Selling silver received through an inheritance follows the same buyback rules as any other silver. Finding an original purchase invoice is useful for tax purposes, and the sale is made with an ID, entry in the register and payment by bank transfer or cheque.
An estate often mixes coins, ingots, silverware and various objects. The first step is to tell solid silver (Minerva hallmark, .999 bars, investment coins) apart from silver plate, whose value by weight is near zero. Only solid silver is bought at the metal price.
For silverware, identify the fineness from the hallmark, then weigh counting only the real silver: cutlery and handles are often weighted. The metal value is then calculated as fine weight multiplied by the day's price. Our guide on calculating your silverware's value details the method; you can then compare silver buyback offers.
For tax purposes, it is useful to look for, where it exists, an original purchase invoice or any proof of provenance. This document may open an option to calculate on the actual capital gain, an alternative to the flat-rate regime applied by default to precious metals.
Without supporting documents, the flat-rate regime generally applies. As tax rules change, it is wise to check with the authorities or a competent professional before selling. This article is not personalised tax advice: it merely flags the value of keeping any purchase documents found in the estate.
Buying back silver from an estate follows the same formalities as any buyback. The dealer checks the weight, fineness and nature of the pieces, then applies their schedule based on the day's price. There is no need to clean silver headed for melting.
The transaction requires an ID, entry in the buyer's register and payment by bank transfer or cheque above the legal cash limits. Where there are several heirs, make sure of an agreement on the sale before concluding. For ingots, also see our guide on the 1 kg silver bar.
The buyback follows the same rules: identifying the fineness, calculating fine weight × price, an ID, entry in the register and payment by bank transfer or cheque. The specificity lies mainly in the tax side of the estate.
An original invoice may allow you to opt for a calculation on the actual capital gain rather than the flat-rate regime. As the rules change, it is best to check with the authorities or a professional before selling.