Silver Prices in the UK, February 2026 Update

What It Means for Antique Silver Buyers & Collectors

Silver has had a restless February. Spot prices in sterling have swung between roughly £51 and £65 per troy ounce over the course of the month, settling around a £59 average, a range wide enough to unsettle the bullion traders but, frankly, less consequential than many buyers assume when it comes to antique silver.

Let me explain why.

After four decades handling Georgian and Victorian silver, I can tell you that the moment a piece acquires genuine age, maker’s marks, and provenance, the spot price of silver becomes one factor among many rather than the determining one. This is especially true for smaller, finely wrought objects — a bright-cut caddy spoon, a pair of fiddle-pattern salts, a George III cream jug by a known London maker. The silver content in such pieces might be worth £40 at today’s prices. The piece itself might properly fetch ten times that.

Where UK Silver Prices Are Right Now:

According to live market data from UK pricing sources, the spot price of silver in early to mid-February 2026 ranged between approximately £51 and £65 per troy ounce. Over the month the average UK silver spot price was around £59 per ounce, reflecting ongoing volatility.

Daily GBP figures tell a fluctuating story, on some days silver dipped below £51/oz, while at others it climbed toward the middle £60s per ounce.

Why Silver Prices Matter for Antique Silver

When buying or selling antique silver, multiple factors affect value:

Craftsmanship, rarity, and maker, often the dominant pricing components for antiques.

Intrinsic metal value – silver’s bullion price forms a baseline for heavy gauge pieces, especially large tableware, candlesticks, salvers, or presentation pieces.

Collector demand – across the UK and globally, interest in high-quality antique silver remains robust despite macroeconomic uncertainties.

Although antiques are not priced like bullion bars or coins, bullion trends can influence bargaining, valuation, and investment sentiment, particularly for heavier or less rare items.

Pieces from William Walter Antique Silver

Here are two sterling examples from our website that illustrate how pieces may be influenced by underlying silver prices:

Antique Silver George III Rare Irish Salver made in 1798

This rare Irish salver from 1798 exemplifies how age and rarity drive value in antique silver. While intrinsic silver content matters — especially in larger Georgian pieces — collector demand for historic items with provenance and rarity often outweighs bullion alone.

Sterling Silver George V Salver made in 1931

A handsome squared salver by Walker & Hall, dating to 1931. At £2,200, this high-quality piece combines excellent condition and classic design with a substantial sterling silver content. In today’s market, the elevated silver price helps support the intrinsic metal value underpinning its collectible appeal.

These pieces demonstrate the bridge between silver as a precious metal and silver as history, design, and collectibility.

Factors Affecting Silver Price Movements

Several drivers continue to shape the silver price in 2026:

Global risk sentiment: Precious metals such as silver often rise during heightened geopolitical or economic uncertainty, as investors seek safe haven assets.

Industrial demand: Silver’s role in electronics, solar energy, and industrial applications continues to underpin its base level of demand.

Currency dynamics: Movements in the British Pound against the U.S. dollar affect UK pricing directly, often amplifying ups and downs.

What Buyers Should Know in the UK Context

UK buyers also face unique considerations:

VAT on physical silver: Unlike gold, silver bullion and new silver items are subject to 20% VAT — a factor that can widen the purchase-sell spread in coins and bars.

Physical availability: Many silver bullion products are currently selling out or carry premiums above spot price, reflecting tight supply.

Antique silver doesn’t carry VAT on resale: Antique silver (over 100 years old) is VAT-exempt when resold as antiques, making it a potentially more efficient way to gain exposure to silver historically and materially.

Summary

For antique silver collectors, bullion prices influence baseline valuations but are just one component alongside rarity, maker, and condition.

Whether you’re a seasoned collector or new to antique silver, understanding bullion trends can help inform buying and selling decisions, while celebrating the beauty and craftsmanship of sterling silver’s finest examples.