1. What is the Silver Price Calculator?

The Silver Price Calculator by Post estimates the melt value of silver items based on weight, purity, and current spot price. It's particularly useful for postal services and shipping calculations.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• Weight — Measured in troy ounces (1 troy oz = 31.1035 grams)
• Purity — Fractional silver content (e.g. 0.925 for sterling silver)
• Spot Price — Current market price per troy ounce in USD

Explanation: The formula calculates the actual silver content value by accounting for both the weight and purity of the item.

3. Importance of Melt Value Calculation

Details: Knowing the melt value is essential for insurance purposes, shipping calculations, and determining the intrinsic value of silver items.

4. Using the Calculator

Tips: Enter weight in troy ounces, purity as a decimal fraction (e.g. 0.999 for fine silver), and current spot price. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between troy ounces and regular ounces?
A: 1 troy ounce = 31.1035 grams, while 1 avoirdupois (regular) ounce = 28.3495 grams. Precious metals are always measured in troy ounces.

Q2: How do I find the current spot price?
A: Check financial news websites or precious metals exchanges for live silver prices.

Q3: What purity should I use for common silver items?
A: Sterling silver is 0.925, coin silver is 0.900, and fine silver is 0.999 pure.

Q4: Does this include premiums over spot?
A: No, this calculates only the melt value. Retail prices typically include additional premiums.

Q5: Can I use this for other precious metals?
A: The same formula works for gold and other metals, but you'll need their specific spot prices.