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Old 03-22-2008, 03:10 PM
 
Location: Atlanta, GA
1,264 posts, read 2,852,665 times
Reputation: 592
Default Selling a gold ring

Does anyone have advice for selling a gold Josten's class ring? Are those mail-in places reliable, or is a pawn shop better?
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Old 03-22-2008, 03:11 PM
 
Location: 'Burbs of Manhattan
468 posts, read 1,023,451 times
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.. Mail in? Never ever ever do that.
I'd say go to a Pawn shop.
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Old 03-22-2008, 06:58 PM
 
Location: Socialist Republik of Amerika
6,212 posts, read 7,972,490 times
Reputation: 1049
most cities have a gold coin and jewelry dealer, they will usually give you 75% of market value. ie...gold @ $1000.00 per oz. will get you $750.00 per oz.

It has dropped over $80.00 per oz. in the last wk. so those numbers are for an example..

freedom
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Old 03-22-2008, 08:19 PM
 
184 posts, read 878,198 times
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Also keep in mind that the "gold price" we see in the news is the price per ounce of GOLD BULLION, i.e. 24kt or "pure" gold. Most gold jewelry is either 14k (which is only 58.3% gold) or 18k (only 75% gold). Even for gold bullion coins such as American Eagles, most dealers are paying only 90% of the current price (perhaps as much as 93% if the coin in question is a Proof coin, thus more valuable to coin collectors).

Also, an "ounce" of a precious metal is not the same ounce that is used in everyday life. A precious-metal ounce is a "troy ounce" which has several equivalents but the one most often used is grams = about 373.2 grams to one troy ounce. There are 12 troy ounces to one troy pound, versus 16 'normal' ounces to what we call a pound, weightwise. A troy ounce = 1.097 'standard' (avoirdupois) ounces, so a troy ounce is actually a bit lighter.

So if you have a 14k gold ring that weighs, say 1 ounce on your electronic postal scale at home, you are not going to get 75% of the current market price of gold bullion for it. I suspect that many people who are thinking of selling their gold jewelry aren't aware of these differences. Most dealers and jewelers are going to just sell such items for scrap anyway. The best thing to be selling nowadays is gold bullion because at least that is already measured in troy ounces and has a direct connection to the bullion-market price.
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Old 09-08-2008, 01:44 PM
 
Location: Deerfield Beach
2 posts, read 82,064 times
Reputation: 16
Default Sell Your Gold to a Pawnshop...Don't Trust Mailing It

I would try selling it to a pawnshop rather than risk mailing it away. What happens if it gets lost in the mail? You also don't know how much they are going to pay you for it and your already selling it to them by mailing it. At least with a pawnshop they will make you an offer and you could decide or go to another pawnshop for if you don't like their offer.

This online pawnshop explains how they determine what price they will give you for your scrap gold...

[URL="http://www.freewebs.com/ginospawn/sellyourscrapgold.htm"]Gino's Pawn Shop | Your Local Pawn Broker in Boca Raton, Florida[/URL]

I hope this helps
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Old 09-08-2008, 03:38 PM
 
Location: Miami
279 posts, read 723,430 times
Reputation: 236
Default gold ring advice

Weigh the ring.
The going price for scrap gold is $15.00 per gram for 14kt and $18.00 per gm for 18kt gold.

A pawn shop will probably give you pennies on the dollar.

The mailing companies will probably charge give your fair value but might charge a fee.

However, now that you know the value of your ring, try and negotiate a better price.
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Old 09-08-2008, 09:36 PM
 
Location: Virginia
9,825 posts, read 7,485,439 times
Reputation: 5777
Take it a to a jeweler and ask them if they could pound it into a solid gold Frisbee.

Man, that would be cool. I'd be all in the park, just flipping that Frisbee around. Chicks would think your so rich and cool. Kids would try and steal your frisbee. Dogs would learn to love the taste of gold.

I wonder if you really could have them make it into something else. I don't see why not. I don't wear jewelry, so I dunno.
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Old 09-09-2008, 01:20 AM
 
3,843 posts, read 7,802,393 times
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You also don't know if that ring is gold plated or just using fake gold. I am taking it that you didn't spend hundreds of dollars on this ring.
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Old 09-09-2008, 02:01 PM
 
6,908 posts, read 15,421,246 times
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My memory may be faulty on this, but it seems to me that my class ring barely met the definition of gold. They had to be cheap so that as many of the graduating class as possible could buy them.
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Old 05-15-2010, 11:24 AM
 
1 posts, read 67,865 times
Reputation: 17
how much would a ring be if its 14k and has the initials VG
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