SILVER! Just in case you didn't know, let me tell you about it

January 17, 2026

SILVER! Just in case you didn't know, let me tell you about it

Silver is coming into its own this year. The white metal is getting much more respect as its value is spectacularly outperforming gold. At the time of this writing the international trading price for silver is at an all-time high. Although still much more affordable than gold, silver has soared from a value ratio in April of 2025 of around a hundred ounces of silver equaling one ounce of gold to 50 ounces of silver to an ounce of gold in January 2026. Silver has doubled in value relative to gold and tripled against the dollar in nine months.

Bars and bullion coins of pure 999/1000 fine silver

Bars and bullion coins of pure 999/1000 silver.

My Journey as a Silversmith

As a craftsman, silver was the first precious metal I ever worked with. In the early 1970s I began creating kilt accessories and bagpipe mounts from sterling silver. As my skills advanced, my emphasis turned to bowls, teapots, and chalices. In college I was trained to design and create flatware and luxury tableware. In recent years my silver creations are almost exclusively Celtic design jewelry.

I work other metals as well, thus my business name, "Walker Metalsmiths". For now, let's talk more about silver.

Sterling silver teapot made by Stephen Walker 1979 while a silversmithing student at Syracuse University

Sterling silver teapot, 1979 — made while studying at Syracuse University.

What is Silver?

Silver is a precious metal. It is used for jewelry, tableware, photography, electronics and many other applications, including money. It is very cooperative under the craftsman's hammer or as a casting material. The word smith comes from the archaic word smite. A silversmith smites silver with his hammer. Wrought silver is shaped by hammering, bending, rolling, stamping and mostly tools that apply pressure to silver in sheets, bars or wire. Cast silver is formed by melting the metal. That involves heating it to a temperature where it is liquid (1800° F or 970° C) and then pouring or injecting it into a mold. There are many techniques in both methods. Some are easy and some require great skill and knowledge. Learn more about our lost wax casting process.

Silver is an element. It is related to gold and copper. In the periodic chart copper is in the column immediately above silver and gold is right below. Fun fact: silver is the best conductor of both heat and electricity of all the elements.

Silver is also anti-microbial. It makes for a very sanitary material for handling food and drink. Compounds of silver are used in some medicines, particularly ointments for severe burns.

Sterling Silver vs. Fine Silver: What's the Difference?

There are several grades of silver. These are based on the percentage of silver mixed with other metals to create an alloy. The two most common grades are sterling silver and fine silver.

Sterling Silver (925)

92.5% pure silver, 7.5% alloy (traditionally copper). The most common grade for jewelry and ornamental purposes. Stamped "925".

Fine Silver (999)

99.9% pure silver. Very soft, not practical for most jewelry. Used for investment coins and ingots. Stamped "999".

The remaining 7.5% in sterling can be any other metal or combination of metals. Traditionally the alloy added is just copper. There are some new high-tech alloys that are a mix of copper, zinc, silicon and sometimes germanium or other small additions that are engineered for tarnish resistance and working properties. At Walker Metalsmiths we use a high-tech alloy developed at United Precious Metals right here in Western New York. We also use traditional sterling alloyed with copper for our wire and the wrought parts.

Silver hallmarks for an Irish teapot made in Dublin 1840

Maker's mark and assay stamps on a teapot made in 19th century Dublin.

Silver Hallmarks & Standards

The "MF" initials are for the silversmith, possibly Michael Fegan. The next marks are the king's head to indicate duty taxes paid, a symbol for fineness—in this case a crowned harp for sterling silver. The seated figure of Hibernia means the piece was tested and approved at the Assay Office at Dublin Castle. The letter "U" in a shield is code for the year 1840. Many European countries have systems with highly regulated marks and testing procedures for silver and gold as a form of consumer protection.

Tiffany and Company established sterling as the default standard of silver in the United States back in the 19th century. Sterling was the grade of silver used in the British Isles since medieval times. Tiffany's influence replaced the coin silver standard that was the more common grade previously. The coin grade is 90% silver, almost always alloyed with 10% copper. Until 1965 US silver coins were 90% silver. Another fun fact: old silver coins have a different sound than the new ones. It is a much sweeter ring that you can hear when the coins cross the counter or jingle in your pocket. Coin silver is harder and more resistant to denting than sterling silver.

Other nations established different grades of silver alloys in the range of 80% to 95%. In western countries the definitions and marking of silver alloys are regulated by law. Indeed, some of the earliest consumer protection laws regulate the marking and testing of silver and gold.

Silver coins and silver certificate banknotes

The Truth About "Nickel-Free" Silver

You may be aware of some sources describing their wares as "nickel-free" silver. In truth no solid silver or sterling silver jewelry is ever going to contain nickel. The mix would have extremely poor working properties. Silver and nickel are not mutually soluble. Even the most unscrupulous manufacturer is not going to gain some corrupt advantage by slipping nickel into their mix because it would just make the metal unworkable.

Nickel can cause skin irritation and allergies in about 5% of people. Silver plated objects—not solid silver, but finished with a thin layer of electroplated silver over a base metal—will usually contain nickel as a "primer" layer to prevent tarnishing and better adhesion. There is also a material called nickel-silver composed of 18% nickel with copper and zinc. It contains no silver at all, however this was very often used as the base metal for silver plated tableware.

Where Does Silver Come From?

There are two main sources. It is either mined from the Earth or is recycled. Most of the newly mined silver being recovered in recent years is a byproduct of mines principally producing other materials like copper or zinc. There are silver mines and historically most silver came from those. The Comstock Lode in Nevada produced around 200 million ounces of silver between 1859 and 1953. Samuel Clemens first used his famous pseudonym Mark Twain when he was working for a newspaper in Virginia City, Nevada during the mining boom of the 1850s. Currently there are mines in Mexico, Poland, India, Canada, Turkey, Peru, and Australia.

Our Commitment to Recycled Silver

The silver we use at Walker Metalsmiths is nearly 100% from post-consumer recycling. All of the major precious metal suppliers to the jewelry industry in the United States are selling recycled material. When you see a jeweler assuring you that their materials are ethically sourced recycled metals, they are not lying. It would actually be difficult for any of us to source silver that was not recycled. Learn more about how we re-use precious metals.

A Joy to Work With

For the craftsman, silver is a joy to work with. At Walker Metalsmiths we train apprentices with projects in silver. Much of the time apprentices are helping me create my own designs, but even at today's high prices it is still something they can experiment with to create their own designs. If a design fails, the piece is easily recycled, and we can chalk the effort up to training and experience.

Sterling silver ring with Iona pebble made in Stephen Walker's 1970s style

Sterling silver ring with Iona pebble made in the style I was working in the 1970s.

At Christmas of 2025 my daughter hinted that she would like a ring of the kind I used to make in High School. These were fabricated of silver sheet and wire, joined with silver solder. This led me to make some bracelets and pendants in a similar style for my wife, daughter and granddaughters. All are set with polished pebbles from the Scottish Isle of Iona. This was a very pleasant series of projects for me to make. I was recalling some tricks and techniques that I had neglected in recent decades. I also had the advantage of new tools and techniques that I had learned since I began this journey as a metalsmith more than 50 years ago. As silver is getting more recognition as a high-class jewelry material, I plan to revisit some of my more youthful ideas in a sort of Silver Revival.

Explore Our Sterling Silver Collection

Stephen Walker, master silversmith

About the Author

Stephen Walker has been working with silver for over 50 years, beginning as a teenager crafting kilt accessories. He holds an MFA in Metalsmithing and has been handcrafting Celtic jewelry in Andover, NY since 1984.

Learn more about Stephen & Susan Walker →



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