Best time, way & place to sell gold

Sammysmom

Hi. Sorry if silly question, or in wrong area...new to the forum.

Just wondering if anyone had any experience of selling gold and how they did that .
We have a gold sovereign and some 22 crt gold old wedding rings and other pieces that are not scrap value. At least £800 worth .
Very reluctant to sell on ebay or through these post online places , as if they go missing its too much .

We have been to a couple of very local jewellery shops and just shown the coin and they are seriously offering too little . Is it ever best to go to say Birmingham jewellery quarter or down to London to trapse around the shops there , rather than our sleepy market town .
Just wondering if anyone has any ideas.
Thanks :-)

qsk

Can't answer your question. But Paypal just announced a policy change to exclude Gold from both Buyer and Seller protection effective from Apr 2017. You might want to consider cash only transactions.
https://www.paypal.com/uk/webapps/mpp/ua/upcoming-policies-full?locale.x=GB

kalsha

Keeping an eye on this thread as I would be interested as well. I have some pieces to sell as well and haven't got a clue how to go about it.
I will update here if I get any ideas.

martindow

Sammysmom wrote: »

We have a gold sovereign and some 22 crt gold old wedding rings and other pieces that are not scrap value. At least £800 worth .

Are you sure these are worth any more than scrap value? Unless the rings are really vintage they often don't have a resale value above scrap.

forgotmyname

Jewellery quarter in Birmingham, plenty of shops who buy gold and give good prices if its scrap value you want.

Have you weighed it all and checked current scrap prices?

Looking at making some silver items myself and a silver trinket in a shop window selling for £80 only contains £7 - £11 worth of silver. Thats me buying the silver in small nuggets to melt myself.

StumpyPumpy

Sammysmom wrote: »

We have a gold sovereign and some 22 crt gold old wedding rings and other pieces that are not scrap value. At least £800 worth.)

Where do you get your valuation of £800 from? A bullion dealer will sell you a sovereign for around £241 today, or buy at £223 which is only a mark up of £18 (sell for £241 on eBay and it would cost around £30 in fees), wedding bands are only worth scrap - they always are, so currently around £27 a gram, the "other pieces"? well who knows?

Personally I'd either package the lot up and send it to somewhere like http://www.hattongardenmetals.com or drop them in to the local jewellers. Any extra you may get on eBay you will surely lose in fees and transport costs make it unviable to tote them around many places unless you are already going there.

SP

dlusman

Stick it into a local auction with a reserve price based on current value per gram

Pierre_De_Grenoble

dlusman wrote: »

Stick it into a local auction with a reserve price based on current value per gram

and pay lotting charges, and if it sells approx. 15-20% commission/vat/whatever.


It shouldn't be too hard to work out if the sovereign is collectable, and if it isn't then everything you have is worth its scrap value.


I appreciate that a lot of jewellery is bought for sentimental reasons but the sad fact is that as soon as you walk out the shop door it's worth scrap.


Driving your brand new car off the showroom forecourt depreciates less. :eek:

Sammysmom

Thanks for your replies folks. Really appreciate them.
To answer a couple of questions 2 jewellers have said the Sovereign is too good than just its scrap value , and the same jewellers said the vintage cross is too good for scrap too. The wedding band is 22 carrat rose gold , not sure what they said about that re scrap . But I know it was my great grandmas handed down . So i would rather go to somewhere knowledgable. To be honest I thought it all just had scrap value and it was the jeweller who was very honest with me said some items were deffo not scrap. I thought it was a half Sovereign too, it was the jeweller who told me it was a full one. He was honest enough to not rip me off which was very good of him . But it did highlight to me the fact i know nothing about these things. Hence my asking .
The valuation of £800 came from my sticking them all on a pair of fine scales my dad has and just weighing at scrap value a few days ago. I think i will take a trip to London or Birmingham . I am so nervous of postal things going missing . There are about 10 seperate things in all. Thanks for your replies. I really appreciate them :-)

curty510

I have bought & sold quite a few items of gold. I always value at current scrap price per gramme for the purity of said gold.Most buyers only do the same, scrap value is its value, sentimental items may be worth a lot more to the owner....but not to the pot.

soolin

Sammysmom wrote: »

Thanks for your replies folks. Really appreciate them.
To answer a couple of questions 2 jewellers have said the Sovereign is too good than just its scrap value , and the same jewellers said the vintage cross is too good for scrap too. The wedding band is 22 carrat rose gold , not sure what they said about that re scrap . But I know it was my great grandmas handed down . So i would rather go to somewhere knowledgable. To be honest I thought it all just had scrap value and it was the jeweller who was very honest with me said some items were deffo not scrap. I thought it was a half Sovereign too, it was the jeweller who told me it was a full one. He was honest enough to not rip me off which was very good of him . But it did highlight to me the fact i know nothing about these things. Hence my asking .
The valuation of £800 came from my sticking them all on a pair of fine scales my dad has and just weighing at scrap value a few days ago. I think i will take a trip to London or Birmingham . I am so nervous of postal things going missing . There are about 10 seperate things in all. Thanks for your replies. I really appreciate them :-)

Unfortunately they will still probably only go at scrap value unless any of the items are really really decorative or unusual.


Being sold at scrap value doesn't mean they will be melted down, I see a lot of sovereigns at auctions and although they are still traded as sovereigns and not melted down the 'value' is still stated as scrap. You see all the dealers with their little tiny pocket scales weighing all the gold and then checking their phones for a value.