At Seven Seas, our purpose is to make evaluating and selling your Estate items easy and beneficial for you you. For 12 years we’ve been helping families deal with Jewelry, Coins, Watches, Artwork and more, often by taking them in on consignment when the rest of the Estate has been dealt with. We’re always honored to evaluate and guide our clients through their best options for dealing with these sorts of valuable items.
Why Listen to Us?
First, let me say a bit about why we’re qualified to offer this advice.
As estate dealers, we often sit with families to sort through boxes and bags of jewelry & coins. In an old jewelry box from the 50’s, for instance, you might find gold, silver and even platinum mixed in with other trinkets like fake pearls, glass baubles, rhinestones, cufflinks, tokens, military and other medals. Over our 12 years in the business, we have helped hundreds of clients sort and value these items so they can decide what to keep and what to sell.
We also sort and assess coin collections–in fact that’s one of our passions! Will himself has a sizable coin collection, and he brings his experience and expertise to evaluating the collections of our clients.
In addition to our years of experience, we regularly feature jewelry and coins in our weekend estate sales and online auctions. This allows us to get to know the market, fair prices, and the buyers and sellers who we trust!
We want to take this opportunity to share some of this hard earned knowledge with you!
What to Know About Selling Silver
Right now, the price of silver is higher than it has been in ages! That means this is a great time to sell silver, and especially coins! But before you start, there are some key things to know.
Selling Silver Coins
The cost of silver is a big deal, but the coins themselves matter too! Even with the cost of silver so high, certain coins will sell for more than the silver value.
Before you sell off your can of coins for the silver value, we recommend having someone good with coins look through your collection for higher value coins.
We love to consult on coins and we don’t charge for the service. We’re happy to advise so you can make a good decision.
Other handy information about silver coins:
- What is twenty times face? When the spot price of silver hits $27.75 (which it has recently), then US junk silver coins are valued at ‘Twenty Times Face.’ In other words, a single Silver Dime is worth 20 x 10 cents, or $2, and a Silver Quarter is worth $5.
- Why does this matter? There Are many places to sell (including us) and it is possible to get 90% of the melt value on most days.
- What should I ask a buyer?
- If you’re selling your coins for the melt value, as the buyer “What percentage are you paying?” or “How many times face do you pay?” Coinflation.com has a list of silver and gold coin values tied to the live spot price, which can help you prepare!
- What coins contain silver?
- US dimes, quarters and half dollars from 1964 and before are all made of 90% Silver. Additionally, as we mentioned, coin collectors pay a premium for coins with certain dates and mint marks, and in better conditions. Give us a call if you’d like us to look through your collection and make a recommendation!
Silver Flatware and Jewelry
Silver flatware is also selling well due the high value of silver right now. A service for 12 can bring $1500 or more at this point!
Silver jewelry is scrapping for 60 to 75 cents per gram at current prices.
Like with coins, some patterns and makers of flatware and jewelry will sell for more than their melt value. If you aren’t sure of the value of what you have, reach out to us for a quote! We are always buying and can add consignment items to our auctions.
What to Know About Selling Gold
Now for tips on gold! A little gold goes a very long way right now so it pays to understand the little bit of math needed to calculate the melt value of a necklace or ring.
How do I know the value of my gold?
To figure gold value, start with the ‘spot’ price and convert it to account for what kind of gold you have. (A gram scale is a must have if you want to learn to trade gold as a side thing.)
- Find the spot price of gold. This refers to the value of a troy ounce of pure gold. (A troy ounce is 31 grams–different from the ounces on a kitchen scale! Hence the need for the gram scale.)
- Determine what kind of gold you have. Most folks are dealing with either 10 karat or 14 karat gold.
- Weigh your gold with your gram scale!
- Multiply the spot price x the gram weight x one these handy multipliers
- For 10 karat gold, multiply by .01375
- For 14 karat gold, multiply by .0185
For example, to get the value of 2 grams of 14k gold, you’d multiply $1763 (today’s price) x 2g x .0185 = $65.2!
As you can see, it doesn’t take much weight to get a lot of value!
Once you have a clear idea of the ‘melt’ value of your pieces then you are in a position to negotiate a sale price.
What are the options to sell my gold?
Like with silver, you can sell gold for the melt price, but some pieces will be worth much more!
We are happy to take pieces on consignment for sale in our auctions, which will help you get the best price for the value of the piece. We can also help you sort through a jewelry box to figure out which items are of low and high value. Unlike the ‘gold buyer’ stores, we buy lots of ‘costume’ jewelry, too. So if you consign to us, you won’t be stuck figuring out what to do with everything else in the box.
If you choose to sell for melt price, there are many places to sell gold.
It’s important to know the range of options so you can get the best deal. Again, ‘What Percent of spot are you paying?’ is a wise question that should help you get a fair price.
- Pawn shops pay as little as 50% of the melt value
- Many fair ‘middle men’ pay 80-95% of melt value
- Industry Refiners can pay as high as 97% of melt value, but they generally only deal with licensed businesses who bring minimum quantities that are pre-sorted and weighed. For the average person, the best option is to build a relationship with someone positioned to sell directly to the refiners and who works on a reasonable margin
- We regularly buy gold and we typically pay between 80-90% of the melt value, depending on what you have. It’s always fun when customers pay at checkout with their own broken gold chains and stray earrings! And again, we’re happy to take consignment items to help you get the full value of your pieces.
We hope these tips come at a good time for you and help you make good choices on what to do with your extra gold and silver.
If you’d like some free help assessing what you have collected or inherited, please reply to this email or give us a call to set up a consult.
Jeanne, Will and the Seven Seas Crew.