DATASHEET: How to sell GOLD & SILVER coins & other items when you need money
12-23-2017, 07:36 PM
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Guide for those wanting to sell gold and silver items they own, and make some cash:
Selling your gold & silver coins:
Gold and silver coins are usually worth more than their gold or silver scrap equivalent in weight. Old or used gold and silver scrap (old jewellery, broken items, cutlery, etc) is usually melted down and made into something new unless it's antique or beautiful. Coins on the other hand are usually resold as they are, and attract higher prices than their pure precious metal content depending on how rare and/or popular the coin is.
Do not confuse a coin with a medal or round. A coin is issued by a country's official government mint and usually has the name of that country and a specific value imprinted on it. Example: It will say "United States of America" and "100 dollars" or "United Kingdom" and "100 pounds" on it. If a coin does not have the name of a country and/or a specific value on it then it is usually a medal or round. There are exceptions to this so check online if in doubt. Coin dealers will still buy medals and rounds depending on their popularity, but you should know the difference.
First, research how much stores and online sellers are currently asking for the coin you have. Almost every government issued coin made in the last 300 years is listed and traded online. That way you get a good idea of how much it is worth. Keep in the mind that the price for silver and gold changes every day, so the cash you can get today may be higher or lower than what you can get for it in 2 weeks, or 2 months or 2 years.
Second, once you have a good idea of what your coin is worth, try going to various coin dealers (not scrap buyers) in your city to see what they offer you. Go to at least 3 coin dealers to get different offers for your item. Don't be afraid to negotiate and haggle if you do not like their 1st offer. They should pay cash on the spot.
Do not take all your coins to the same buyer at once cause you will get offered less than taking just one or a few at a time. Leave at least 10 days to 2 weeks between items. Often it will happen that you will find a dealer you like more than the others (who is also more honest) and you might make friends with him, and with time he will treat you better than a stranger who just walked in and give you slight better rates or negotiate more with you.
Do not confuse a coin dealer with a gold/silver scrap buyer. These are 2 different types of shop. A serious coin dealer buys and sells mostly coins and nothing else. He should always pay you more for a coin than a pure scrap gold/silver seller. Some coin dealers also buy non coin items or scrap, but this is not their main business.
If you cannot get a good offer from a coin dealer then consider selling online. This takes longer, so be prepared to wait. Take into account fees you will pay on listing, selling, paypal, postage and insurance so you do not come up short after all fees have been deducted. Keep in the mind that the price for silver and gold changes every day.
If you have a very rare coin, then make sure you sell it through an auction house rather than to a dealer. (See info on selling antiques/beautiful items below)
Selling your non coin gold and silver
(Jewellery, antiques, forks, spoons, other household items, broken items & general gold/silver scrap):
Old and/or used gold and silver is usually melted down as scrap and made into something new.
If your item is an antique or quite beautiful you can get a lot more for it selling at an auction. This takes longer, but you will get A LOT more money for it.
First, find out the current price of gold or silver in the international market.
Second, weigh your item.
Third, determine if your item is just scrap (like a simple ring, a broken chain, or a set of old spoons) or an antique and/or something beautiful. If in doubt contact an auction house (more info below).
Fourth, determine the precious metal purity fineness of the item you have. This means what percentage of your item is pure gold or silver and how much is made up of other metals. Almost all gold or silver items in the world have a small hallmark on them. This is your starting point:
a)
Gold hallmarks
For gold you need to know if it's 24 karat, 22 karat, 18 karat, 14 karat or less. Get a magnifying glass and find the hallmark on the item. It may be listed as karats or with numbers such as "585" which is 14 karat, or "750" which is 18 karat, or "916" which is 22 karat, or "999" which is 24 karat. Some foreign country or really old items may even have different hallmarks than these. The higher the gold purity content (karats) the more it's worth. Some more examples of gold hallmarks here:
https://en.wikipedia.org/wiki/Fineness#Gold
b)
Silver hallmarks
For silver you need to know if it's 99%, 95%, 90%, 85%, 80% or less silver. Again, get a magnifying glass and find the hallmark on the item. It you are selling silver cutlery (forks, knives, spoons, etc) or other household silver items it gets complicated as various countries used different systems at different times in history to indicate how much silver is in the item. For example your item might have a hallmark stating something like "800" meaning 80% silver, or just a symbol like the Lion Passant meaning it's sterling silver with a purity of 92.5%, or some other hallmark which looks promising but in reality means nothing. Many silver PLATED items have pseudo hallmarks on them, but are essentially 100% worthless. The higher the silver purity content the more it's worth. More info on silver hallmarks here:
https://en.wikipedia.org/wiki/Silver_hallmarks
Once you know how much silver or gold is in your item you should be able to calculate what it's worth based on the weight, purity and current price for gold or silver. Then take it to a scrap dealer to get some cash. Try going to various scrap dealers in your city to see what they offer you. Go to at least 3 dealers to get different offers for your item. Don't be afraid to negotiate and haggle if you do not like their 1st offer. They should pay cash on the spot.
Do not take all your items at once cause you will get offered less than taking just one or a few at a time. Leave at least 10 days to 2 weeks between items. Often it will happen that you will find a dealer you like more than the others (who is also more honest) and you might make friends with him, and with time he will treat you better than a stranger who just walked in and give you slight better rates or negotiate more with you.
A gold and silver scrap dealer is not the same as a pawn shop. Pawn shops usually will often offer lower rates cause you are supposed to be able to buy your item back within a fixed amount of time.
If you can't figure out how much gold or silver is in your item:
Figuring out the fineness (percentage of pure gold or silver) of non coin items is always a bit tricky. Key is the knowing how to read and understand hallmarks. If your item does not have a hallmark (a bad sign if it doesn't) or the hallmark is too small to read, or has rubbed away, or you don't know what the hallmark means, you need to have the item looked at by a dealer. They will either be able to understand the hallmark, or will test the item by putting a scratch on it (this is a small bit of permanent damage so make sure you are happy for them to do this) and pour a tiny drop of chemical on it to determine the item's purity. Some dealers have modern machines nowadays that test the item without scratching it.
If your item is an antique and/or beautiful:
Never sell an antique or beautiful item to a gold or silver dealer unless you are in desperate need of cash. Instead, take some pictures and send them to a few auction houses for evaluation. Photograph the hallmark clearly if possible as the auction house will want to see that. Evaluations are free and the auction house should never charge you for an estimate. Occasionally they may want to see the item in person. That's fine, just make sure you don't leave it with them unless you get an official signed receipt with them that clearly states their business name and address (and your name and address) and an exact description of the item.
For antiques and beautiful items, a good auction house will be able to tell you the country the item comes from, the approximate year it was made, and very often even the name of the gold or silver maker who made it. They will then give you an estimate of how much you could make by selling it with them and you need to decide if you want to do that. Get estimates from at least 3 different auction houses for each item. Don't always pick the one that gives you the highest estimate, but consider other factors like how professional they come across in their communication with you, how rich their clientele is, how many fees they will charge you, if they will make a printed paper catalogue, and other things like this. If you have time attend one of their auctions to see how they do business. It is free to attend an auction.
Once you pick an auction house, always remember to put a reserve on your item. This is the minimum price for which you are willing to sell. For good results make sure the item is well photographed by them and the photo is published online and the photo is inserted into their printed catalogue if they have one. Many auction houses can take between 10% and 30% of your profit with their fees, so do your homework beforehand. However, even after deducting all their fees you will still make a lot more than selling it to a shop dealer.
If your item is gold or silver PLATED:
Gold or silver PLATED means only the outside layer (the skin) of the item is gold or silver, and the inside is cheap non precious metal.
It is usually worthless.
Many people in past generations were fooled because they did not know the difference between real gold/silver and plated. Countless families believe for decades that they have valuable treasures at home, but in reality just have fancy looking junk metal.
Always keep in mind
The price for silver and gold changes every day, so the cash you can get today may be higher or lower than what you can get for it in 2 weeks, or 2 months or 2 years.
Guide for those wanting to sell gold and silver items they own, and make some cash:
Selling your gold & silver coins:
Gold and silver coins are usually worth more than their gold or silver scrap equivalent in weight. Old or used gold and silver scrap (old jewellery, broken items, cutlery, etc) is usually melted down and made into something new unless it's antique or beautiful. Coins on the other hand are usually resold as they are, and attract higher prices than their pure precious metal content depending on how rare and/or popular the coin is.
Do not confuse a coin with a medal or round. A coin is issued by a country's official government mint and usually has the name of that country and a specific value imprinted on it. Example: It will say "United States of America" and "100 dollars" or "United Kingdom" and "100 pounds" on it. If a coin does not have the name of a country and/or a specific value on it then it is usually a medal or round. There are exceptions to this so check online if in doubt. Coin dealers will still buy medals and rounds depending on their popularity, but you should know the difference.
First, research how much stores and online sellers are currently asking for the coin you have. Almost every government issued coin made in the last 300 years is listed and traded online. That way you get a good idea of how much it is worth. Keep in the mind that the price for silver and gold changes every day, so the cash you can get today may be higher or lower than what you can get for it in 2 weeks, or 2 months or 2 years.
Second, once you have a good idea of what your coin is worth, try going to various coin dealers (not scrap buyers) in your city to see what they offer you. Go to at least 3 coin dealers to get different offers for your item. Don't be afraid to negotiate and haggle if you do not like their 1st offer. They should pay cash on the spot.
Do not take all your coins to the same buyer at once cause you will get offered less than taking just one or a few at a time. Leave at least 10 days to 2 weeks between items. Often it will happen that you will find a dealer you like more than the others (who is also more honest) and you might make friends with him, and with time he will treat you better than a stranger who just walked in and give you slight better rates or negotiate more with you.
Do not confuse a coin dealer with a gold/silver scrap buyer. These are 2 different types of shop. A serious coin dealer buys and sells mostly coins and nothing else. He should always pay you more for a coin than a pure scrap gold/silver seller. Some coin dealers also buy non coin items or scrap, but this is not their main business.
If you cannot get a good offer from a coin dealer then consider selling online. This takes longer, so be prepared to wait. Take into account fees you will pay on listing, selling, paypal, postage and insurance so you do not come up short after all fees have been deducted. Keep in the mind that the price for silver and gold changes every day.
If you have a very rare coin, then make sure you sell it through an auction house rather than to a dealer. (See info on selling antiques/beautiful items below)
Selling your non coin gold and silver
(Jewellery, antiques, forks, spoons, other household items, broken items & general gold/silver scrap):
Old and/or used gold and silver is usually melted down as scrap and made into something new.
If your item is an antique or quite beautiful you can get a lot more for it selling at an auction. This takes longer, but you will get A LOT more money for it.
First, find out the current price of gold or silver in the international market.
Second, weigh your item.
Third, determine if your item is just scrap (like a simple ring, a broken chain, or a set of old spoons) or an antique and/or something beautiful. If in doubt contact an auction house (more info below).
Fourth, determine the precious metal purity fineness of the item you have. This means what percentage of your item is pure gold or silver and how much is made up of other metals. Almost all gold or silver items in the world have a small hallmark on them. This is your starting point:
a)
Gold hallmarks
For gold you need to know if it's 24 karat, 22 karat, 18 karat, 14 karat or less. Get a magnifying glass and find the hallmark on the item. It may be listed as karats or with numbers such as "585" which is 14 karat, or "750" which is 18 karat, or "916" which is 22 karat, or "999" which is 24 karat. Some foreign country or really old items may even have different hallmarks than these. The higher the gold purity content (karats) the more it's worth. Some more examples of gold hallmarks here:
https://en.wikipedia.org/wiki/Fineness#Gold
b)
Silver hallmarks
For silver you need to know if it's 99%, 95%, 90%, 85%, 80% or less silver. Again, get a magnifying glass and find the hallmark on the item. It you are selling silver cutlery (forks, knives, spoons, etc) or other household silver items it gets complicated as various countries used different systems at different times in history to indicate how much silver is in the item. For example your item might have a hallmark stating something like "800" meaning 80% silver, or just a symbol like the Lion Passant meaning it's sterling silver with a purity of 92.5%, or some other hallmark which looks promising but in reality means nothing. Many silver PLATED items have pseudo hallmarks on them, but are essentially 100% worthless. The higher the silver purity content the more it's worth. More info on silver hallmarks here:
https://en.wikipedia.org/wiki/Silver_hallmarks
Once you know how much silver or gold is in your item you should be able to calculate what it's worth based on the weight, purity and current price for gold or silver. Then take it to a scrap dealer to get some cash. Try going to various scrap dealers in your city to see what they offer you. Go to at least 3 dealers to get different offers for your item. Don't be afraid to negotiate and haggle if you do not like their 1st offer. They should pay cash on the spot.
Do not take all your items at once cause you will get offered less than taking just one or a few at a time. Leave at least 10 days to 2 weeks between items. Often it will happen that you will find a dealer you like more than the others (who is also more honest) and you might make friends with him, and with time he will treat you better than a stranger who just walked in and give you slight better rates or negotiate more with you.
A gold and silver scrap dealer is not the same as a pawn shop. Pawn shops usually will often offer lower rates cause you are supposed to be able to buy your item back within a fixed amount of time.
If you can't figure out how much gold or silver is in your item:
Figuring out the fineness (percentage of pure gold or silver) of non coin items is always a bit tricky. Key is the knowing how to read and understand hallmarks. If your item does not have a hallmark (a bad sign if it doesn't) or the hallmark is too small to read, or has rubbed away, or you don't know what the hallmark means, you need to have the item looked at by a dealer. They will either be able to understand the hallmark, or will test the item by putting a scratch on it (this is a small bit of permanent damage so make sure you are happy for them to do this) and pour a tiny drop of chemical on it to determine the item's purity. Some dealers have modern machines nowadays that test the item without scratching it.
If your item is an antique and/or beautiful:
Never sell an antique or beautiful item to a gold or silver dealer unless you are in desperate need of cash. Instead, take some pictures and send them to a few auction houses for evaluation. Photograph the hallmark clearly if possible as the auction house will want to see that. Evaluations are free and the auction house should never charge you for an estimate. Occasionally they may want to see the item in person. That's fine, just make sure you don't leave it with them unless you get an official signed receipt with them that clearly states their business name and address (and your name and address) and an exact description of the item.
For antiques and beautiful items, a good auction house will be able to tell you the country the item comes from, the approximate year it was made, and very often even the name of the gold or silver maker who made it. They will then give you an estimate of how much you could make by selling it with them and you need to decide if you want to do that. Get estimates from at least 3 different auction houses for each item. Don't always pick the one that gives you the highest estimate, but consider other factors like how professional they come across in their communication with you, how rich their clientele is, how many fees they will charge you, if they will make a printed paper catalogue, and other things like this. If you have time attend one of their auctions to see how they do business. It is free to attend an auction.
Once you pick an auction house, always remember to put a reserve on your item. This is the minimum price for which you are willing to sell. For good results make sure the item is well photographed by them and the photo is published online and the photo is inserted into their printed catalogue if they have one. Many auction houses can take between 10% and 30% of your profit with their fees, so do your homework beforehand. However, even after deducting all their fees you will still make a lot more than selling it to a shop dealer.
If your item is gold or silver PLATED:
Gold or silver PLATED means only the outside layer (the skin) of the item is gold or silver, and the inside is cheap non precious metal.
It is usually worthless.
Many people in past generations were fooled because they did not know the difference between real gold/silver and plated. Countless families believe for decades that they have valuable treasures at home, but in reality just have fancy looking junk metal.
Always keep in mind
The price for silver and gold changes every day, so the cash you can get today may be higher or lower than what you can get for it in 2 weeks, or 2 months or 2 years.
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