Selling Coins Precious Metals and Fine Jewelry

Everyone knows that the value of silver and gold are at an all time high right now. Many people use our service for selling gold, silver, coins and jewelry on eBay and here is my pitch:

1) Dealers will not buy your coins at the silver price: The maximum scrap value is about 80%. So if you had a troy ounce .999 coin - if silver was at $30/oz - an actual bullion dealer would give you $24 at the most. Lesser dealers (ie: We buy gold stores) will generally offer you about half or two thirds that.

2) Due to new laws recently passed, an actual bullion dealer is now required to collect your information and will charge you a federal bullion tax of 26% on the spot. So that same dealer will now only pay you about $18 for said troy ounce coin.

3) Coins can often have a numismatic (collector) value above and beyond scrap. A dealer will not mention this and your loss will be his or her gain.

As a consignment broker I am immune to this tax and as a registered ebay drop-off location I can liquidate your entire collection in just a few weeks with far better results than you would get from a dealer. Likewise - sterling flatware can sometimes exceed melt value because of a fancy pattern and the fact that everyone else is melting their sets down, which in some cases makes your set more valuable. A word on jewelry; Diamonds and stones are generally marked up about 1000% - finished pieces about 500%. So if you have a diamond ring that is appraised at $10,000 - the most you can really hope to recoup from the dealer community is about $2,000 and even that is a stretch. Luxury items like jewelry are hard to sell on eBay as there is just so much of it already out there. Sometime, we can 'fish' and find the perfect buyer to pay a little more - but at the end of the day you just have to resign yourself to the fact that the 'appraised value' and what you paid for a given piece means very little.

 

Submitted by Mike on February 19, 2013

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