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Silver Price Formula:
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The Silver Price Calculator estimates the melt value of silver items based on current spot price, weight, and purity. It's particularly useful for UK users to value sterling silver (92.5% pure) and other silver items.
The calculator uses the following formula:
Where:
Explanation: The formula converts the spot price from dollars per troy ounce to dollars per gram, then multiplies by the weight and purity to get the melt value.
Details: Knowing the melt value helps when buying, selling, or insuring silver items. It provides a baseline value based on silver content alone, excluding any numismatic or collectible value.
Tips: Enter weight in grams (use a precise scale for accuracy), purity as a decimal fraction (e.g. 0.999 for fine silver, 0.925 for sterling), and current spot price in $/oz. All values must be positive numbers.
Q1: Where can I find the current silver spot price?
A: Check financial websites like Kitco, LBMA, or bullion dealers for live silver prices in USD per troy ounce.
Q2: Why is the result in pounds when spot price is in dollars?
A: The calculator automatically converts to GBP using current exchange rates (this would need implementation).
Q3: What purity should I use for British hallmarked silver?
A: British sterling silver is typically 92.5% pure (0.925). Other common purities include 0.999 (fine silver) and 0.800 (continental silver).
Q4: Does this include VAT or dealer premiums?
A: No, this calculates only the intrinsic metal value. Actual buy/sell prices will include premiums, fees, and potentially VAT.
Q5: How accurate is this calculator?
A: It's mathematically precise for the inputs given, but real-world valuations may vary based on market conditions and dealer policies.