Learning About Finance and Money

Forget The Couch Cushions: Try Looking In Your Jewelry Box Next Time You Need Cash

26 February 2021

Jordy De Pijper

Most people have experienced a time or two in their life when they find themselves digging in the couch cushions or under the seats in their car for some spare change to make up the last few dollars they need to cover an unexpected expense or simply to get them through until their next paycheck arrives. If you are currently in this position, you may want to consider checking your jewelry box or junk drawer instead. This is because you may be surprised to learn that even your damaged gold and silver jewelry can still have value.

Precious Metals Retain Value Regardless Of Condition

While you're not likely to find very many private buyers out there that are interested in purchasing your collection of single earrings that lost their match somewhere down the line, these long-forgotten pieces of jewelry can still help to put some cold hard cash in your pocket.

Precious metals such as gold, silver, and platinum retain a significant amount of their value regardless of what their current condition or form is. The reason for this is that gold buyers are able to use a refining process to return these metals to their original form and ultimately allow those materials to be used in the manufacturing of other items. 

Realistic Expectations For Selling Your Jewelry

Unless you have a rather significant amount of unwanted gold jewelry that you are looking to sell, it is not realistic to think you're going to walk out of your local gold exchange with a life altering amount of money. However, with the value of precious metals at the highest its been in recent history, now is an ideal time to look into cashing in on your old jewelry.

While looking up the current prices of gold and silver will give you a general idea of the current trends regarding prices, it is important to remember these prices do not necessarily reflect what you can expect to receive for your items. This is because the prices that are listed for precious metals refer to these metals if they are already refined. Since gold and silver jewelry will still need to undergo the refinery process to separate the precious metals from any other alloys and other materials that were used in the jewelry, these items will be worth less per ounce than a piece of solid gold or silver. 

Checking with a few different gold buyers in your area before making a sale can help to ensure you ultimately walk away with the most money possible. 

To learn more, contact a resource like Rocky Mountain Coin.

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