Another trip in the good old WayBack Machine sends us to 336 years ago when, in 1690, the very first paper money in North America was produced. Not the United States. That wouldn’t come until 1776.
The recognition of immediate metallic value continued through the US Civil War. During that time, citizens especially disliked paper money (not knowing which side might win) and hoarded copper, silver and gold coins – usually buried in jars around one’s home or farm.
Valuing silver and gold coins still holds true. Such was also the case for silver flatware and serving pieces as I’ve written about over the past month. However, due to the glut of people dumping centuries worth of their family’s silver, refiners haven’t been able to keep up. For now, most refiners have stopped buying sterling silver....
Last week, I spoke with Jay Woodside of Scotsman’s Coins in St. Louis. Woodside has long been an active trader of silver and gold. Yet, for now, his firm has stopped buying sterling silver flatware and the like. As he pointed out, with refiners hesitating to accept it, there isn’t an active market for sterling. For Scotsman’s, it needs to be a two-way street. “We just don’t ever have anyone coming into our store asking to buy ten silver forks or spoons,” said Woodside. “So, if refiners hesitate to take it, we end up sitting on it.”
But, what of much nicer or rare silver pieces? He said those are very few and far between. The rarest silver pieces manufactured by firms such as Gorham; Tiffany; or Jacobi & Jenkins have long been previously identified and put aside. Almost never will such items be brought into a coin or precious metals dealer for sale. If they are, honest dealers quickly notify the seller of the rarity and enhanced value far above any silver content.
But, what of more modern silver? A month ago, Woodside saw boxes of it brought in for sale. At the same time, he noted how often people thought they had valuable silver only to learn another truth.
“The key is to find either the word ‘Sterling’ or the number ‘.925’ stamped on the piece,” said Woodside. “Alternately, you might see the word ‘COIN’ stamped onto a serving spoon or fork. That indicates it is .900 pure melted from actual coins that have that same silver purity.”
Sadly, too often, hopeful sellers will bring in silver pieces with an attractive hallmark stamped on them or even a company name with the word “Silver” in it. Those too can be misleading. The more common indicia are impressive shield-pattern hallmarks with the letters, “E” and “P,” or “N” and “S” on them. While seemingly promising, what they actually signify are: Electro-Plate for the “E” and “P” and Nickel-Silver for the “N” and “P.” Equally confusing are items classified “German Silver.” Those are often coin-like tokens that appear to be solid silver but are merely silver-coated copper of no value.
Woodside also warned that many silver coins from our northern neighbor are not overly popular right now. Those include Canadian silver dollars and half dollars dating back to the early 1920s. They look great but contain only 80 percent silver, compared to 90 percent for US silver coins. “We just don’t have anyone coming in asking to buy 80 percent silver coins,” Woodside said.
As for silver flatware, at today’s silver prices, even common-looking sterling forks or spoons should bring $75 or $80 apiece. That’s assuming you can find a buyer. Conversely, there are notable exceptions, particularly applicable to those living in Massachusetts or other New England states. There, admittedly average appearing silver cutlery pieces even without a “Sterling” designation can fetch in excess of $12,000 per fork or spoon.
The key is finding the initials “PR” in script stamped onto the reverse. Those letters stand for “Paul Revere.” The celebrated silversmith was renowned as one of the finest in the land, though he also produced simple items as well. He also hallmarked some with the last name “REVERE.”
Are such items common? Certainly not. A few are in the Smithsonian. Others in a museum in Deerfield, Massachusetts. However, it’s a sure bet others wait to be found in some old chests or drawers. Metals prices aside, these are true treasures. Of course, reproductions and counterfeits do exist, so even ol’ Paul would agree authentication is a must.
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