Great Grandmother's Sterling

Did you inherit a full service for twelve plus servings pieces, coffee and tea sets, trays and bowls and have no idea what to do with it?

Grandmother was the only girl in a family that included four boys. She inherited the silver. Mother was an only child so the family silver passed to her. It’s now in your possession, and your three daughters and five granddaughters have no interest in “old things” or ancestral treasures. So you face a dilemma: Should you polish it again or just get rid of it?

Antique dealers and silver and gold exchanges report younger generations are increasingly choosing the latter. They don’t care about it. They want to turn it into a big-screen TV or a vacation. Why not convert it into something you want and save them the trouble? If you make this decision, it’s imperative to follow nine important steps.

Sentimental value – Do you really want to sell it? Silverware is one of the few things that can continue to be passed from generation to generation.

Make sure it’s sterling – Check the back of each piece for the word “sterling” or the abbreviation “ster.” Dealers say about half of the silverware offered to them is silver plated, which is virtually worthless in the silver market. If it’s from another country, it might have “925” on it. This is sterling that is 92.5 percent silver. Or you might see the word “coin” printed on the back. This silverware is made from melted coins and is 90 percent silver.

Weigh it – Once the weight is determined, it must be converted to troy ounces, which is how silver is weighed. Online calculators can convert your figure to troy ounces. Six pounds of silver equals roughly 65 troy ounces. Remember that most knives in the set are only silver around the handles, which may be filled for extra weight, and the tops are stainless steel.

Check prices online – You need to have an idea of how much silver you have and compare it against the price at a website like www.kitco.com. Look up historic value as well. Early in 2013, silver sold at around $30 a troy ounce. Later in the year, it was closer to $19.

Check online offers – Be wary of extra fees, shipping costs and even fraud. But you might find someone who needs what you have. Be sure the price quoted isn’t reduced by extra charges, and that you are comfortable with the reputation of the online buyer.

Compare gold and silver exchanges – In checking with four exchanges in a single day, offers ranged from $400 to $1,000 for the same items.

Stay safe – Drive on by an exchange if you aren’t comfortable shopping in the area. You may be carrying around $1,000 worth of silver that someone on the street would like to have. Check antique value – Silver sets may be more valuable to sell to a dealer as a whole rather than selling to an exchange to be melted down.

Make a good decision – Don’t be rushed. If you don’t understand the transaction or aren’t sure if you have the best deal, walk away.

Once you have the cash in hand, your great-grandchildren will never get to use the demitasse spoons for tea parties.