Where to sell a gold ring if its even worth it?

[Eugene11 379]

Im not in austin so no specific places needed just the type of place.

I found my old wedding band this weekend while finally finishing up the unpacking of the new house. ITs bound to be worth something isnt it? Gold and platinum. WHere can i sell it for something worth my time.  I assume pawn shops would bend you over. Regular jewelry stores buy old gold?

[BearSchlong 8144]

I'll give you tree fiddy.

 

Cereal response: I sold my wedding ring for a bottle of whisky and a christmas gift for the nurse I was fucking after my ex and I split up.  I wish I hadn't done that, as 7 years later I could use the gold to barter/negotiate some custom jewelry for my 2nd wife.

Edited May 2, 2018 by BearSchlong

[RPM 26434]

You're going to take a thrashing selling it as junk. Your best hope is a resale consignment store.

[The University 851]

[El Diablo 4232]

Coin dealer.

[FWD 297]

I have the same question, about a $600 retail gold ring. Hoping to get something back for it. Any mail-in place reputable?

[El Diablo 4232]

Find out what the spot price of gold is. It changes day to day but you'll have some idea what the gold value is if you know the gold content, ie 18, 24 etc.... Expect to get some discounted value because whoever buys it is going to melt it. Take it to a pawn shop, jeweler or coin store to get it weighed. Or just call and ask what they're paying at the time.

Edited May 2, 2018 by El Diablo

[RPM 26434]

2 hours ago, FWD said:

I have the same question, about a $600 retail gold ring. Hoping to get something back for it. Any mail-in place reputable?

Mail it to me and I'll send you what I think it's worth. (in Best Buy coupons)

[NeverMarryAStripper 22069]

Just keep it and wear it for wife #2 and #3.

[RDCanecutter 26571]

4 hours ago, Eugene11 said:

Im not in austin so no specific places needed just the type of place.

I found my old wedding band this weekend while finally finishing up the unpacking of the new house. ITs bound to be worth something isnt it? Gold and platinum. WHere can i sell it for something worth my time.  I assume pawn shops would bend you over. Regular jewelry stores buy old gold?

What does it weigh in grams? What is marked on in? eg 18kt or whatever. 18kt gold is worth about $30/gram right now. You are looking at somewhere in the 250-350 range depending on the size of your dickbeaters.

We Buy Gold places you'll be lucky to get half the value of the metal. Small shop that also sells jewelry might do you better. Craig's List you will get to meet a bunch of freaks. eBay is probably your best shot at close to full metal price, if you already eBay. I wouldn't want to learn how to eBay using a gold ring to start with.

Sometimes jewelers start jabbering about "pennyweights". A pennyweight is roughly 1.5 grams plus a smidge. So if your ring weighs 10 grams, it also weighs about 6 1/2 pennyweights.

Unfortunately, Platinum is worth about 2/3 as much as gold right now. Gold's like 1300 per troy oz (31.1gm), Platinum's about 900.

[RDCanecutter 26571]

Anyway, last time I sold gold I was in San Antonio, some gold place near 1604 and Bandera Road. We ended up getting about 75% melt price. They got a little cute and were weighing things where we couldn't see the read-out, but we had weighed it all first and let them know that.

[the idoit 165]

Coin dealer.

This. A legit numismatic exchange will give you ~ 80% spot price on gold and silver. Do your research and you’ll find one.

[Druggist 303]

I’ve never bought or sold gold, so maybe this should be in the dumb question amnesty thread:

If someone wants to sell a 1oz gold coin and the price is listed as $1233 right now, that is the spot price?  Does this mean they should get about $986 from a legitimate numismatic exchange for the coin?  Do they get paid in cash?  Do they or the seller have to report anything to the IRS?

Also, what is a good exchange in Austin? Yelp has one on burnet listed #1 (capital coin and bullion). Thanks for the info.

 

[RDCanecutter 26571]

21 minutes ago, Druggist said:

I’ve never bought or sold gold, so maybe this should be in the dumb question amnesty thread:

If someone wants to sell a 1oz gold coin and the price is listed as $1233 right now, that is the spot price?  Does this mean they should get about $986 from a legitimate numismatic exchange for the coin?  Do they get paid in cash?  Do they or the seller have to report anything to the IRS?

Also, what is a good exchange in Austin? Yelp has one on burnet listed #1 (capital coin and bullion). Thanks for the info.

 

The 75% I mentioned was  for jewelry. Coins are better. You should be able to do much better than  986 for a 1oz coin if spot is 1233. Here is what some guys I know are paying for common gold coins:

https://www.alabamagoldrefinery.com/25-buy-gold-coins

Looks like they're paying about 95% spot for 1oz gold coins.

If you don't want to mail an ounce of gold to some guys you don't know in Alabama (I wouldn't either), you should be able to get similar prices from real coin dealers. If you are in Texas, Royalty Coins in San Antonio give good prices. Oddly enough, they are only open Mon-Fri.

http://royaltycoins.com/

Edited July 23, 2018 by RDCanecutter

[Druggist 303]

Thanks for the link and info.  i obviously need to research more.  I may have to check out royalty next time i'm in SA.

 

[jimmyjazz 46534]

Years ago I found a gold necklace on campus.  I put up a few "describe it and I'll give it back" ads, no takers.  Took it to a reputable jeweler and they gave me a clear quote showing the amount of gold, the value of that gold and the melt discounted price they would pay.  It was roughly what RD is suggesting -- ~ 75% of the value of the gold itself.   I took it.  Got about $200, which was a big deal for a college student.

[bernorange 8377]

14 hours ago, Druggist said:

... If someone wants to sell a 1oz gold coin and the price is listed as $1233 right now, that is the spot price?  Does this mean they should get about $986 from a legitimate numismatic exchange for the coin?  Do they get paid in cash?  Do they or the seller have to report anything to the IRS? ...

Bullion = coins, rounds and bars.  Coins = issued by govco, technically legal tender.  Rounds = issued by private mints, not legal tender.  Bars = rectangles, private mints

Numismatic = Dated coins, sold at a numismatic/collector's premium to bullion value based upon rarity of the issue (date, mint marks) and grading (how nice it still looks)

Your hypothetical 1oz gold coin listed at $1233 appears to be non-numismatic (ie. just bullion).  It's selling near the spot price, so no premium over that.

You can sell any bullion you own to any coin dealer for close to the current spot price.  Coin dealers do have "know your customer" regulations to follow, so they will require some identification for a transaction.  Transactions in excess of some amount (used to be $10K, not sure what it is today) do have to file some extra paperwork to IRS:

https://www.jmbullion.com/investing-guide/taxes-reporting-iras/gold-silver-cash-reporting/

 

 

[RDCanecutter 26571]

13 hours ago, Druggist said:

Thanks for the link and info.  i obviously need to research more.  I may have to check out royalty next time i'm in SA.

 

If you feel like it, post a pic of your gold coin on the off-chance that it is something special, but mostly so we can gaze upon it, goblin-like.