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The Value of Silver
Familiarize yourself with the basic price of silver. As a metal, silver is traded continuously on markets around the world, with pricing information available instantaneously from sources such as the Bullion Desk, Kitco Inc., NYMEX and the Tokyo Commodity Exchange. As a private buyer or seller of silver, however, expect the price your are quoted to be slightly higher or lower than the current world market price, which is set by the movement of large amounts of metal among institutional investors.
Make note of the total weight of your silver bullion bars, silver rounds or silver bullion coins and multiply by the current price of silver to arrive at a valuation. Bullion in the form of bars is marked with its weight and fineness (typically .999, or very nearly pure) so that weighing these with a scale will not be necessary. Likewise, silver rounds--coin-like bullion disks that were never legal tender--and legal-tender silver bullion coins come in standard weights, such as the single-ounce American Eagle coin or the Canadian Silver Maple Leaf coin.
Investigate the numismatic value of silver coins not issued as bullion coins. Depending on their condition (grade) and rarity, some silver coins are worth much more than their weight in silver. Compare the coins you possess with information in standard guides such as "A Guide Book of United States Coins" or one of the "Standard Catalog of World Coins" series. If you want a more precise valuation for a silver coin that seems to have a high value, have a reputable coin dealer or dealers look at it, or have it graded for a fee by a professional grading service such as PCGS or NGC.
Weigh silver jewelry, silverware, plate and the like, and multiply the raw weight by its fineness of the silver, if you know the figure, to assess the item's "melt" value--that is, the value of the silver it contains if melted to make bullion. The fineness of silver jewelry can range from .800 to .999, so, for example, 200 grams of .800 fine silver equals about 5.1 troy ounces of silver. Sterling silver by definition is .925 fine.
Know that like coins, some pieces of silver fashioned by artisans has collectible value that far exceeds the metal content. Don't part with jewelry or plate simply for metal value unless you're sure there's no other value. Consult references such as "Collectible Silver Jewelry: Identification and Value Guide" to find out more detail about what you have, or consult a reputable jeweler for a more precise estimate of the value of a piece of silver jewelry.