It can be challenging to sort through inherited gold or silver and select pieces to sell. If you find you are in a position where you need to sell a few heirlooms, there are are steps that can be taken prior to selling to ensure the monetary value of the piece is greater than the sentimental value.Assess for sentimental value.
When sorting heirlooms, it's important to first assess the sentimental value of each piece since some items inherited from close family or friends may be more valuable when kept within the family.
For example, your great grandmother's wedding ring from the turn of the century. It may be a nostalgic reminder of family when kept for yourself or given to your child as a gift for their wedding or engagement. Other common sentimental treasures include service medals, school rings, and religious iconological jewelry. Other more generic pieces, if without sentimental value, could be appraised and sold.
Become familiar with common heirloom recyclables.
Coins are one of the more common gold and silver heirloom recyclables appraised on the market since they are somewhat easy to appraise and sell for a profit. Coin collections are often handed down through family for the specific purpose of selling.
When assessing heirloom coins, scrap jewelry, or any other kind of precious metal item heirlooms, antique professionals are an asset. Antique professionals can assist with determining mint, year, and specific alloys in the coin to estimate their value.
Gain advice from an appraiser regarding restoration.
Other types of heirloom pieces should be also be appraised with the sentimental items. Most appraisers should be able to determine if a broken piece of jewelry is worth fixing, either for personal use or to improve the price of the piece when sold.
Sometimes, restoring an heirloom, like an antique cross necklace, can add to its value and overall beauty. On the other hand, heirloom or scrap jewelry that has deteriorated or has a patina can lose value during the restoration process.
A broken piece of scrap jewelry may be more valuable sold to be melted down and recycled into metal bars or molds. In some cases, the decision on what to do with scrap and heirloom jewelry may seem obvious, but its recommend that consultation should be sought if there is any doubt or question with the value of the piece.
One of the other main factors when appraising heirlooms is historical significance. A piece may be underestimated if professional advice is not sought.
If historical significance is suspected, it's recommend getting at least two opinions, if not three, on to the value of a piece of heirloom jewelry or other metal intended to be recycled. This can help the seller avoid being the victim of fraud or other dishonest appraisal practices.
Having heirlooms appraised whether you plan to sell them or not.
Overall, the seller should consider having heirloom jewelry and other nostalgic metal memorabilia appraised, even if they aren't planning on selling the items yet. Advice pertaining to restoration is important when considering the monetary value of heirlooms and in many cases, more time increases value to heirloom jewelry.
Sources
- http://www.appraisersassoc.org/index.cfm?fuseaction=Page.ViewPage&pageId=758
- http://www.americangemsociety.org/find-an-appraiser
- http://www.isa-appraisers.org/find-an-appraiser/be-certain-of-its-value