Detecting hobbyists often like to keep all of their finds to show off to friends or show them at metal detecting club events. Others just keep some of the better stuff for themselves, or as in my case, have it confiscated by their spouse for their own personal use (sigh!), with the rest of the items being sold off. It may be possible to sell some of your more unique items for a higher price than spot metal prices on sites such as Ebay or in local shops on consignment, but for the most part, your jewelry will be sold for scrap value. One word of caution. Many local jewelers, pawn shops, or sites that advertise heavily to buy your gold and silver pay very little for your metals. You need to do your research! Later in this article I will mention several reputable places where you are likely to get a fair price for your metal.
Before trying to sell your gold and silver, you need to have a general idea what it’s worth. To calculate the value of your finds, you first need to weigh them. Don’t worry about small stones affecting the weight. The over all weight of your finds is just going to be approximate, but will give you a good “ball park” idea of what the jewelry’s worth. An inexpensive jewelry scale can be purchased on line. When weighing your gold, weigh and jot down the weight of each kt value separately (all your 14K, 10K, etc.) Then, click Here to use to a real nice calculator that will help you determine the market value of your gold or silver, and just how much you can expect to get from your finds after the processor gets his cut. You will need to put in the weight, and what the kt value is. Depending on where you plan to sell your gold or silver, you will need to find out how much they are discounting the spot metal value as their fee and input that into calculator as well. Remember, spot prices of metals change frequently over the course of the day, and what you actually get for your metal will depend on the spot price of the day it is processed.
Once you have the weight and approximate value of your metal, you can contact the place you plan to sell it to. Here are several links to places that you can sell your jewelry that have very good reputations and are often recommended on the metal detecting forums. They both accept small amounts of metal to process, so are ideal for the metal detecting hobbyist.
American Recycling Associates – I’ve dealt with these folks and was really pleased with their service. I actually got more for my gold and silver than I had expected. Once your gold is processed, you can have them “hold” your processed gold and call them to sell it once you are happy with the spot market price of the day. They will also send back all your stones if you haven’t removed them before sending in the jewelry. They also give you a very high 98% of spot value on gold, 90% on silver.
Midwest Refineries is another popular place with a good reputation that many people send their gold and silver to.
Here is a nice calculator to convert weight between grams, pennyweights, carats,and ounces.
Precious Metal Calculator (Same as one in article)
Here is another calculator to find out the value of your silver.
Here is a calculator that will let you know the value is of individual silver coins. Remember to figure in the amount that it would be discounted by the processor as their fee to find out what you would actually get. Before sending in your coins, make sure that they are not worth more to a collector!
And here is a place to check daily spot prices of precious metals.