Mistakes to Avoid When Selling Gold

Today gold is a lot more than $1600 per ounce, and silver is practically $16 per ounce. It doesn’t take many ounces of silver to achieve into the large sums of money, and yes it doesn’t take much gold to succeed in into the 1000s of dollars. But I caution you: there is a great deal of “Smoke and Mirrors” you’ll face when selling your silver and gold coins, and yes it’s all created to help the Buyer instead of the Seller.

If that you do not know how a game is played, should you not know precisely whatever you have… before you sell it… you happen to be a prime candidate for being taken selling point of when selling. Here are just a couple of things you should know, and quite a few you should own, before looking to sell your rare metal treasures.

Avoirdupois vs. Troy Ounces: If you don't comprehend the difference between both the, and should you not know the way to convert one in to the other, then you will probably be exploited. Avoirdupois Ounces are bathroom scale or delicatessen scale weights. Precious metals are weighed using Troy Ounces, that happen to be a totally different weight measurement. You had better understand the difference.
Ounces vs. Pennyweights vs Grams: Each Troy Ounce contains 20 Pennyweights (dwt.) or 31.1 Grams (g). Some Buyers use Grams to calculate value, although some use Pennyweights. It will differ from store to save. And unless you understand how these work, if you can't convert one into your other, you will likely be rooked at some point.
Sterling Silver Fineness: You must comprehend the Sterling Silver is obviously 92.5% pure silver and 7.5% base metal. Never any longer or less.
Other Silver Fineness: You must understand that some countries used a silver standard besides Sterling, for instance 95%, 90%, 90%, 83.5%, or 80%. Each is marked differently and you also need to understand the best way to identify the different markings, and differentiate one in the other.
Solid vs. Weighted Sterling: There is a huge difference between Solid Sterling and Weighted Sterling. Both metals contain 92.5% pure silver, but Weighted Sterling posesses a heavy cement to aid prevent the piece from tipping over. And no an example may be going to pay out for cement.
Non-Silver Silver: If you think that German Silver, Alpaca Silver, or Sheffield Silver are true silver, you will be mistaken. And it might cost you.
Gold Fineness: If you don't comprehend the difference between 10k, 14k and 18k gold, it could actually also set you back dearly. This is very basic and, with gold at $1,600+ per ounce, hook miscalculation might cost you thousands.
Other Golds: If you won't know the gap between Rolled Gold, Gold Plate, Gold Fill, Gold Vermeil, or Gold Tone... it could actually also cost big bucks.
Troy Weight Scale: If you never own a $15 gold and silver coins scale, it's not possible to properly weigh everything you own, and also you won't specifically what you have.
Precious Metal Test Kit: If that you do not own a $15 acid test kit which lets you test and/or what is fineness of gold and silver coins, then you definitely won't be able to confirm precisely what we do, or don't, have.
Diamond Tester: If you do not own a $15 Diamond Tester, how might you know it could be a real diamond or fake paste? (Did you ever hear the story plot of the family that sold Mom's $10,000 band for $10 simply because they thought it was costume jewelry?).
Is the Buyer's Scale Accurate? Can you decide if the Buyer's scale is defined to a measurement that favors them over you?
Fake Gold and Sterling Items: Fake US and Foreign Coins are designed to look authentic but you are not. And we're seeing a lot more fake jewelry items marked "Sterling", or with fake "10k, 14k, 18k" gold markings. Most have been produced in China and imported here. Can you tell the real difference?
Are the Gemstones Real or Faux? Can you tell the main difference between real and fake gemstones? And the worth of each?
Buyer Reputation & Longevity: Does the Buyer have extensive experience, or were they recently opened? I would much rather manage someone who's held it's place in business, during this same location, for years period of time. You don't remain in business for many years unless you treat people fairly.

Always consider this: The Seller always wants whenever you can, as you move the Buyer wishes to pay as low as possible. If you turn out somewhere in the centre, you could be okay. But unless you understand the value of whatever you own… before you sell it… you will most probably be exploited. Need some helping selling Jewelry, Coins and/or Sterling Silver? We can probably help. Call us at 215-264-4304 should you have any questions or need our help converting your treasures into cash.

WHAT’S IT WORTH?: We were helping a lady from Florida to offer some Sterling Silver flatware she had provided for us. Before we sold it, we called her with his calculated weight and estimated re-sale value. Her immediate response was which our weight failed to match hers and sounded too light. I asked her three questions

Did she weigh it with a bathroom scale? Yes, she had.
Did she weigh it as the cloth wrappers that protected different pieces continued to be on? Yes, she had.
Did she weigh the Sterling-handled knives at full weight as opposed to just factoring inside weight with the hollow Sterling handle. Yes, she had.

We took her weight, then subtracted the cloth wrapper weight, along with the Sterling knife weigh, and converted her Avoirdupois weight to Troy ounces. and what happens? We were right. And she was ultimately happy.


One thought on “Mistakes to Avoid When Selling Gold

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