Hidden Cash—Gold and Silver Stuff

cash-for-goldYou may have money all around you that you are not even aware of. About two months ago someone I know was cleaning out a bunch of stuff. Inside the stuff was an Amarillo High Class ring. We did the right thing and posted the ring on the Amarillo High Sandies website to reunite it with the owner. It was never claimed. So I went on the Internet and Googled, “gold value of high school class rings,” and found a bunch of sites, including a UTube video. I then took the ring to three “cash for gold” folks around Amarillo and, guess what, the ring was worth over $100. Each one of the jewelers looked at the 10 carat gold ring, and, after deducting the useless value of the stone, said that it had about 9 grams of gold.

One of the “cash for gold” dealers said that he had had experiences where people clearing out “old” jewelry and “junk” from an estate, have brought in a whole box of stuff and asked for $50. He could see hundreds of dollars of stuff in the box from across the room. So, heads up folks, don’t give money away thinking that “old junk” is just junk. Sterling silver can bring you a hand full of cash. Not the silver plate, but sterling silver. If you see 925 on the inside of something that looks like silver, that means the item is 92.5 silver and 7.5 copper. And sterling silver is worth some cash. There is cash in sterling silver in a lot of “old” silver items that you might be inclined to call, “this old stuff.” And be careful about old coins that might have high silver content. Do your homework before you give away hundreds or thousands of dollars of gold and silver. You can find the price of gold at any website using the words, “spot gold price.” Gold was around $1240 an ounce last week.

You can usually know if there is “real” gold in your jewelry, but not always. Rings, necklaces, bracelets, and earrings might be stamped 10k or 14k. But beware there is some fake, “Mexico” souvenir jewelry that is also stamped 14k that it not worth a dime. Gold does not tarnish but sterling silver sure will, especially if it is not worn. So if you have lot of gold- looking jewelry that is not bright gold it’s probably brass or copper or some other admixture. But the trick is where to look for 10k or 14k gold. A lot of old fountain pens have 14k gold in the nib, the part where the ink comes out. If you have a bunch of those you have some hidden cash. Also, the back of some watches are 10k or 14k gold. So don’t throw away those “old” watches. You might be throwing or giving away money.

Do your homework. If you have a lot of “old” jewelry or flatware, silver tea sets, or other silver-looking items around your house, investigate before you give money away. Do a Google search of your items. Read up on how gold and silver can be determined and valued. Take your items to a local “cash for gold” type person and see what they say about the item. Be careful of pawning gold and silver. Also, be careful before you sell because these “cash for gold” folks are in business to make a buck. They resell what they buy and make money. The bigger fish will eat the little fish, so be careful not to jump at the first offer you get to buy your stuff. And if you are a garage sale person, look for gold and silver that folks might be getting rid of. Hey, you can’t tell folks how to run a sale or price their stuff, but if you know what to look for you might find some items that you can turn into gold and silver cash.

Copyright 2016 – L. Arthalia Cravin. All rights Reserved. No part of this commentary may be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the author.

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