A woman in Norfolk called us last spring after a "we buy silver" shop at a hotel ballroom offered her $90 for a chest of sterling flatware. Something felt off, so she brought it to us instead. The set weighed just over 40 troy ounces of actual sterling, and the honest number was many times what she had been offered. She is not alone. The single biggest fear we hear from sellers is simple: "How do I know I am not getting ripped off?" This guide answers that question in plain terms, so you can sell silver with confidence and walk away knowing the number you got was fair.
Malpass, Inc. is a licensed and bonded sterling silver buyer in Chesapeake, VA. We pay cash for silver across Virginia Beach, Norfolk, Chesapeake, Suffolk, Portsmouth, Newport News, and Hampton, and we buy from sellers nationwide who ship their items in for evaluation. We have no interest in lowballing anyone, because a fair deal is what brings people back and sends their neighbors our way. So here is the whole picture, including the parts some buyers would rather you did not know.
How a fair silver offer is actually calculated
There is no mystery to what your sterling is worth. A fair offer comes from three numbers multiplied together, then adjusted by a transparent margin:
- Weight. Your silver is weighed on a calibrated scale in troy ounces (a troy ounce is about 31.1 grams, slightly heavier than the kitchen ounce most people picture).
- Purity. Sterling silver is 92.5 percent pure, stamped STERLING or 925. That means a piece is worth 0.925 of its weight in pure silver. Coin silver (90 percent) and continental marks like 800 or 830 are figured at their own purity.
- Live spot price. Silver trades on a global market that moves all day long. The melt value of a piece is its weight times its purity times the current spot price per troy ounce.
From that melt value, any honest buyer keeps a margin to cover refining, testing, and staying in business. The key word is transparent. A fair buyer will tell you the spot price they are working from, the weight they measured, and roughly where their offer sits relative to melt. If you want to run the math yourself before you ever talk to anyone, our silver value calculator lets you plug in weight and the live spot price to see a ballpark melt value. Walk in already knowing that number and you are almost impossible to fool.
The rip-off tactics to watch for
Most people do not get cheated by an obvious crook. They get cheated by small, practiced moves that shave the number down while sounding reasonable. Here are the ones to watch for:
- Vague pricing. "I will give you a good price for the lot" with no weight, no spot price, and no breakdown. A fair buyer shows their work. A dishonest one keeps the math hidden.
- Refusing to weigh in front of you. Your silver should be weighed where you can see the scale. If pieces disappear into a back room before a number comes out, that is a red flag.
- "Today only" pressure. Pop-up hotel and ballroom buyers love urgency because it stops you from comparing offers. Real value does not vanish if you sleep on it. The spot price barely moves day to day.
- Mixing sterling and plate together. Silver-plated pieces have almost no melt value. A shady buyer may quietly weigh your plate in with your sterling and pay a plated price for the whole pile, or pay a sterling price and pocket the difference. Everything should be sorted and priced by what it actually is.
- Talking down good pieces. Monograms, light scratches, and tarnish do not reduce the silver content. Tarnish is just surface oxidation. If someone uses cosmetic wear to justify a deep discount on melt, be skeptical.
- One number for "everything." Sterling silver flatware, serving pieces, and silver jewelry each deserve to be evaluated on their own. Some patterns and makers carry a premium above melt, and a lump-sum offer can bury that.
Why a licensed and bonded buyer matters
Anyone can rent a table for a weekend and call themselves a silver buyer. Licensing and bonding are different. A licensed buyer is registered with the state and operates under rules that protect the seller. Being bonded means there is financial backing standing behind the transaction if something goes wrong. It also means there is a real, accountable business at a real address, not a phone number that stops working after the event leaves town. When you sell to a licensed and bonded buyer, you are dealing with someone who has to answer for how they treat you. That is worth more than a slick pitch.
The questions to ask, and how to verify the offer
You do not need to be an expert to protect yourself. You just need to ask a few direct questions and watch how the buyer responds:
- "What spot price are you using right now?" A fair buyer answers instantly and can show you.
- "What did my sterling weigh, in troy ounces?" The weight should be measured in front of you.
- "How are you separating the sterling from the plated pieces?" Listen for a clear, sorted process.
- "What is your offer as a percentage of melt value?" An honest buyer will talk in those terms.
- "Are you licensed and bonded, and where is your business located?" The answer should be specific.
Then verify. Take the weight and the spot price they gave you, run them through a calculator, and compare. If the offer is in a sensible range below melt, that is a fair deal. If it is a small fraction of melt, you have your answer. There is never any pressure to accept on the spot, and you are always free to take your silver and think it over.
Selling silver the honest way in Hampton Roads
Whether you are in Virginia Beach, Norfolk, Chesapeake, Suffolk, Portsmouth, Newport News, or Hampton, you have a local option that shows its math. If you are nearby, bring your items to our Chesapeake office for a free, no obligation evaluation while you wait. If you are anywhere else in the country, you can ship your silver to us with insured carriers after we talk through what you have. Either way, the easiest first step is to send clear photos and an approximate weight through our contact form, and we will tell you what to expect before you ever hand anything over.
If you are ready to sell your sterling and you want a number you can verify, reach out for a free evaluation. We weigh it in front of you, we explain exactly how we arrived at the offer, and we pay you fairly on the spot.
Malpass, Inc. — Licensed & Bonded Buyer in Chesapeake, VA
We pay top cash prices for sterling silver flatware, jewelry, hollowware, coins, and bars. Local appointments at 2650 Indian River Rd, Chesapeake. Nationwide insured shipping for out-of-area customers.
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