Your Guide to Inheriting Silver: What Should You Do With Silver Heirlooms?

When loved ones pass, they may leave behind belongings that they themselves loved and cherished. There are many reasons for people to leave silver in their will. They may want to pass along silver as a way of transferring wealth to the next generation, or they may want their belongings to pass on and be used and loved for years to come.

Unfortunately, silver is not nearly as popular as it used to be in household objects. For many busy families, keeping silver flatware that needs to be carefully polished after each use is not practical, and they’re likely to leave it stored out of sight and out of mind.

After you inherit silver, there are some things you should know, whether you decide to sell it or hold onto it for the memories and sentimental value.

#1 Assess the Worth of Inherited Silver

Whether you plan to turn silver into cash or keep it, you should learn how much it’s worth. If you plan to keep it, you may want to know how much it’s worth so that you can make sure that it’s properly insured. If you plan to sell, this can help you understand what to expect.

Start by finding out what the piece weighs and what percentage of the object is pure silver. This can be simple if you’ve inherited silver coins or bars. They should have their weight and purity displayed prominently on the face.

When it comes to silver flatware, hollow are, and jewellery, you will want to look for a hallmark. This can usually be found on a side that doesn’t face outward. For example, you may find a hallmark on the underside of a handle for cutlery or the inside of a ring.

Once you know how much pure silver you have, look up the market rate for silver. One word of warning: the spot price of silver is the price at which major financial institutions trade huge volumes of silver. You can expect to sell for a lower price than what you can find on markets, but the spot price can give you a benchmark.

Last but not least, an appraisal is usually only worth it if you have a very large, valuable quantity of silver that you need insured, as appraisals can be expensive.

#2 Storage and Maintenance

Whether you want to keep silver or sell it, you will need to find a way to store it in the meantime. Silver tarnishes over time when the metal reacts with sulphurous gases in the air. Smoke, sulphurous foods, rubber, newspaper, wool, felt, and paints can all make silver tarnish more quickly.

To avoid tarnishing, wrap silver in acid-free tissue paper and store it in an airtight container away from the sunlight.

As a general rule, you should avoid cleaning or polishing silver unless you use it regularly. Polishing silver can damage the patina, reducing its value if it is, in fact, a collector’s item. Even if you do use silver items, they should be cleaned as little as possible to protect them.

#3 Find the Right Silver Buyer

The right buyer depends on what you have. In most cases, a silver buyer or bullion dealer is your best bet for selling silver. These are businesses that specialize in buying unwanted precious metals and selling them to a refiner or reselling investment-grade and collectible silver items.

If you have an antique silver item or a valuable collectible, you will want to work with a buyer who understands the collectible market and can sell it to an interested buyer for the best possible price.

Keeping inherited silver does not always make the most sense. Decide what works best for you, whether that’s keeping and maintaining your silver heirlooms or turning them into extra savings that you can use for your family and financial goals.