Today, the price of one ounce of gold is more than 1600 dollars, while the price of one ounce of silver is only about 16 dollars. The price of silver can easily reach hundreds of dollars, and . But here’s a warning:
Before you sell something, you run the risk of being taken advantage of if you don’t know how the game is played or exactly what you have. Before attempting to sell your precious metal treasures, there are a few things you should be aware of and possess.
Troy Ounces versus Avoirdupois: You’ll probably be taken advantage of if you don’t know the difference between the two and how to convert one into the other.
Avoirdupois Ounces are weights for delicatessen or bathroom scales. Troy Ounces, a completely different weight measurement, are used to weigh precious metals. You need to know the difference.
Pennyweights versus Grams versus Ounces: There are 20 pennyweights (dwt.) in a troy ounce. or 31.1% of a gram Pennyweights are utilized by some Buyers, while Grams are utilized by others.
It will be different at each store. Additionally, you will probably be exploited at some point if you do not comprehend how these functions and are unable to convert one into the other.
Quality of Sterling Silver: Sterling Silver is always 92.5 percent pure silver and 7.5% base metal, as you must know. Never less than that.
Other Fineness of Silver: You must be aware that 95 percent, 90 percent, 90 percent, 83.5 percent, and 80 percent of nations used a silver standard other than sterling. You need to know how to recognize the various markings and distinguish one from another because each is marked differently.
Sterling, Weighted versus Solid: Weighted Sterling and Solid Sterling are vastly different. Weighted Sterling contains a heavy cement to help prevent the piece from tipping over, while both metals contain 92.5 percent pure silver. Additionally, no one will pay you for cement.
Silver
Non-Silver You would be mistaken to believe Sheffield Silver, German Silver, or Alpaca Silver to be genuine silver. Also, it might cost you.
Gold Purity
It could also cost you a lot of money if you don’t know the difference between 10k, 14k, and 18k gold. This is very basic, and a small error could cost you thousands given that gold costs more than $1,600 per ounce.
Extra Golds
It could also cost you a lot of money if you don’t know the difference between Rolled Gold, Gold Plate, Gold Fill, Gold Vermeil, and Gold Tone.
Weight Scale Troy
You won’t be able to accurately weigh what you have and won’t know what it is if you don’t have a $15 precious metals scale.
Test Kit for Precious Metals
You won’t be able to precisely determine what you do or do not have if you do not have a $15 acid test kit that allows you to test and/or confirm the fineness of gold and silver.
Diamond Examiner
How will you know whether the paste is real or fake if you don’t have a $15 Diamond Tester? Have you ever heard of the family that bought $10 for their mother’s $10,000 diamond ring because they thought it was costume jewelry?
How accurate is the Buyer’s Scale? Can you tell me if the Buyer’s scale is set to a value that puts them ahead of you?
Sterling and fake gold items
Fake US and foreign coins are counterfeits that are made to look real but are not. Additionally, there is an increasing number of counterfeit jewelry marked “Sterling” or “10k, 14k, 18k” gold. The vast majority have been imported from China. Can you distinguish the two?
Are the gems genuine or fake? Is it possible to distinguish genuine gemstones from counterfeit ones? And what is each worth?
Longevity and goodwill among customers
Does the Buyer have a lot of experience, or is this their first business? I’d much rather deal with someone who has been in business for a long time at the same location. If you don’t treat people fairly, you won’t be in business for decades.
Always keep this in mind
The Buyer always wants to pay as little as possible, while the Seller always wants as much as possible. You are probably fine if you end up somewhere in the middle.
Do you require assistance selling coins, sterling silver, or jewelry? Most likely, we can help. If you have any questions or require assistance converting your treasures into cash, please contact us at 215-264-4304.
What’s the point? We were assisting a Florida woman in selling some flatware made of Sterling Silver that she had sent to us. We called her with our calculated weight and estimated resale value before we sold it. Our weight didn’t match hers and sounded too light. I inquired three times. Did she weigh it on a scale in the bathroom? She has, indeed.
Did she weigh it while the various pieces’ protective wrappers were still on? She has, indeed.
Did she weigh the knives with Sterling handles in their entirety as opposed to just taking into account the weight of the hollow Sterling handle? She has, indeed.
After subtracting the weight of the Sterling knife and the weight of the cloth wrapper, we converted her Avoirdupois weight into Troy ounces. And what’s more? We were on point. And she was content in the end.