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6 Common Mistakes When Selling Silver and Gold

Mar 17, 2021

Common Mistakes to Avoid When Selling Silver And Gold

Maybe you have a pile of old jewelry that you’re never going to wear. Or perhaps you were gifted a gorgeous set of silver flatware and already have three other sets lying around for special occasions. There are a number of reasons we find these precious metals scattered around our homes. The good news is, selling your silver and gold can be a win-win – your metals get rehomed or recycled, and you get the benefit of its current cash value. 

The trick is to find the right buying partner at the right time. To help you get the most for your valuables, we’ve put together tips to avoid common mistakes when selling silver and gold:

Manage Your Expectations

Ever watch Antique Roadshow where someone shows up with some old heirloom that turns out to be immeasurably priceless? And then someone else shows up with an old heirloom that is steeped in sentimentality but not so much on the value? The same is true of selling silver and gold. The best way to find out what your valuables are worth is to have them evaluated by a respected professional. 

At Samuelson’s, we determine the value of gold pieces based on the result of purity tests, what similar collectibles are going for, and its current market value. For silver, we consider the age of the item and its current market price. That leads us to…

Watch the Market

Precious metals fluctuate in price because that’s the nature of the market. A reputable buyer will always have an eye on the market when it comes to weighing the value of your materials to ensure you get a fair price. One thing you can do to make sure you reap the rewards is check in to silver and gold prices from time to time. If prices are increasing, might be a good time to sell! Along those lines, it’s important to recognize…

Your Gold and Silver Items Hold Value

No matter what form your precious metals are in, it’s worth trying to sell. Maybe it will be perfect as-is and just needs a new home. Maybe it’s a bit roughed up, but it’s also a precious collectible a collector has been waiting for. Or maybe it’s beyond repair but can be melted down and brought back to life as a new piece of jewelry. All gold and silver has value – it’s just a matter of how much! There’s one caveat: if the item is plated, it likely will not be considered valuable – namely because of how much work is required to separate the pure metals from the object.

Gold and silver items almost always retain value

  • Watches and jewelry can be repaired – Just because your item is damaged doesn’t mean someone won’t find it useful. It’s likely salvageable!
  • It could be a collectible or antique – Your gold or silver pieces could hold historical value as collectibles. If you think this is the case, make sure not to clean your item before bringing it into a respected buyer.
  • Metals retain value – Even if your item is damaged beyond repair, it will still hold value as gold or silver. Even in a worst case scenario, your item will be worth selling!

Do Your Research

We’ve said it before and we’ll say it again: do your research! While pawn shops, online marketplaces, or one of those mall stands that say “Cash 4 Gold” might seem like the easiest answer, we will always advocate for knowing who you’re going into business with. Are there reviews about the buyer? Are the prices comparable to fair market value? Do you know anyone who has worked with them? How long have they been around? A local, reputable business will be able to provide satisfactory answers to all those questions. A bonus of there being so many places to choose from is that it drives the prices up to earn your business! Speaking of, when selling your silver and gold, you shouldn’t have to…

Wait to Get Paid

A reputable buyer has professional evaluators on hand who can accurately and fairly price your item, provide a thorough explanation of the jewelry’s worth, and walk you through the selling process. They might even be able to provide a history lesson on the item if you’re interested! They’ll encourage you to ask as many questions as you need to feel comfortable. And at the end of the conversation, should you decide to sell, you’ll walk away with a check in hand.

Use our tips to avoid these common mistakes when selling silver and gold – and if you are interested in selling, contact us online! Samuelson’s has been serving the Baltimore community since 1922, and we have built our reputation based on integrity, trust, and fairness. We want you to feel confident about selling your valuables, and we want you to walk away feeling as though you were treated respectfully and fairly. 

 

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