What Silver Refineries Pay: Compare Assays, Fees, and Net Offers

Compare silver refinery quotes using assayed fine silver, stated price terms, fees, and net proceeds. Worked examples avoid applying sterling purity twice.

A refinery quote depends on the actual lot, assay, settlement price, payable-metal terms, and fees. There is no single percentage of spot that every refinery, coin dealer, or pawn shop pays.

Use the Silver Calculator to estimate metal content from verified weight and purity and a price you enter manually. Its starting price is a labeled example, not a live quote. Melt value is a comparison baseline, not a guaranteed floor or ceiling for a sale.

Read the Quote Before Applying a Payout Percentage#

Ask the buyer to identify these terms:

A headline percentage can exclude a fixed processing fee. A different buyer's lower percentage may leave more net cash for a small lot. Do not assume a refinery has a universal minimum lot size or that one buyer category always pays more.

Calculate Sterling Melt Value Once#

Sterling means 92.5% silver; the FTC jewelry guide explains the 925 marking.

Fine silver troy oz = Net sterling alloy grams × 0.925 ÷ 31.1034768
Melt estimate = Fine silver troy oz × Entered price

For illustrative inputs of 340 grams of sterling alloy and $28 per fine troy ounce, melt is $283.12, calculated before rounding intermediate values.

A quote per troy ounce of sterling alloy differs from a quote per fine troy ounce. At this hypothetical price, one alloy troy ounce of sterling has $28 × 0.925 = $25.90 in metal. A buyer offering $24.50 per alloy troy ounce is offering 94.59% of melt, before fees. Dividing $24.50 by $28 would incorrectly ignore purity.

If the buyer already quotes a net amount per gram of sterling alloy, multiply that rate by the accepted alloy grams. Do not apply 0.925 a second time.

Compare Net Proceeds#

The following figures are invented examples using the $283.12 melt estimate, not market payout ranges:

Calculate net proceeds using the unrounded melt value, then round the final currency result. Buyer B pays more in this example despite the lower stated percentage.

Net proceeds = Melt estimate × Quoted payable fraction − Separate costs
Net payout percentage = Net proceeds ÷ Melt estimate × 100

Use this formula only if it matches the buyer's actual settlement terms. Do not subtract refining twice when the quoted percentage already includes that charge.

Different Material Needs Different Evidence#

Bullion may specify fine metal weight directly. An American Silver Eagle has 1 fine troy ounce; do not multiply its stated silver weight by 0.999 again.

For ordinary worn 90% US dimes, quarters, and halves, 0.715 fine troy ounces per face dollar is a trading estimate. It does not apply to Morgan or Peace dollars or to 40% halves. See the junk silver guide.

For jewelry and flatware, exclude stones, filled handles, and base-metal parts from alloy weight. For plated items, total weight cannot establish silver content. The silver plate guide explains why plating needs separate assessment.

Testing, recovery, and acceptance policies vary. Ask whether the buyer resells the item intact or processes it for metal, and check collectible value before agreeing to destructive work.

Use Comparable Price Timestamps#

Price changes affect a melt estimate proportionally when weight and purity stay fixed. They do not predict when selling will be best or ensure a buyer changes its quote immediately.

The LBMA benchmark explanation describes a daily silver auction price. Record whether your quote uses that benchmark, a dealer bid, or another reference. Compare offers with compatible price timestamps and expiration terms.

For mixed lots, the scrap silver guide shows how to calculate each purity separately.