to melt good quality silver and so wherever possible we will try to find an alternative outlet and keep the article intact. We sell to a wide variety of sources including private speculators who wish to invest in the metal and still enjoy using the article.

Why do I need to provide a VAT number?

If you are a VAT registered business then it makes sense to sell the silver as a metal. We pay out the full rate of 20% on top of the net value. In order to do this we require some form of suitable proof and a valid VAT number. The VAT should be declared in the same manner as any other full VAT sale. 

Perversely, for antique dealers on the margin or global accounting VAT schemes, it is actually beneficial to sell metal rather than an article. If sold as a metal you will receive the entire sold value of the item and declare the VAT in your returns. If sold as an article, you would pay VAT on your profit and therefore actually receive less gross profit! So unfortunately there is a financial inducement for silver dealers to scrap, rather than deal in articles.

If you are a member of the public or a non VAT registered business, then we will pay out the net amount without the extra VAT..

What are your payment terms?

For quantities less than 100 troy ounces (3100grams) we generally pay out by return. For quantities over 100 troy ounces, we will make payment within 5 working days.

We will pay by cheque, unless an electronic bank transfer is preferred. For the former, please provide payee name and address. For the latter, please provide your address details and bank account details (sort code and account number).

Do you pay cash?

No. We only pay by cheque or electronic bank transfer.

What do I do about non-silver elements?

The non-silver elements likely to be encountered include enamel, wooden handles, wood or fabric linings, resin/cement filled bases, stainless steel blades, ivory or bone fittings and lead solder repairs.

We accept all silver with the above, however it is not classed as "clean 925". For enamel and teapot handles/finials we can easily estimate the loss in weight and they are not a problem. For pieces that are loaded/weighted such as candlesticks, brushes, hand mirrors, knives etc we can offer our best guess weights and will pay at a lower rate than those given above to account for the extra cost in refining. For our best prices, we suggest that you send the silver ready cleaned.

We offer a melt and assay service for large volumes of contaminant silver - please ask for details.

We only buy silver plate (e.g. EPNS) for scrap in volumes of over 50kg - please ask for details/prices. Any silver plated articles received as part of silver scrap will be discarded or returned on receipt of the appropriate return postage fee.

What is the silver fix?

The price of pure bullion silver (999 grade) is fixed on a daily basis at the London Bullion Market. We receive this fix soon after 12PM each day and base our day's buying prices on this figure. Sterling silver is only 92.5% pure silver (the remainder is mostly copper) and so the price is adjusted accordingly. Metal that we receive in the morning is priced on that day's afternoon fix ("next fix").

Do you buy low grade silver?

Yes. We buy all grades of silver including 750, 800, 830, 850, 900 grade etc. Also unmarked items (would require testing), pre-1947 UK coinage (50% silver) etc. Rates are adjusted as appropriate - small quantities of all grades between 800 and 925 purity are paid out as 80%. Grades between 500 and 795 purity are paid out as 50%. However, we will pay out on the appropriate rate for large quantities.

Do you buy bullion bars or 999 grade silver?

Yes. We actively seek bullion bars and pay out an accordingly higher rate based on the 999 purity level. We also sell bullion bars.

Do you buy gold?

Yes. We pay prices based on weight and carat for hallmarked gold. Our prices are similar to those offered by other leading bullion dealers on the internet- far in excess of what you might receive on the High Street and from the high ranking internet "sharks" on Google etc! We especially seek large pieces such as goblets, cigarette and vesta cases. 

Are your rates competitive? 

Yes. We actively encourage you to look for better rates! We have strong links with precious metal refiners and other bullion dealers and are actively looking to buy as much scrap silver as possible. Some of the prices offered by internet sharks and the new High Street buying centres are quite scandalous, please do not be fooled by their "glossy image"!

It is well known in the UK silver trade that equally high rates can be achieved elsewhere for cash payments, but suggest that not only do we play by the rules of the law, the fact that we offer VAT on top of the pay out rates means that the potential profit achieved is maximised.

Can I Forward Sell?

Regular clients can forward sell in anticipation of the next fix before 10.45AM. This is a binding contract and the silver must be received within three days.

What does Stow Away mean?

When selling scrap silver there is nothing more infuriating than missing the "right" price or suffering a correction in a rising market. Therefore when sending us a consignment to sell and to safeguard you against a sudden overnight drop in price, we offer our unique Stow Away Service. Should there be an overnight drop in price you can phone/email us before 10.45AM and ask us to hold off selling. We store your silver until such a time that the price is right for you. All you then need to do, is phone/email us before 10.45AM on the day you wish to sell.

Alternatively, you can send us your silver to stow away, until you are ready to sell.

The Stow Away Service is only available for quantities in excess of 100tr.oz or 3kg.

Do you have a minimum order?

Yes. We do not accept less than 10 troy ounces (310 grams) of silver. 

Are you trustworthy?

Yes! We pride ourselves on our honesty and integrity. We weigh honestly and we pay out promptly on the relevant days' fix. 

For more information, please view our other website at www.uksilverexchange.co.uk

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