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How Can I Sell My Scrap Gold?

A few days ago a very good friend called me. Her son had been digging in their backyard and found what appeared to be a very valuable diamond ring. Because there was no way of knowing how long the ring had been there, my friend called me to ask more about the ring. Several of the diamonds were missing, so to her it really wasn’t worth keeping. Since times are hard, and just about every one could use some extra cash, I wasn’t surprised when the next words from her were, “How can I sell my scrap gold?”

Generally a jewelry store would be the first place to go to see about selling your scrap gold, since they can pay a very decent price for a ring such as my friend’s. However, some jewelry stores aren’t willing to purchase items that need major restoration and some don’t want jewelry with any damage.

Many people may suggest going to a pawnshop. However, this can be the worst places to take your jewelry since they often offer very little money for it. Pawnshops are used to dealing with people down on their luck, and often take advantage of that situation by not offering a good price for people’s valuables.

Sometimes you can find brokers that want to buy your valuables if you know where to look. Often these guys will place an ad in the newspaper offering to buy your old jewelry, coins and other precious metals, but they can also be found at trade shows.

If you’re not in a hurry to sell, auctions may be a great opportunity. However, local auctions are primarily for those wanting to sell a lot of stuff. You may find an auction house that will list your individual items, but these places usually want items in decent condition.

Online auction sites like eBay and others are a good choice since they can offer your jewelry to a wider audience. You should be aware however, if your item doesn’t get any bids, you may still be responsible for listing fees, which usually are not very much.

Often the best resources are your friends and family. There’s no shame in asking family and friends, “How can I sell my scrap gold?”  They may very well know of a few places that you didn’t think of.

Need to Sell Your Gold?

Thanks to the government’s financial disaster, many people have been feeling the pinch of not having enough money to cover their bills on a month-to-month basis. A few weeks ago it hit home when my father-in-law announced, “I need to sell my gold today.” They were words I never thought I’d hear him say.

My father-in-law is proud of his coin collection. As a matter of fact, there’s not a visit that goes by when he doesn’t bring out his coins to show them off. So to hear my father-in-law utter those words was practically heartbreaking. Yet, what can you do? When money is needed for food and bills you have to do what you can, just as my father-in-law did.

Of course there are numerous buyers out there who are willing to take your precious metals off of your hands. But, not everyone is willing to give you the cash you need, immediately. That’s almost a rare thing unless you’re willing or actually can find a local dealer.

My father-in-law lives in a small town, so about the only buyers he could find in his area were pawnbrokers and jewelry stores. He ended up having to travel almost 2 hours away to make any sort of decent money from his collection of coins.

If you’ve been thinking about selling your own coin collection or jewelry, your best bet is to stick to the local dealers if you’re looking for fast cash. Internet and television companies who deal in precious metals can take weeks to send you your money and it’s a safe bet they’ll be sending a check, which you’ll want to clear with your bank first. So by the time everything has been cleared, you could be waiting for at least a few weeks, if not longer!

You could try auctioning off your items, but most auction houses require a week’s notice and sometimes longer to advertise your items for the auction. And if you’re considering an Internet auction site, those can take weeks.

If you don’t mind waiting a few days, you might want to consider having a yard sale. As silly as it may sound, you’d be surprised how many dealers are willing to drop by a yard sale to find some great treasures.

If you’ve got gold scraps that you want to get rid of, try asking your local coin shops if they’re buying. If they’re not, they might at least know of a buyer in the area who is. Jewelry stores are also a good resource since some may be willing to buy your old gold scraps and restore them.

And finally, check the classifieds in your local newspaper if you need to sell gold immediately. Often times there are dealers or private individuals looking to buy gold. Just remember to do your research before you accept just any offer!