How To Make Your 15 MISTAKES TO AVOID WHEN SELLING GOLD & SILVER
Today gold is over $1600 an ounce, and silver is around $16 an ounce. It doesn't take several ounces of silver to reach hundreds of dollars, and it doesn't take much gold to reach thousands of dollars. But let me warn you: You'll encounter a lot of "smoke and mirrors" when selling your precious metals, and it's all designed to help the buyer, not the seller.
If you don't know how the game is played, if you don't know exactly what you have...before you sell...then you are a prime candidate for leverage when you sell. Here are some things you should know and some things you should have before you try to sell your precious metal treasure.
Averdupois Vs. Troy Ounces: If you don't understand the difference between the two, and if you don't know how to convert one to the other, chances are you'll be taken advantage of. Precious metals are weighed using the troy ounce, which is a completely different weight measurement. You had better learn the difference.
Ounce vs Pennyweight vs Gram: There are 20 pennyweights (dwt.) or 31.1 grams (g) in each troy ounce. Some buyers use grams to calculate value, others use pennyweights. This will vary from store to store. And if you don't understand how they work, and if you can't convert one to the other, chances are you'll be taken advantage of at some point.
Fineness of Sterling Silver: You must understand that sterling silver is always 92.5% pure silver and 7.5% base metal. Sometimes more or less
Other silver fines: You should understand that some countries use silver standards other than sterling, such as 95%, 90%, 90%, 83.5%, or 80%. Each is marked differently and you need to understand how to identify the different symbols and differentiate one from the other.
Both metals contain 92.5% pure silver, but weighted sterling contains heavy cement that prevents the piece from falling apart. And nobody will pay you for cement.
Non-silvered silver: If you think that German silver, alpaca silver or Sheffield silver is real silver, then you are wrong. And it may cost you dearly.
Fineness of Gold: If you do not understand the difference between 10K, 14K and 18K gold, then it matters a lot to you. It's very basic and with gold at $1,600+ an ounce, a minor mistake could cost you thousands.
Other Gold: It can cost you a lot of money if you don't know the difference between rolled gold, gold plate, gold filler, gold vermilion, or gold tone.
Troy Weighing Scale: If you don't have a $15 precious metal scale, you won't be able to accurately weigh what you have and you won't know exactly what you have.
Precious Metals Testing Kits: If you don't have a $15 acid testing kit that enables you to test and/or confirm the fineness of gold and silver, you can't be sure what you really do or don't have. We do.
Diamond Tester: If you don't have a $15 diamond tester, how do you know if it's a real diamond or a fake paste? (Have you ever heard the story of the family that sold mom's $10,000 diamond ring for $10 because they thought it was costume jewelry?)
Is the buyer's yardstick correct? Can you determine if the buyer's scale is set to the measurement that favors them over you?
Counterfeit Gold and Sterling Items: Counterfeit US and foreign coins are made to appear authentic but are not. And we're seeing an increasing number of fake jewelry marked "sterling" or fake "10k, 14k, 18k" gold. Most are made in China and imported here. Can you tell the difference?
Are gems real or fake? Can you tell the difference between a real and a fake gemstone? and the value of each?
I would deal with someone who has been in the business for a long time in the same position. You cannot be in business for decades unless you treat people fairly.
If you end up somewhere in the middle, you're probably fine. But if you don't value your own... before selling it... you will be taken advantage of. Need some help selling jewelry, coins and/or sterling silver? Maybe we can help. If you have any questions or need our help converting your money to cash, call us at 215-264-4304.
Is it worth it?: We were helping a lady in Florida sell some sterling silver flatware that she sent us. Before we sold it, we called her with our calculated weight and estimated resale value. His immediate reaction was that our weight did not match his and
