Went to turn in some silver and gold.

[flash5153]

Wanted to buy a 10x14 coil, so figured if I can sell just a few things to cover it I will do it.
Took 6 silver spoons and 2 gold rings.

Silver spoons weighed in at (i believe) 72 penny weight. That is how this guy does it. I think that is about 4 ounces? He told me there is 18 PW in an ounce. Offered me $18. LOL

Then the rings ,,offered me $145 ,,then acid tested the rings. One is a whopper of a ring marked 14 K and has been suspect for me,, but never tested. It is something other than gold, brass I think. Offered me $28 for the other ring.

I passed on all. I figured a silver spoon would be worth more than $3. I don't have a scale.

Does anyone know if his numbers and prices are up to par?

Here's a pic of this huge Nitro. Someone got ripped when they bought it.It surprisingly looks like gold.

 

[Roscue2]

Might not be real, but it is a pretty interesting piece.

 

[dahut]

New York buy price on silver is $17.66/ troy ounce as of close, today. It will remain so until market opening on Monday.

There are 31.103 grams in troy ounce, and one pennyweight equals 1.555 grams.

72 dwt x 1.555 = 111.96 grams.
111.96grs. / 31.03 gr = 3.608 ounces

Based on spot silver price, your sterling spoons are worth $17.66(3.608 ) (.925) = $58.94
Six spoons, $58.94 / 6 = $9.82 per spoon.

More like you were thinking?

------------------------------------------------------------------------------------------------------------------------------------

Keep dreaming. What he's offering is a wholesale buy price, not spot trading prices. He isn't in line to make you money - he is there to be an outlet for you and to make himself money, after paying his overheads and operating costs. He cannot do that trading on spot.
Precious metal profits are based on percentage points against spot. It is a comparative value. He is trying to increase his comparative profit by practicing the oldest rule in the book:

BUY LOW - SELL HIGH.

Really, 33% of spot for a silver spoon sounds like a reasonable wholesale buy price. The same determination holds for gold, indeed for all precious metals.

I wouldn't have taken it either, but it is reasonable for him.

It is time to get a scale and go to school on this stuff. You can get one on ebay for $15 or so. It is the only way to really know what you got.

 

[cwilk]

There are 20 pennyweights in a troy ounce. 31.1 grams in a troy ounce, FYI.

Have somebody else test the ring. Somebody who you trust. You can purchase acids to test gold and silver for about 30 bucks or a little electronic tester (I use a Mizar) for around $80. I test all my stuff myself.

Buy a small digital scale. Mine can weigh in pennyweights, ounces, troy ounces, and grams. Cost about 15 bucks and is as accurate as my coin shop friends expensive scale.

I wrote a very basic article about scrapping gold (and silver) in the July issue of Lost Treasure magazine. It might be in their archives on-line. You really need to know the basics before you go to a dealer and get ripped off.

Your guys offer was not very good but it is a pretty small quantity of metal. Usually the more you turn in the more fair the offer. My local guy gives about 60 percent of true value for scrap silver unless its a really nice piece of jewelry or a better coin. He gives about 75-80 percent for scrap gold. There are places you can send it to that pay very good prices but like I said you need a bigger order. I use Midwest Refineries. Do NOT send anything to Cash For Gold. They pay less than 50 percent of true value for gold in most cases.

Your spoons are worth around 60 bucks. I wouldn't have sold them for less than $40, personally. Good instincts to keep your treasure!

Ebay is a good place to sell scrap metals too. You have to list properly to get the best price.

Good luck.

Chris

 

[RickIowa2009]

Interesting

 

[flash5153]

I thank you for your help. I think you both said about the same thing ,,but different.

I do need a scale.Can't believe I dont have one by now.

I've been told a coin dealer,gold buyer has several difference price ranges depending on the mood,, or the customer. I heard that from the mouth of a out of town shop owner, He said this as a joke,really kind of smart a??, but it is true. I cant say I blame him, their range of profit is fairly big and can adjust it however they feel. And they are going to treat a loyal customer that has bought alot from them better than anyone else.

I don't sell or buy enough to know where I was on this deal. But it seems wasn't too bad and now I have an idea,without a scale , to know what I need for X amount.

I'm going to keep my silver, but I have some gold that has been sittin in a case for years. I'm still just not sure but thanks for the help. Its hard to get rid of these finds, lol. For another piece of equipment to find more items is a good reason to consider it.Must admit, I have sold some stuff when times was tough, I didnt want to and I regret it . But that is the way it is.
I will have a 10x14 coil by next spring one way or the other.And a few other goodies.

 

[dahut]

I thank you for your help. I think you both said about the same thing ,,but different.
Yeah, pretty much!

I've been told a coin dealer/gold buyer has several difference price ranges depending on the mood, or the customer. I heard that from the mouth of an out of town shop owner. I cant say I blame him, their range of profit is fairly big and can adjust it however they feel. And they are going to treat a loyal customer that has bought alot from them better than anyone else.

Thats exactly right. If you know what the spot price is to the dollar, then you both have a place to negotiate from. You can accept a reduction once you know he is on the same page and he can offer more, since you are not a rube.
I reckon its free money, anyway.

I tend to see the detector as a crucial piece of gear. Without it, you cannot pursue the activity, so I see it as an outright purchase. Viewed that way, you begin to see a payback from the first outing. Unlike other hobbies that continually drain resources, detectors pay you. Even if it is only clad coins that you find, the payback occurs.

But it doesn't pay well, to give away your finds. It behooves you to know what your items are worth, both spot and market prices.
I've had rings that aren't worth much in scrap price, but have sold for a lot of money because they were desirable as jewelry pieces. In fact, that is how I try to sell worked jewelry, as personal pieces.

 

[Uncle Willy]

You can pick up a scale at Harbor Freight pretty cheap.I have two scales ( one was a gift ). One is a US BALANCE, has six weighing modes. Weighs jewelry, gold, gun powder, diamonds, precious metals, and will weigh a total of 1000 g. Think it was around 25 bucks or less.

Bill

 

[TURNMASTER]

Dude, call around and find out who in your neighborhood pays the highest rate.

That will be in terms of % of spot.
I have a coin shop here in Spokane who deals as a volume buyer and pays a pretty fair price, and higher than competitors here locally. (Coins Plus) No I am not affiliated in any way nor do I know them other than buying coins there.

Go Get 'Em
Jeff

 

[deerman]

a few of us have just started sending in to ara refiners it dallas tx he will give you a great price for your gold but so you know the smaller amounts
dont get top dollar but it will be better then midwest has been giving us right now

 

[flash5153]

Yes I need a scale. But was asking if this guys offer was close to fair .Scale or not.

I think Dahut's answer was accurate enough and I thank you all for your responses

. Honestly ,I would NOT have sold the silver spoons at spot silver price. I think they are worth more as a silver spoon rather than scrap. I have a boat load of silver that I feel the same way about.To me silver scrap prices are not high enough to rid these items. Rings ,spoons ,charms ,pendants. Most do not have a flaw.

Now for gold is different,if I did not have a "nitro" ring I would have taken him up on his offer.Keep in mind I was on a mission to come up with X amount of $ for a coil and these were the items willing to rid.. At this point Im not interested in selling anything more.

Not only a coil, but my mind has been on a 2500 by spring, the 250 must have brought me to the Garrett side.(I might reconsider selling some gold) Anyone want to buy a 14k(its marked) brass ring? pictured above??

Until I get a scale, you can call me slow5153 (Uncle Willy: harbor frieght I got it,will post some pics.)

 

[Adrian SS]

What makes you think the big ring is brass,It is easy to see the difference between gold and brass with the acid test. and with a scratch test 14k gold will be
soft and the scratch will be smooth, brass will produce a brittle chipped scratch. What are the stones set in the ring?

 

[flash5153]

When I found that ring I had the stones checked by a jeweler,,its CZ. But I did not get the gold checked until just the other day. He did an acid test and it failed.
I was just joking about selling it, its worthless.Other than my finger and it will just squeeze onto my pinky finger, but the ring size 10 will go on,,,,, so its not completly worthless.