How To Evaluate And Sell Your Gold Jewelry And Coins

5 February 2016
 Categories: Shopping, Blog

There are many companies and businesses that will buy your gold jewelry and gold coins, such as coin shops, pawn shops, antique stores, jewelry stores, jewelry manufacturers, wholesale jewelry suppliers, jewelry party organizers, and many others. It is always best to know your buyer, but that is not always possible. Here are a few procedures that you can do before you attempt to sell your gold jewelry and gold coins: 

Know What You Have - If you have gold jewelry and gold coins that you wish to sell, you should know the value of these items before you can know if a price you are offered is fair. A fair market price is based on precious metal purity, weight, and also market demand and supply. This is a complicated calculation, but the following procedures will help you determine what you have and what it is worth:

  • Test Your Gold - Have your gold jewelry and coins tested for the exact metal composition to determine the purity and percentages of the precious and non-precious metals that make up the alloys in your items. This determination is done by acid testing (called scratch testing) and electronic testing. This testing is best done by a reputable coin dealer or jewelry manufacturer who is not offering to buy your items. 
  • Weigh Your Gold Jewelry and Coins - Have your gold jewelry and coins accurately weighed. Gold is traditionally weighed in troy ounces and not the standard avoirdupois ounces. There are 12 troy ounces in a troy pound as opposed to 16 avoirdupois ounces in an avoirdupois pound. When having your items weighed, it is important to know what system is being used to determine the weight. 
  • Research Current Metal Market Values - Check the current spot market price for precious metals to determine the value of your items. There are many online companies that list this information daily. Check with two or three of these companies to compare and contrast the prices that they are listing. All of these companies should list prices that are approximately the same. 

Find a Quality Gold Buyer - Only sell your gold jewelry and gold coins to a quality gold buyer that has the following staff members and capabilities to assist you in determining the value and fair market price for your gold: 

  • Numismatist - A numismatist is a coin expert who can determine a coin's mint date, history, and value. There is more to coin valuation than just metal composition and a good numismatist will know about the above coin evaluations. Check that the numismatist that you choose to work with is a member of the American Numismatic Society in good standing. 
  • Metal Assay Technology - A gold buyer will have an XRF (X-ray fluorescence) machine that can analyze the metal purity of a piece of jewelry or coin and determine the precious metal content. With that knowledge and an accurate weight, a market value can be determined and a price offered.  

Don't accept the first or second offer you get for your gold jewelry or gold coins. Get as many valuations and price offers as possible and take your time to make sure which is the best offer for your items. With the above procedures, you are well on the path to find a current and correct valuation for your gold jewelry and gold coins and a current fair market price for your items. To learn more, contact a company like Atlas Loan & Jewelry Co