Home
Back
Sterling Silver Scrap Formula:
| From: | To: |
The Sterling Silver Scrap Formula calculates the monetary value of scrap sterling silver based on weight and current silver spot price. Sterling silver contains 92.5% pure silver, which is accounted for in the calculation.
The calculator uses the formula:
Where:
Explanation: The formula multiplies the total weight by the purity percentage (0.925) and then by the current market price of silver to determine the scrap value.
Details: Accurate valuation of sterling silver scrap is essential for fair trading, insurance purposes, and determining the true value of silver items for sale or recycling.
Tips: Enter the weight of your sterling silver in troy ounces and the current silver spot price in dollars per ounce. Both values must be positive numbers.
Q1: Why multiply by 0.925?
A: Sterling silver is an alloy containing 92.5% pure silver and 7.5% other metals, typically copper. The 0.925 factor accounts for this composition.
Q2: What's the difference between troy ounces and regular ounces?
A: Precious metals are measured in troy ounces (31.1 grams) rather than avoirdupois ounces (28.35 grams). Make sure to use troy ounces for accurate calculations.
Q3: Where can I find the current silver spot price?
A: Silver spot prices are available from financial websites, precious metal dealers, and commodity exchanges. Prices fluctuate throughout the trading day.
Q4: Does this calculation include refining costs?
A: No, this calculation provides the melt value. Actual payout may be less due to refining fees, dealer margins, and other processing costs.
Q5: Can this formula be used for other silver items?
A: This formula is specifically for sterling silver (92.5% pure). Other silver items like coin silver (90%) or fine silver (99.9%) require different purity factors.