![]() Why can’t you get more? There are several reasons. So what's a fair value? Consumers should sell to someone who will pay 65 to 88% of the value of an item, according to Smith. Smith, the past international president of the American Society of Appraisers said some places that post signs offering to buy gold pay just 40 to 45% of the value. For one thing, those are wholesale values, and you are selling to a middleman, who is going to need to make a profit when he resells your property. Don’t expect to get that amount, though, for old jewelry or coins. How Much Do You Get for Selling Gold?Ī variety of sources online, such as, will give you the spot price of gold. It should include all the details of the transaction, including the name and address of the buyer, the date of the sale and the weight, fineness, prices and names of all precious metals involved. And note that for everyone selling gold or jewelry, getting a good receipt should be part of the process. They also helped by providing the documentation she needed as executor of her father’s estate. “They looked everything up.Even if I could have made a few more bucks (going somewhere else), I am happy with the experience.” She took that to a jewelry store that was recommended to her - and that had been in business for a long time. The jewelry had been appraised for the estate and none of it was particularly valuable, Mars said. Through the estate lawyer, she found a coin dealer in nearby Frederick, Maryland, where the dealer gave Mars a “sense of security” as he went through her books of coins and told her what had value. Kate Mars, who lives in Arlington, Virginia, went by recommendations from people she trusted when she sold jewelry and a coin collection from a safe deposit box left when her father died. “If you can find a jeweler that you like to buy jewelry from, you may find you get a higher amount if you use the money toward another jewelry purchase.” “Shopping around is a good way to understand the average price you can expect,” Gizzi said. “We’re here to help and from ASA’s standpoint, we’re here to educate the general public.” Appraisers, he said, “want people to get value for their money.” Shop Around Before Selling Your GoldĪmanda Gizzi, spokesperson for jeweler trade organization Jewelers of America, says that getting more than one offer and selling to a reputable purchaser are important steps to selling gold and jewelry safely for a fair price. “Most appraisers are pretty lenient that way,” Smith said. A seller shouldn't need an expensive, written appraisal, such as might be required for insurance coverage.Ĥ Ways to Earn More From Your Rainy Day Fund That should be enough, Smith said, to give consumers what they need to know to sell their items for a fair price. For a small fee - perhaps as low as $20 - one of these independent appraisers can give you a quick assessment of what you have and what it should fetch, along with whether a piece of jewelry has intrinsic value beyond the gold weight and if the gems are real. All three of these outfits maintain databases on their websites where you can find an appraiser near you. In addition, he said there’s an organization for retailers called the American Gem Society.Īppraisers who belong to one of these organizations must abide by strict codes of conduct and ethics, Smith said. Smith pointed to the ASA, as well as the National Association of Jewelry Appraisers and the Appraisers Association of America as the major organizations in this area. The first step, Smith said, is to talk to an appraiser. Before Selling Your Gold, Talk to an Appraiser As with most things, knowledge is your key to success. So it’s wise to be cautious when selling your gold and jewelry. ![]() Have a third party certified coin dealer verify they are real.With all this need, scams abound, according to Smith.Any mark that is not gold should dissolve. You check the quality by rubbing the gold on a black stone, which will leave a mark. Do not overdo this because the test can cause permanent damage to the coin. Buy an acid test to see if the gold coin is genuine.Base metals will sound duller, and the sound will not last as long. Strike the gold coin with another coin.Check the weight and thickness by using a jeweler’s scale and calipers. Or, they will be underweight to make up for the size. Sometimes fake coins will make up for weight by a thicker diameter and thickness. ![]() Even if the coin weighs what it should, check the diameter and thickness. You can do this by testing things like the weight, sound, and acidity. One of the most important things you can do to minimize your losses is make sure the coins are made from real gold without damaging them. Make sure the coins are real soon after you make your purchase. ![]()
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