How the Scrap Silver Calculator works
This tool estimates what a piece of silver is worth for its metal content — the "melt value" — and what a dealer or refiner is likely to actually pay for it. It uses the standard method scrap buyers use: convert the item's weight into troy ounces, scale that by how pure the silver actually is, multiply by the current spot price, then apply the percentage a buyer typically pays below full melt value.
The formula
For an item weight W (converted to troy ounces), a purity P (as a percent), and a spot price S per troy ounce:
Pure silver (troy oz) = W(troy oz) × (P / 100)
Melt value = Pure silver (troy oz) × S
Because scrap buyers rarely pay full melt value — they factor in refining costs, testing, and margin — the calculator also applies a dealer payout percentage you supply, typically in the 80-95% range for clean, verifiable material: Estimated payout = Melt value × (Payout% / 100).
Why troy ounces
Precious metals are priced in troy ounces by market convention, not the standard (avoirdupois) ounce used for food or body weight. One troy ounce equals 31.1034768 grams, or about 10% more than a standard ounce (28.3495 grams). The calculator handles the conversion for you from grams, kilograms, troy ounces, or pennyweight (dwt, where 20 dwt = 1 troy oz).
Worked example
Take a 100-gram sterling silver item (92.5% pure) with spot silver at $32.00 per troy ounce and a dealer offering 90% of melt value. First, 100 g ÷ 31.1034768 g/oz t ≈ 3.215 troy oz of total metal. Pure silver content is 3.215 × 0.925 ≈ 2.974 troy oz. Melt value is 2.974 × $32.00 ≈ $95.16. At a 90% payout, the estimated offer is 95.16 × 0.90 ≈ $85.64.
What moves the value most
- Purity: fine silver (99.9%) is worth roughly 8% more per gram than sterling (92.5%) for the same weight, since more of the item's mass is actually silver rather than copper or other alloy metal.
- Spot price: silver spot prices move throughout the trading day; the estimate is only as current as the price you enter.
- Dealer payout percentage: the gap between melt value and the actual offer is where buyers make their margin. Getting quotes from more than one buyer is the main lever you control here.
Identifying purity
Look for a hallmark stamp: 999 or "fine" for 99.9% pure silver, 925 or "sterling" for 92.5%, 900 or "coin" for 90%, and 800 for European continental silver. Unmarked or worn items may need an acid test or XRF (X-ray fluorescence) reading from a jeweler or refiner to confirm purity before relying on an estimate — this calculator only does the arithmetic once purity is known.
Limits of this estimate
This is a melt-value calculation only. It does not account for numismatic or collector premiums (rare coins, historic pieces, or maker's marks can be worth far more than their silver content), sales tax, shipping or insurance costs when mailing items to a refiner, or a buyer's minimum-lot fees. Treat the output as a starting point for comparing offers, not a guaranteed sale price.