The U.S Coin Gallery has been serving the Metro Detroit area for over 30 years. We pride ourselves on our honesty and integrity.
Whether you choose to do business with us or another company, here are some tips to help you navigate the gold buying/selling industry.
1: Understand the Scales
The weight of gold helps determine its value, but keep in mind that jewelers use a different measurement standard called a Troy ounce. U.S. scales will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce. Some dealers may also use a system of weights called pennyweight (dwt) to measure a Troy ounce, while others will use grams. A pennyweight is the equivalent of 1.555 grams. Be alert that a reputable dealer will not weigh your gold by pennyweight and will pay you by the gram.
2: Know Your Karats
Pure gold is too soft to be practically used so it is combined with other metals to create durability and color. The Federal Trade Commission (FTC) requires that all jewelry sold in the U.S. describe a karat fineness of the alloy. One karat equals 1/24 of pure gold by weight. So 14 karats would mean the jewelry was 14 parts gold and 10 parts other metals. It is illegal for jewelry to be labeled "gold jewelry" if it is less than 10 karats. It is important to know the karats of your gold to make an informed decision on the scrap value of your jewelry.
3: Keep Your Karats Separate
Don't let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay you for the lowest karat value. Separate your jewelry by karat value before attending a gold party.
4: Know the Value
Call a local jewelry store or check with an online source, such as www.goldprice.org, to verify the current market price for gold before you sell. Some dealers know people are just looking for quick cash to put in their pockets and will offer you money for your gold that is lower than the actual value.
5: Know Your Buyer
Check out jewelry stores and gold buyers registered with BBB at www.bbb.org. A BBB Business Review tells basic information about the business as well as any complaints and whether the complaints have been resolved when presented to the business by BBB.
6: Know What You Are Selling
Some gold items may be worth more when sold as they are, rather than if they are melted down. If your gold necklace or bracelet comes from a well-known designer or maker, it may have a value to some buyers beyond the gold it's made of.
7: Know the Fine Print
If you choose to use a mail-away service, make sure you understand the terms and conditions. Send the items insured. Find out how long before you get reimbursed, how long they will keep your gold before melting it down, and how many days you have to turn down the offer. Take photos of your items before sending and make sure you hold on to all relevant paperwork and filings.
8: Shop Around
Remember, you don't have to jump at the first offer for your gold. Shop around for a few different bids. To ensure you are really getting the best price for your jewelry, have it appraised before selling. This may cost you more up front, but your jewelry may be worth more than its weight when you include workmanship, artistic value, and embedded gems for the piece as a whole.
9: Bring Your I.D.
Gold buyers are required by law to ask sellers for government-issued identification, This requirement is designed to protect consumers by helping police investigate the sale of stolen property and prevent money laundering. All reputable gold buyers comply with these rules, so if you don't get asked to show your I.D., be warned.
The term "Bullion" traditionally stands for gold bars, silver bars, other precious metal bars or ingots. Bullion is regularly traded on the commodity markets. The value of bullion is typically determined by the value of its precious metals content, which is defined by its purity and mass.
Here are some examples of the most common gold bullion we carry here at U.S Coin
Gallery for purchase.
Gold 1oz Maple Leaf coin, 1oz Gold Bar, 1oz Gold Eagle coin. We also carry fractional weights
as well. Give Us Call or Visit Today!
If you want to buy or sell gold and silver, make U.S. Coin Gallery Inc. your coin shop of choice. We also do appraisals. Our professional staff is here to assist you with any questions you may have. See why we have been greater Detroit’s trusted coin and precious metals dealer for over 30 years!