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15 Mistakes to Avoid When Selling Gold & Silver

Today gold is significantly more than $1600 per ounce, and silver is almost $16 per ounce. It doesn’t take many ounces of silver to attain a huge selection of dollars, and it doesn’t take much gold to achieve the 1000s of dollars. But I caution you: there’s a great deal of “Smoke and Mirrors” you’ll face when selling your precious metals, and it’s all designed to simply help the Buyer and not the Seller.

If that you don’t discover how the game is played, if that you don’t know precisely what you have… when you sell it… then you’re an excellent candidate to be rooked when selling. Here are simply a couple of things you have to know, and a couple of things you must own, before attempting to market your precious metal treasures.

  • Avoirdupois vs. Troy Ounces: If that you don’t understand the difference between the 2, and if that you don’t learn how to convert one into another, then you’ll probably be studied advantage of. Avoirdupois Ounces are bathroom scale or delicatessen scale weights. Precious metals are weighed using Troy Ounces, which are much different weight measurements. You had better learn 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 the value, while others use Pennyweights. It will vary from store to store. And if that you don’t know the way these work, and if you can’t convert one into another, you will probably be rooked at some point.
  • Sterling Silver Fineness: You must understand the Sterling Silver is 92.5% pure silver and 7.5% base metal. Never anymore or less.
  • Other Silver Fineness: You must realize that some countries used a silver standard other than Sterling, for instance, 95%, 90%, 90%, 83.5%, or 80%. Each is marked differently, and you need to learn how to identify the many markings and differentiate one from the other.
  • Solid vs. Weighted Sterling: There is a big difference between Solid Sterling and Weighted Sterling. Both metals contain 92.5% pure silver, but Weighted Sterling contains a heavy cement to simply help avoid the piece from tipping over. And no-one is going to pay you for cement.
  • Non-Silver Silver: If you believe that German SilverAlpaca Silver, or Sheffield Silver are real silver, you’d be mistaken. And it may cost you.
  • Gold Fineness: If that you don’t understand the difference between 10k, 14k, and 18k gold, it may also run you dearly. This is very basic, and, with gold at $1,600+ per ounce, a slight miscalculation could run you thousands.
  • Other Golds: If that you don’t know the difference between Rolled GoldGold PlateGold FillGold Vermeil, or Gold-Tone… it may also run you big bucks.
  • Troy Weight Scale: If that you don’t own a $15 precious metals scale, you can’t properly weigh what you own, and you won’t know precisely what you have.
  • Precious Metal Test Kit: If that you don’t own a $15 acid test kit that allows you to test and/or confirm the fineness of gold and silver, then you definitely won’t have the ability to establish precisely what you do, or don’t, have.
  • Diamond Tester: If you don’t own a $15 Diamond Tester, how will you know whether it is a real diamond or fake paste? (Did you ever hear the household that sold Mom’s $10,000 diamond ring for $10 simply because they thought it had been costuming jewelry?).
  • Maybe the Buyer’s Scale Accurate? Would you determine if the Buyer’s scale is placed to a description that favors them over you?
  • Fake Gold and Sterling Items: Fake US and Foreign Coins are made to look authentic, but they’re not. And we see an increasing quantity of counterfeit jewelry items marked “Sterling,” or with fake “10k, 14k, 18k” gold markings. Most have already been manufactured in China and imported here. Would you tell the difference?
  • Are the Gemstones Real or Faux? Would you tell the difference between real and fake gemstones? And the worthiness of every?
  • Buyer Reputation & Longevity: Does the Buyer have extensive experience, or have they recently opened? I would rather cope with someone who’s experienced business at that same location for quite a while. You do not stay in business for many years if you treat people fairly.

Remember this: The Seller always wants as much as possible, while the Buyer wishes to pay less than likely. If you end up somewhere in the middle, you’re probably okay. But when that you don’t understand the worthiness of what you own… when you sell it… you’ll probably be studied advantage of. Need some helping selling JewelryCoins, and/or Sterling Silver? We can perhaps help. Call us at 215-264-4304 when 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 market some Sterling Silver flatware she had provided for us. Before we sold it, we called her with this calculated weight and estimated resale value. Her immediate response was our weight did not match hers and sounded too light. I asked her three questions.

  • Did she weigh it on a bathroom scale? Yes, she had.
  • Did she consider it while the cloth wrappers that protected the many pieces were still on? Yes, she had.
  • Did she weigh the Sterling-handled knives at a full weight rather than simply factoring in the importance of the hollow Sterling handle? Yes, she had.

We took her weight, then subtracted the cloth wrapper weight, and the Sterling knife weighs and converted her Avoirdupois weight to Troy ounces. And do you know what? We were spot on. And she was ultimately happy.

About Muhammad Mubeen

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