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How much is an ounce of silver worth? Asked Marjorie

How much is an ounce of silver worth? Asked Marjorie

Hello Sirs! I would like to find out how much is an ounce of silver worth. I know the internet is full of websites where I can find silver prices. But I would like to get a professional answer to my question. I’m already an elderly person so I would appreciate your help and assistance.
Marjorie from Chicago in Illinois

Hello Marjorie! Thank you very much for contacting us with your concern. It’s my pleasure to tell you how much is an ounce of silver worth. Before we go ahead, please let’s go together in detail.
reDollar appraiser, Alan Jensen

Marjorie wants to know, how much is an ounce of silver worth

Marjorie: Mr. Alan, thank you very much for getting back to me so soon. My grandchildren need my financial support to continue operating our family business that’s why I’m thinking about selling some silver. My husband and I, we have invested in gold and silver over the last decades. Actually we planned to inherit this savings but our family company is very important for us, it feeds two thirds of our family so it’s self-evident that I will also make my contribution in the life time, as best as I can.

Alan: Mrs. Marjorie, please call me Alan. It’s my pleasure to support you as good as I can. Do you want to know the price of an ounce of silver in general or do you also have ounces of silver in form of special coins or bars?

Marjorie: Well, is there a big difference?

Alan: Yes of course. If you own special silver coins of a special age or a special coinage which have only a certain number of coins in circulation, then the price can be much higher as for silver coins that exists to thousands.

Marjorie: Ah that’s interesting. If I would sell a silver ounce in form of a bar or coin, which is very common and wide-spread, what would you estimate? How much is an ounce of silver like that worth? How much money can I expect for one silver ounce?

Alan: Well, the current stock market price for one ounce of silver is $16.44. But you have to consider that the buyers need to make a margin when they buy your silver. I think a good selling price for one ounce of fine silver is $13.95. I would not recommend to sell your silver ounces for a lower price than that.

Marjorie: Thank you for the price information Alan. I also have an older silver bar. It has a weight of five ounces and is minted from Engelhard. Do you know this refinery?

Alan: Yes I do. Engelhard Corporation is a well-known company in that sector. Engelhard has its head quarter in Iselin, New Jersey and was founded 1902 by Charles W. Engelhard. In 2006 the German chemical manufacturer BASF bought Engelhard for over $US5 billion. So Engelhard is a big player and was also among the American 500 fortune companies.

Marjorie: That’s interesting. What do you think is my Engelhard silver bar worth?

Alan: Well, if we speak about a sought-after model which might be very interesting for collectors, then the price can be up to $450 for such a silver bar. The raw material value of this silver bar is only $82.2. With a little surcharge you can get $100.00 for a silver bar like that but this strongly depends on the respective silver bar, it’s manufacturer, the rarity and sometimes also on the condition. So the prices vary.

Marjorie: Thank you Alan. That sounds plausible to me. I think the prices are not bad because when my husband and I bought the silver bars and coins, we paid much less for it.

Alan: Yes I agree. The value of silver was much lower some decades before. The high demand for silver in the industry and also for the jewelry manufacturing are the consequences for the higher prices. If you sell your silver ounces now you can profit from that price change.

Marjorie: Yes that’s true. Thank you for your time Alan! Now I know how much is an ounce of silver worth because you answered my question perfectly. If I sell, I would definitely sell with reDollar. Never before I have experienced such a friendly, patient and professional service online.

Alan: Thank you so much Marjorie. We try to serve our clients with the best possible service. I will forward your compliments to our management. If you need further assistance, please feel free to contact me. It’s my pleasure to help you with appraisals and I can also guide you through the sales process.

Marjorie: Thank you Alan! We stay in touch!

Other questions asked:

Julia from San Antonio asked: How much is .925 silver worth?
Peter from Rockford asked: How much is my silverware worth?
Katie from San Francisco asked: How much is sterling silver worth?