Get the Most Cash When Selling Your Gold and Silver

Old chains, single earrings, inherited flatware and pre-1968 coins can earn you good money, but two people selling the same treasures may get completely different payouts. The reason for it is always the preparation and knowledge of the potential buyer.

First of all, you need to know the current spot price. Gold and silver are volatile metals, so you need to research how the chosen dealer calculates his price based on it. Any trustworthy dealer will have published rates or explain the particular math he is using. Second, you have to understand what you are selling. Payouts are based on gold or silver purity, so learn to read the tags like 10K, 14K, 18K, 585, 750, 925. Pre-1968 Canadian coins and pre-1965 US coins include silver, so do not forget about them. You need to show all the precious metals. If the jewelry you are going to sell does not have any tags, a professional dealer will be able to identify its purity in front of you.

Never try to clean, fix or throw away broken chains, earrings or any other jewelry you want to sell. Its weight determines how much money you will get, so a broken ring will be paid the same as an intact one. Moreover, divide your items according to their karat value. Put silver coins separately from sterling flatware and remember to bring all the papers and appraisals with you if you are going to sell antiques or precious stones.

Do not forget to compare two or more sellers before making a deal. It is important to pay attention to whether the seller divides the payment based on the karat value, has open scales, shows the purity of your future treasures in front of you, does not force you to make a choice and does not use any other tricky tactics. Gold and silver sellers often work like jewelers, so you should be especially careful. Avoid those who offer a mail order selling, a lump sum payout for all of your treasures, insist on instant buying without appraisals.

The best way to be sure everything is clear is to see open scales and actual calculations. Finally, bring your government-issued photo ID because the seller is allowed to check it to make sure you are 18 or older.

Want the full checklist and answers to common questions about payment, appointments and broken jewellery? Read the complete guide: Get the Most Cash When Selling Your Gold and Silver.