What percentage of melt should I expect to get from a pawn shop for US Gold Coin jewelry
Klif50
Posts: 683 ✭✭✭✭
My ex-wife received from her mothers estate some US gold coin jewelry. There are 2 1/4 ounce US modern gold coins in heavy 14k gold chains and mounts. 5 1/10 ounce US modern gold coins in a 14k bracelet. All coins are in mounts and not soldered to the chains. There is an older 5 dollar gold piece in a 14k mount with 14k chain. All together this is a pretty good handful of gold but I don't have a clue what a pawn shop usually pays for this sort of stuff. I know now to go to a "we buy gold" place or a jewelry fast fix it place, and don't really have a good feel for jewelry stores.
Just looking for some best guess. We will probably take the stuff in on Friday for an offer. If I don't think it is high enough I'll buy the stuff myself and just add it to the rest of the stash but I'll pay considerably more than I think they will offer.
Comments
Have you weighed and calculated the melt price for the lot?
I would be more inclined to take it to a coin shop vs a pawn shop. I think the one local to me here pays 97% of melt? It's been a while though.
Collector, occasional seller
Thanks, I don't have scale and there is no coin shop within driving distance from the house. I've bought guns from this pawn shop and stop by and shoot the breeze with the old guy there. I feel comfortable approaching him. I have a gut feel for the bottom line and if it's not close then I'll drop back and punt.
expect less than spot from a pawn or coin shop. They will want to pay wholesale because they need to make a profit when they retail it.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
it'll be hard to calculate an exact weight since 1/10 and 1/4 gold eagles are 22k, the 5 dollar gold is 90%
take 1 ounce of gold price. divide it by 4 or 10. those smaller sizes will sell for more than $gold/10 or 4... it's not a huge difference but it is there.
don't damage the coins or clean the coins. even though gold is gold people want primo coins and those are easier to sell.
Although the gold eagles are 22K they contain the full weight of gold noted on the coin. Each American Gold Eagle's actual weight is higher than what is noted on the coins. This is because of the added alloys to make the gold "harder."
The older $5 gold piece contains .02419 oz. of gold.
The OP has 1.02419 oz of gold in the coins. What remains to be calculated is the amount of gold in the jewelry. That will be based on weight and purity. His 14K jewelry is 58% pure gold. Melt value can be calculated by multiplying total jewelry weight X current spot X .58.
One oz of 14K gold is worth $1041.28 at today's spot price.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Many times fake gold coins are placed in jewelry, especially $5 gold. While these usually do have considerable gold content, they will be discounted greatly. Verify authenticity.
Knowledge is the enemy of fear
Scrap jewelry buy price around here is about 75% of melt when selling to a pawn shop/we buy gold. You may make more money selling the coins separately.
Good luck selling that gold .... I would remove the coins (verify authenticity) to sell separately and go for as close to melt as you can get for the jewelry. The coins, depending on condition, may sell for a slight premium to coin people. Cheers, RickO
I agree with ricko. If the coins haven't been soldered, they may have some considerable numismatic value beyond melt, and may be worth submitting for certification and grades. Have you checked the dates/mint marks?
Here's a warning parable for coin collectors...
even without solder, many jewelry mounted coins bear evidence of their having been removed from jewelry and end up with details grade
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Ive bought from a few members here in the past. Typically 90-95% of melt. Anyone saying they pay customers more than that for small quantity is losing money based on cost of their time. Depending on volume most dealers sell for 98-99.25% to refiners. I refine gold for my own needs.