Should you sell your sentimental gold?

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When you think about selling your gold heirlooms, memorabilia and jewellery, you have to come at the decision from various angles. It’s not always an easy choice to make, but with careful forethought and smart reasoning, your old gold can turn into new experiences you and your family will appreciate for decades.

First, what is sentimental gold? To most people, those are gold or gold-tinged items that mean something to the owner, whether thanks to the items passed down or gifted from family, romantic partners, friends or colleagues. They can be gold necklaces from a great-great-grandmother, or a wedding band from a long lost spouse, or a gold-framed painting given from a boss who everyone admired and respected.

These types of significant items can be jewellery, coins, bullion, wearable gold, gold-framed art, and much more. Such heirlooms may have personal markings on them, such as quotes or well-wishes, and more often than not they will be held in a safe case or box to ensure their longevity and cleanliness.

You may dub a piece of jewellery, say, as “sentimental” not due to the value inherent in it or the item’s age, but by the connection you have with its story. Sentimentality often materializes when we recall a powerful moment behind an object, and it more often than not is a positive uplifting emotion.

Examples include that collection of gold coins come from a friend to whom you grew up with long before you dedicated your life to career and family; the gold medal your great-aunt won in the Olympics for hurdling is a reminder of the athletic legacy in your veins; your ex-wife got you that gold bracelet during your first visit to Spain, where your firstborn was conceived.

As you can tell, there are a host of reasons to layer sentimental value on an object, and for every person there is a different shade of importance levied onto whatever is resting quietly in that special drawer.

What you should next figure out is what separates the gold you want to keep from the gold you can part with and sell. Let’s be honest: you don’t want to end up in the next episode of Hoarders or Storage Wars. The longer you hold onto some precious relics, the easier it will be to forget about them, or have them taken from your family after your death if you didn’t properly catalogue them in your will.

Have a Pile Party

We recommend separating the items into three piles:

First, which gold items can you never consider partying with, under any circumstance? This piece may be the only memory you have of a parent or a partner, or it could be a rare vintage coin relating to a historical event tied to you or your family.

You can go on your gut instinct when you relegate these items to that not-for-sale pile, but you may also want to discuss with experts on the exact value of certain items, just to ensure that you are aware of all the ins and out of your golden memorabilia.

The second pile should contain items that are somewhat sentimental to you, but you think their monetary value outweighs the emotional weight given to the piece. That necklace is from a grandmother in Latvia you don’t know very well, nor did your parents, but they kept it out of obligation. Or that collection of gold-leaf coins was something your buddy from high school always enjoyed, but you two drifted apart a decade ago, so it was kind of odd you were included in his will, but hey, you have to do something with this chest of coins, right?

The third pile is full of hand-me-down artifacts you definitely don’t want to keep. They’re taking up more space than you thought, or they’re the type of inheritances you always wanted to sell but never got around to it.

This pile could include those gold rings whose origin story remains a mystery to you and your entire family; or maybe you have a gold-embossed sculpture your father got from his great-uncle who got it from his aunt who inherited it from her step-sister when she died in Cork, Ireland. Either way, you don’t want it around the house and you wouldn’t mind finding out how much it’s worth.

This final pile could also be full of jewellery or antiques you simply don’t find appealing. Maybe you got a passed-down piece of gold jewellery you deem too ugly to wear or even display in your bedroom. We all have aesthetic outlooks on design and art and fashion, so one person’s taste is not the other, so you shouldn’t feel guilty if a sentimental treasure doesn’t hold the same gleam for you as it does the original owner.

It’s better to part ways with something you find unappealing than to keep it out of obligation or, even worse, laziness at making a decision one way or the other.

Something worth noting is the condition of whatever you place in which pile. If an item is badly damaged or tarnished, you might want to place it from the second to third pile, lest it lose more value the longer its bruises deepen. Necklaces break, sculptures crack, paintings fall down…so don’t be limited by your first initial three piles, since you may want move around your sentimental gold from pile to pile if certain accidents crop up.

The third pile is what you should seek to sell soon. After all, the more you procrastinate the easier it will be to neglect the effort it will take to research the types of places that can offer you fair value for your gold items. Companies such as Muzeum Gold and Silver Toronto and Toronto Gold are recommended sources because they advertise the prices that they pay online, offering transparency right from the beginning so you know what you can expect to receive from selling your gold or gold jewellery.

Also, the liquidity of gold can come in handy if you or your family faces an emergency. When such an emergency occurs, selling your gold goodies can come in handy and can be especially useful when you need cash on hand.

Step by Step, Ooh Baby

When you consider the next steps – selling your gold items – be cautious about where you go. For example, as ABC News explains, beware those Tupperware-like “gold parties” where a group of friends or neighbors meet to sell their gold in a home setting.

“While gold parties may be a convenient way to make some cash,” warns Tucson’s Better Business Bureau in the ABC News article, “they may not provide you the best deal.” Why not? The company that organized the party snags its cut, and so does the host. “At some parties, all jewelry is weighed together, regardless of its karat value, and sellers are paid according to the lowest karat value. Don’t accept those terms. Separate your jewelry in advance, by karat, and make sure you are paid more for higher-karat items.”

Vital to any conversations you have with gold buyers is openness and honesty. A trustworthy business will be transparent about their prices and what they can offer you for your gold. When you think about it from a business perspective, there are also advantages to practicing transparency. Studies have proven that consumers are much more likely to be loyal to a brand that offers full transparency about the way they conduct business. A key part of this is maintaining open communication between a company and its customers, whether it’s online, in-store, or over the phone.

If you live in Canada, you may want to try to sell your gold with a buyer like Muzeum. Their pricing is based off real-time market values, rather than insurable ones, which we are very transparent about.

They buy a number of gold items, including jewellery:

  • Brand name
  • Broken and/or mismatched
  • Unmarked
  • Necklaces
  • Rings
  • Bracelets
  • Charms
  • Pendants

When you approach buyers to evaluate your memorabilia, you have to come to the meeting with a good sense of what to ask and what you want to learn.

As this post sums up:

The appraisal is a perfect time to ask questions about selling your piece in different markets and under certain circumstances. A good appraiser knows current market trends and can give you an idea of what kind of cash you’ll really get out of your items, so ask as many questions as you can.

Home is Where the Gold Is

Lastly, you might be wondering if you even have valuable collectibles around your home that would qualify for any of the aforementioned piles. Take a day to go from room to room to see what you may have neglected all these years.

First, try your attic. If your place features such a room, root around the attic to uncover what may be hiding under boxes or a pile of clothes. Many people store stuff in their attics when space on their ground floors is at a premium. Forgotten goodies might be resting comfortably in your attic, just waiting to be sold for a nice return. For example, a U.S. couple found a Superman Action Comics No. 1 dated 1938 – worth a staggering $1.5million – while looking around boxes in their attic.

Second, search your garage. Similar to the attic, it’s a common area of the home to store things you don’t use often, and you may find a rare item that could net you hundreds or thousands. Garage-friendly items such as antique paintings, vintage wearable gold and rare gold coins might be your ticket to some money that could help fund your next vacation.

Third, your closets could be home to some fugitive items that could be attractive to buyers. A Sunday adventure for you and your family could involve searching through your house’s closets, getting rid of unused clothing, and hopefully finding a rare collectible you neglected when you first moved in. Make sure you check those closet corners where some valuables might be squirreled away, waiting for their moment in the sun.

Selling your sentimental gold can be an overwhelming task at first blush, but with the Gold.To guide to making this process less stressful and more strategic, you could soon be on your way to reaping the rewards of selling gold collectibles to add some padding to your bank account.

Have a question about selling your gold collectibles?

If you want to know the top places to sell your gold or have questions about where you can get top dollar for your gold items, check out our best gold buyers in Toronto, contact us or call 1(800)644-7313

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