Silver has always held value, from its first discovery in the country now known as Turkey to today, here in Canada. The lustrous and easily meltable precious metal has allowed humanity to enjoy its worth as coins, jewellery and most recently as vital manufacturing components.
What Has Silver Been Worth?
Although silver has had worth for millennia, it still ‘only’ was valued at around $4.50 CDN per troy ounce as recent as the early 1990s.
Growth in its value was exhibited over the next two decades, with a sharper increase in worth with the commodities boom in the early 2000s. It was then that the price rose from a modest $6.83 CDN to over $18 CDN by the start of the next decade.
With America’s large role in global economic prosperity and commodity pricing, its debt ceiling crisis (which started in 2010) led to the price of silver reaching an all-time high of over $40 CDN!
With the crisis resolved, the price stability to a more “realistic” $20 CDN per troy ounce, rising once again with the COVID-19 pandemic. This led to a 33% increase in the price of silver as demand for products led to further demand for silver.
As we continue in the 2020s, we can’t be certain about what the future holds for silver, but as long as its value remains in the hands of wise investors and the production processes of so many products we require, its value and worth remains certain.
What is My Silver Worth Today?
Whether you are looking to invest in silver, sell your silver products or simply get an idea of what you have in your hands, Royal Bull is here to help break down what is involved in giving you an accurate valuation.
Silver, like all other precious metals, is traded in exchanges that rise and fall throughout the day. This makes an exact valuation valid for the moment that it is given to you. The price of silver could rise and fall literally within minutes.
To get a quick valuation of your silver that is based purely on its weight, check the spot price of silver right now on Royal Bull’s Precious Metals Prices Chart. Keep in mind that the price of your silver sold to a buyer may involve a small fee to provide a quote, purchase and restock the precious metal.
So how else can your silver be worth more than just the weight (a.k.a. “spot price”)? The following outlines some of the other ways that the price of your silver could be much higher.
The Price of Silver Depends on the Demand For Silver
If for some reason fewer people want to use silver or invest in silver, the price is going to go down. Vis versa if the opposite is true. As our world grows and silver resources continue to be extracted from the ground in record numbers, long-term lowering of silver prices is likely not in the future.
The Price of Silver Depends on Its Personal Value to the Buyer and Seller
If a silver pocket watch has been in the family for generations, it might have more intrinsic value than the silver Star Wars coin you just picked up because it looks cool. Precious metals have connections with people and sometimes those connections mean greater value to the holder – or the person buying it – than any line graph online. Your family’s sentimental value may supersede what others consider it to be.
The Price of Silver Depends on Its Design
Some designs are just far better than others, while others have more complexity. Popular designs that buyers want to have in their possession often sell better (and sometimes at higher prices) than others. An adorable koala sleeping on a branch is great, but a colourized oak leaf with jewels has significantly more value as its production costs were significantly higher.
Some Designs Use Trademarked Brands
Trademarked logos and designs, such as Galaga or a Godzilla based on their franchises, often command higher prices since there is a production cost for mints to use licensed trademarks.
The Price of Silver Also Depends on Where It Originated
A silver bar that was poured by a new mint in an unknown country might have lower retail prices than a silver bar poured by a renowned mint in a country known for its precious metal products.
The Price of Silver Depends on the Product’s History
A silver coin used when the Roman Empire was at its height is worth more than a similarly weighted silver coin produced today. The rarety of the silver coin is of course a factor in this, but it also comes down to the history behind the piece of silver.
The Price of Silver Depends on Who is Buying
Selling your Roman silver coin to a museum may lead to a huge cash windfall, and selling it to your neighbour may not profit you nearly as much. Do your research. Trust leaders in precious metals to provide you with accurate information before making your decision on where to sell your silver.
The Price of Silver Depends on Its Scarcity
Scarcity drives many commodities, and precious metals like silver are no exception. If silver is high in demand and availability is low, the price will rise. Businesses actually stockpile gold and silver for this very reason – when the prices get out of control, they can sell their holdings to increase their cash on hand and also lower their purchasing cost.
What About the Worth of My Sterling Silver?
Great question! Sterling silver is worth 92.5% of silver since it only has 92.5% silver. (The other 7.5% is a combination of copper or zinc.) So, take the spot price of silver and times it by 0.925 to get your ‘scrap silver’ price. (Keeping in mind all of the valuation methods described above.)
Although your silver may look ordinary, its value can be based on many other factors. Your particular piece of silver may have value apart from its precious metal weight. To take into account the many other variables needed when determining the worth of your silver, contact Royal Bull right now.
