Do any of you have any experience selling jewelry or silverware to cash for gold places?

I bought a ring collection and 2 collections of brooches to get some pieces to give my nieces for Christmas. 2 of the rings, which I don't like, are marked PL and appear to be palladium, which has a spot value of $64.94 a gram. One ring is 10 grams and the other 8 grams, so their spot value should be about $1169.00.

What percent of spot do cash for gold places pay?

Keith

Hi Keith, the cash for gold places are to take advantage of folk who dont know what theyve got.

If I were you id find a local coin shop and have them looked at there.

Cash for gold will low ball you. Most metal dealers have a refiner they work with.

From what I understand there is scrap price and market value. Most will quote you scrap price.

I’m not sure what the going rate for silver and gold is, but I think you’re my long lost Uncle.

Lol!

Legitamate gold buyers should pay around 80-85% of gold value.
Platinum and Palladium might be different. It can be a little harder to distinguish the two and the purity. However, a good dealer will have an XRF analyzer for that purpose.

Waggle gave you good advice. I would likely not send it in to a place like that, but find a local operation that you can work with.

Knowing what you have and the value of it are the most important parts of any negotiation. Be ready to walk if the education and prices are not in line with what they should be.

Based on most jewlrey I would guess PL to be for Platinum. PD is generally used for Palladium.

Most jewelry is also not 100% pure. Platinum is often 80-90% platinum and a mix of a few other metals. This needs to be taken into your calculation of value.

Best deals I have got is find jewelers that craft there own goods they have to buy the stuff to make there ware and if they can get a brake on the material you will get the best deal also. I have sold some pieces they bought not for the metal it contained but to re-craft and sell.

KeithC- Just curious if you'd tell us what you bought the collection for? If its not much above what you were going to pay for presents for your nieces anyway, then these less known precious metal rings are a bonus. I would certainly look around and see if any offers stand out above the rest but if its all gravy anyways, I don't know how long I'd keep looking. Good luck and keep us informed!!

The guys are right. Those places exist purely to launder stolen jewelry that was swiped from grandma's box by cousin crackhead.

AND, they melt everything as fast as they can so no one can take the stuff back when cousin crackhead gets caught.

A "PL" marking could indicate "PLATED" ... so becareful when buying ... Palladium is considered to be of the same metal family as Platinum so should have a Hallmark of as indicated below. It is a federal law that ALL metal such as silver, gold, platinum, palladium and similar metals be Hallmarked with what the metal is and its content of purity.

900 Platinum - Also: 900 Plat, Plat 900, Pt900, 900Pt* | 90% pure platinum (900 parts out of 1,000) | Ruthenium, rhodium, palladium, and other platinum group metals

950 Platinum - Also: PLAT, PT, 950 Plat, Plat 950, Pt950, 950Pt* | 95% pure platinum (950 parts out of 1,000) | Ruthenium, rhodium, palladium, and other platinum group metals

Garry-

I should have clarified that I have managed a Zales Jewelry stores and was asst. mgr. in 2 other Zales stores and worked in 2 other jewelry stores. There was one company that made some beautiful jewelry of all kinds that was made of silver, but gold layered. You couldn't tell it from solid gold jewelry, because some pieces on the market, such as neck chains only have the gold content on the stamped on the fastener. On this companies chains was a HGP 14K , but the crooks found out they could bring a chain into a jeweler and have the catch replaced with a a real gold catch for a few bucks and sell the chain for big bucks. So if anyone, goes to buy a gold chain for a cheaper price than you can get it in a store... BUYER BEWARE!

Garry-

It must also have the Purity stamped on it … not just PT.

Garry-

I paid $17.00 plus $2.00 handling and Ohio State tax for 29 rings. I was after pretty costume jewelry for my two young nieces to wear and play with.



I know very little about jewelry.

Keith

Here's the brooches.





Some of the brooches are marked 925, which I believe is sterling silver.

Some are marked RSE, which I don't know.

I paid $101.34 for everything plus Ohio state tax.

Keith

Well Keith... I think for that you got your monies worth. There are some really nice looking pieces in there. I am sure it is all Gold Plated, but that makes no difference, if the girls like them, they can wear it with pride.

My first dealing in jewelry was I had a small jewelry business of my own. I guess I have always been festinated with shinny and sparkling items. There are those people that think if it is not the most expensive, it is shameful to wear it.

You did good... I see a couple of pieces in the group that I would buy, if I had someone to give it too.

OBTW... I said in my post above about heavy gold plated and what I should have said, it is Gold Filled. The difference is it is either electro plated or gold filled is actually taking a very thin layer of gold and adhering it to a base metal, usually with heat and then forming the item from that. It will last much longer than plated and cost somewhat more, but still not a solid gold item. They are also supposed to indicate that it is gold filled and usually with the gold content.


Garry-

here is the answer to your RSE...

A “925” Mark Is Usually Stamped on Gold Vermeil So, if your gold piece is marked with a “925” stamp, what you have is likely gold vermeil (pronounced ver-may). This is the name used to denote silver jewelry covered with a thin layer of gold. Click here to browse gold vermeil items.

Some really pretty pieces there too... I don't think you got hurt on the price... especially with some of the pieces being sterling. I imagine that some of the rings had a base or heavy content of silver.

Garry-

Allan's in Westerville Ohio. Good place. They analyze and explain everything to you. This is where I go to sell my finds in the trash

Whether or not you have some value in a couple pieces is irrelevant Keith, to me anyway. Hundred bucks to make your nieces giddy at Christmas is priceless, good on ya.