In 2011, silver prices hit a record of $47 per ounce. At the time, there were still vast amounts of sterling silver on the market. Given the high prices for silver, there was a brief time in which it was possible to buy used sterling on the market and sell it for more than you paid. Hoards of silver treasures from hundreds of years of collecting were melted.
This was a tremendous tragedy, so far as I’m concerned, one ushered in entirely because the markets had not cleared. For years, it was difficult to buy sterling from used sources, while new sterling soared to heights never seen before. The result was a vast surplus of silver-plated flatware and serving trays and tea sets.
Just by way of background, let’s be clear on the difference. Sterling is solid silver through and through. Silver-plated is a thin coat on top of some other metal. Plated eventually wears off after repeated polishings. As it wears, it begins to smell and taste with the hint of metallics. It can ruin a dining experience.
That said, I understand why plated silver pieces are so much more popular. It is more affordable. Most people cannot tell the difference. If you understand weight, however, it becomes very obvious. There is really no comparing sterling (or its equivalents) with plated silver, and that is true in flatware and jewelry in general.
This week, silver is on the move again. The latest spot price is $36.24.
I’m not sure where the magic turning point will be in which there is money to be made in arbitraging from used flatware and jewelry to become a profitable melt value. The typical sterling fork is 1-2 ounces and can run $75-100. It’s all in the mathematics of pricing.
I worry that the whole experience will be repeated yet again.
This happens just as older silver flatware sets are newly available on Facebook Marketplace, eBay, and many other sources. You can get a full set for 8 for as low as $1,800 and of course it can go as high as $50,000 depending on the pattern and the make. Tiffany’s, for example, can be outrageous and, to my mind, wildly overpriced compared with others.
Now is the time to act, before all this stuff disappears again into silver bars for sale. That would break my heart, but you can get ahead of this trend by acquiring a beautiful family heirloom now.
Have a wedding present you need to buy for a child, a cousin, or a friend? Make sure they don’t have some pattern picked out (hardly anyone does this anymore) but this would make an ideal gift.
A mistake people often make with sterling flatware is not using it daily at every meal. This is ridiculous. The beauty and weight of these pieces make them fantastically more satisfying than any set of stainless steel or some other junk pieces that you can pick up in any retail outlet. The plainest sterling set is vastly superior.
Silver is one of the first metals ever used for jewelry, ornaments, and religious artifacts. There are samples found from 3000 BC. It was by the Middle Ages that the standard for 92.5 percent silver was recognized as sterling and hence authentic. I do have affection for the American version called coin silver, which is 90 percent. It is still wonderful and thrilling to own for flatware. Both are suitable for your table.
While you are at it, pick up some candlesticks, serving plates, soup ladles, and other treats.
Let’s deal with the obvious objection: it tarnishes.
It does indeed, and hence requires polishing. Not everyone loves doing this. It so happens that I do. It has something to do with man’s innate desire to watch his own labor transform an object. I can polish silver for hours. I actually look forward to the gradual tarnishing so that I can polish, and leave a gorgeous patina where the polish cannot reach.
For those who hate the process, there is an easy shortcut. You can get a small bucket, put foil on the bottom, add baking soda and hot-to-the-touch water. Dip each piece in and watch it magically transform to bright and gleaming. For my part, I don’t use this method because it covers the entire thing and removes the richness of the patina. But this is just to taste.
Aside from that, there is a bigger issue going on. It has to do with a loss of interest in elegance. It seems to have happened over the decades, during which time people gradually stopped trying to build better lives for the future and started just accepting the grunginess of life as it is. The prevailing attitude is to get by for now and stop worrying about higher things, aesthetics, or genuine quality of life.
This is reflected in our clothing, dress, and home furnishing. Sometimes all it takes to change that outlook is the acquisition of a small thing. Maybe it is a silver serving tray. Maybe a candlestick. Maybe a silver frame. Just something to help you imagine a better world.
We cannot control the world but we can make a difference in our own homes. Imagine sitting down to a great meal with a linen tablecloth, silver candlesticks, porcelain plates, and sterling flatware. This can be your life and for not a lot of money. It just takes a simple step of being more dedicated to beauty than to convenience. It’s worth it.
Now is the time to experiment and prove it to yourself. Even if the world is falling apart, your home and your life can still reflect the highest and best that civilization has to offer.
