Received several e-mails last week from readers wanting to know more on how to go about selling their gold and silver for meltdown, with gold being an all time high. I will try and answer all of these questions in this column.
First of all, when selling your gold and silver, deal with someone that you know is honest and reliable, such as a local jewelry store or a local pawnshop that has been in business for a number of years. Avoid online companies that request you to mail your gold and silver to them in postage paid envelopes they furnish to the seller. Several complaints have been filed against many of these companies in the last year from sellers all around the country. Also, beware of companies that set up temporary shop in your town buying gold, silver, old coins, including antiques. They love dealing with someone that's not aware of what their items are worth.
Letter from one reader
Question: I have several different pieces of 10-karat and 14-karat jewelery that I'm wanting to sell. I contacted a jewelry store in Parkersburg and they told me to bring it in. They told me they weight it by the gram. How can I go about weighing it before I make the trip to Parkersburg? I don't want to be cheated in any way. - H.L., Marietta.
Answer: With gold worth today $1,850 and up an ounce, divide the current price of $1,850 by 31.10. This will tell you the approximate price of gold per ounce. Now take your piece and weigh it. You can weigh it on a bathroom scale. 454 grams or one ounce equals approximately 28.35 grams. Calculate the number of grams. You now know the gold price per gram.
Second, determine the purity of the gold. If it is 24-karat, then it is almost pure gold. So you can use the amount calculated above. If it is 18-karat, it is 75 percent gold; 14-karat is 58.33 percent gold; 10-karat is 41.67 percent gold. Multiply the percentage of gold by the price per gram as calculated above.
Here is a simple calculation.
With gold worth $1,850 and your ring is 14-karat gold and weighs 2 ounces, price of gold per gram $59.48 equals $1,850/31.10.
28.35 (grams is an ounce) x 2 (number of ounces) x 4167 (purity of the gold) = 23.63
Price of gold per gram $59.48 x 23.63 grams and purity of the gold = ring value $1405.51
The buyer will subtract his or her profit from that, which is usually 60 percent to 80 percent. When selling your gold for meltdown be sure to ask the buyer what percent he's charging you. It's also good to contact a couple of buyers before selling outright. Take the highest bidder.
1903 Civil War Vets Delegate medal, Marietta, $51.
Bank note from Bank of Marietta 25 cents, $27.
1983 belt buckle advertising Plungerlift PSI Oil and Gas, Marietta, $5.
S&D Reflector Sons & Daughters of Pioneer Riverman (1975) newsletters, Vols. 12, 13 and 14, 12 issues, $75.
A.P. Donaghho pottery jar, Parkersburg, 11 3/4 tall, $188.
1940s postcard of Largest Elm Tree in the U.S., Marietta, $11.
Larry Koon is the author of several price guide books on antiques and collectibles.
His column appears every Monday on Life. Send letters to Treasure in the Attic, c/o The Marietta Times, 700 Channel Lane, Marietta 45750; or e-mail him at firstname.lastname@example.org. Wh