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Large Sterling Hoard

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trdhrdr007's Avatar
United States
2335 Posts
 Posted 10/31/2012  09:18 am Show Profile   Bookmark this topic Add trdhrdr007 to your friends list Get a Link to this Message Number of Subscribers
I was contacted last week by a friend I work for occasionally that runs an estate sale company. She had just signed the contract on a new estate & wanted me to check out the sterling. She said there was a good bit & the owners wanted an offer on the entire lot as they weren't comfortable leaving it in a vacant house.

I was pretty surprised when I got over there. There were 2 wooden flatware chests, a very heavy small box & 2 large U-haul boxes. My friend told me that the owners said everything there was sterling but she hadn't checked it herself. That usually means most of the stuff is silver plate. When I opened the 2 large U-haul boxes about half of it turned out to be plated but there were 2 sterling tea services & a lot of misc. holloware. Both of the flatware chests contained sterling. The small heavy box had 2 more sterling flatware sets & a bunch of random utensils.

A family member wanted to keep one of the tea services & needed a value so it could be counted as part of their inheritance. The rest they wanted an offer on. I sorted everything out & valued the tea service. Then I pointed out the pieces I knew would sell for considerably more than melt. Those were set aside to sell on an individual basis. That still left 412 troy ounces of common sterling that I made an offer on.

I got a call Monday evening from my friend saying my offer was accepted. I picked up the lot yesterday morning & have been separating the pieces I will sell in my display case from those that will go to the refiner. One really cool piece I found was a commemorative spoon from the 1893 Worlds Fair. After doing some research on it I found it's not particularly valuable. I think it will look good on my wall mounted in a frame with a commemorative half.
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harrison2's Avatar
Mexico
1304 Posts
 Posted 10/31/2012  10:08 am  Show Profile   Bookmark this reply Add harrison2 to your friends list Get a Link to this Reply
Nice story, I hope you made out well on the lot...you sure can get burned on some of those, especially with about $14,000 invested.

Did you buy any of the plated silverware? (I'm actually looking for some.)
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vinnycoin's Avatar
Canada
442 Posts
 Posted 10/31/2012  11:23 am  Show Profile   Bookmark this reply Add vinnycoin to your friends list Get a Link to this Reply
Sounds like a great score! and good on ya for separating the more valuable silverware. Hate to see the nice stuff get melted.
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silvercoinrn's Avatar
United States
863 Posts
 Posted 10/31/2012  12:49 pm  Show Profile   Bookmark this reply Add silvercoinrn to your friends list Get a Link to this Reply
Harrison, Plated silverware is fairly easy to find in the states. I see your from mexico and I do not know how popular it is there. silver plated items are often for sale for a few dollars. Are you looking for any perticular kind? I can keep my eyes open if you would like.
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trdhrdr007's Avatar
United States
2335 Posts
 Posted 10/31/2012  12:54 pm  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply
I buy a lot of sterling that ends up at the refinery & really hate to send anything nice off. What most people don't realize is that sterling is a tough sell for anything besides a percentage melt value unless it's a rare maker(Tiffany, Cartier, etc) or handmade. Of course if you own a high end jewelry or antique store and/or run a website like Replacements & aren't concerned with turnover you can get high retail.

Mid-level manufacturers regularly sell on ebay for 10-20% over melt. Anything common, plain or damaged goes for melt or slightly under. Considering fees I do better sending it directly to the refiner. I try to save the nicer pieces to sell in my display case at the antique mall but end up pulling most of them after a few months.

People also don't consider the actual melt value of sterling. In general it assays at 88-91% pure with most running right at 90%. Then you have to figure the refiner is a business & is going to take their cut. Taking that into account there is less value there than you might think....& I don't buy for the joy of holding it in my hands. I have to make a profit to make it worthwhile.

I don't touch anything plated. There just isn't a market for it in my area.
Edited by trdhrdr007
10/31/2012 12:59 pm
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United States
3184 Posts
 Posted 10/31/2012  2:25 pm  Show Profile   Bookmark this reply Add mkman123 to your friends list Get a Link to this Reply
412 oz......wow
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Silverhawk74's Avatar
United States
3670 Posts
 Posted 10/31/2012  4:27 pm  Show Profile   Bookmark this reply Add Silverhawk74 to your friends list Get a Link to this Reply
I have had a couple different toned half dollars from Chicago worlds fair 1893....

Great piece that spoon....

Interesting to note from the men who built America on History, the most recent show was about Morgan and Edison's his battles to win over DC verse Tesla and Westinghouse and AC....

Morgan lost in the short haul, as they won Chicago and the Niagara build, but later Morgan used his wallet to muscle them out of the patents, via threatening to sue for the AC patent rights and he knew Westinghouse couldn't afford a long drawn out court battle....

Way of subject, but just a fine example of how the BIG boys manipulate things into their best interest....
Edited by Silverhawk74
10/31/2012 4:28 pm
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silvercoinrn's Avatar
United States
863 Posts
 Posted 10/31/2012  9:10 pm  Show Profile   Bookmark this reply Add silvercoinrn to your friends list Get a Link to this Reply
Do you own a store TRDHRDR?
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trdhrdr007's Avatar
United States
2335 Posts
 Posted 11/01/2012  09:22 am  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply
I'm a very small time antique/junk dealer & don't have a store. I'll buy pretty much anything for resale as long as it's legal. I buy from other antique dealers, thrift stores, estate sales, & garage/yard sales & resell online and in a display case at my local antique mall.

Most of what I buy comes from retail establishments. It's impossible to know about everything so most antique/junk dealers have an area of expertise. Anything else that passes through their hands gets their best guess as far as price goes. You would be surprised how many mis-priced tiems are available if you know what you are looking for.
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