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Silver Value Formula:
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The Sage Silver Calculator estimates the value of silver scrap or items based on weight, current spot price, and purity. It's particularly useful for evaluating sterling silver (92.5% pure) and other silver alloys.
The calculator uses the silver value formula:
Where:
Explanation: The equation multiplies the physical weight by the current market price and adjusts for the actual silver content based on purity.
Details: Accurate silver valuation is crucial for buying/selling scrap silver, evaluating heirlooms, insurance purposes, and investment decisions.
Tips: Enter weight in troy ounces, current spot price in USD/oz, and purity as a decimal (e.g., 0.925 for 92.5% pure sterling silver). All values must be positive numbers.
Q1: What's the difference between troy ounces and regular ounces?
A: Troy ounces (31.1g) are used for precious metals and are about 10% heavier than avoirdupois ounces (28.35g) used for general weight measurements.
Q2: Where can I find current silver spot prices?
A: Spot prices are available from commodities exchanges, financial news sites, and bullion dealer websites, typically updated throughout the trading day.
Q3: What purity should I use for sterling silver?
A: Sterling silver is 92.5% pure, so use 0.925 as the purity value. Coin silver is typically 0.900, and fine silver is 0.999.
Q4: Does this calculator account for numismatic value?
A: No, this only calculates melt value. Collectible items may have additional value based on rarity, condition, and demand.
Q5: How accurate is this calculation for actual sale value?
A: This gives the theoretical melt value. Actual offers from dealers will be lower to account for refining costs and profit margins.