I have a five piece sterling silver service set that was appraised in 1965. Any idea how the value might have changed since then? Has value generally kept pace with inflation? (Yes, this is the same service in my preceding post.)
Silver has risen substantially since 1965. I would suggest checking with eBay completed auctions to get a ball park value. The intrinsic value of the teaset would be the weight in troy ounces multiplied by the spot value of silver less multiplied by .925. Retail value could range drastically depending on condition, weight and style.
Precious metals like silver are measured in Troy ounces which is different from Avoidupois ounces used to weigh food. I might suggest taking your silver in bags and asking your grocer if you could weigh it on your scale. Then covert to Troy ounces on one of the free Internet scale conversion programs. This will give you the weight in sterling silver which is 92.5% silver and 7.5% copper.
Spot price is what the stock market or world market says the metal is worth that day. Currently the spot price of silver is about $10.50 per ounce. The Internet is a good source for silver spot price.