Gold or silver jewelry, gold bullion, gold coins, silver coins, silver bullion, scrap gold, or bars are all good choices to sell to a pawn shop. They are also great choices to buy at a pawn shop, because the prices are affordable.
Buying, selling, and pawning gold, silver, platinum, and other precious metals is an option for many people who need quick cash for an unexpected financial burden. They can use the precious metals to secure a short-term loan.
Understanding the gold and silver market, how to determine if your precious metals are real, and where to get the most money for your precious metals is important if you are going to get the most for your luxury items.
Silver Purity
Like gold, silver has different purities. Mexico is one of the leading producers of silver in the world, and you’ll find the finest silver jewelry in Taxco, Mexico. Most standard Mexican silver is 92.5% pure, but sometimes the purity can be as high as 99.9%. The purity is determined by the quality of the silver ore mined from the mine and the process used to extract the silver.
While pure silver and sterling silver are often used as synonyms, they are not the same.
Pure silver, or fine silver, is silver in its purest form. The content of silver in pure silver is 99.9%, with only.01% trace elements. High pure silver is very soft and difficult to shape. Jewelry needs some durability, so it holds its form and doesn’t scratch as easily, so pure silver is not the best choice for jewelry. To achieve a more suitable silver for jewelry making, silver is mixed with other alloys like copper and nickle to give it more strength, but not degrade its malleability.
Selling silver, whether it is silver jewelry, junk silver, sterling silver jewelry, or silver coins, is a great way to get quick cash, but know the type of silver you have before you start the negotiation process.
Sterling silver dragon bowl made in the late 19th century.
Sterling Silver
Sterling Silver is a silver that has been combined with other metal alloys. Sterling silver is fine silver combined with copper. There is 92.5% pure silver and 7.5% copper in sterling silver. The hallmark stamp on sterling silver will be “925 silver.” 925 silver is affordable and easier craft and repair. On the other hand, it requires frequent polishing to keep it looking shiny, because it tarnishes.
Gold and Silver Coins
While both gold and silver have attractive coins, gold is a better investment for the average precious metals investor. Gold also has a much larger market due to investment and jewelry demand. Silver prices are more volatile than gold. Silver is traded for both industrial and jewelry uses.
Gold coins are often made of 22k gold and are made up of 91.67% pure gold, with 8.33 percent made of other metals like silver, copper, zinc, nickel and other alloys.
Silver items like a Morgan Silver Dollar may be something you have in your dresser or safe.
Morgan Silver Dollars
The Morgan Silver Dollar is a United States dollar coin minted from 1878 to 1904 and in 2021. It was the first standard silver dollar minted since the Coinage Act of 1873.
In 1878, the Sherman Silver Purchase Act increased the United States government silver purchases increases silver dollar production. The Panic of 1893, an oversupply of silver triggered bank failures, causing economic depression. In 1904, the Morgan Dollars ended after the mints stopped manufacturing Morgan Dollars when the silver reserves were gone.
Two rare silver coins both depict United States history.
The front side of the Morgan Dollars depicts Liberty wearing a Phrygian cap with “Liberty” on the hairband. On Liberty, the front is displayed wearing a radiating crown, and the reverse shows a bald eagle resting on an olive branch. Originally named the Liberty Head Dollar, the Morgan dollar was minted in the Philadelphia Mint, New Orleans, Carson City Mint, Denver Mine, and the San Francisco mint. There were criticisms about its design, as well as its weight and size.
The Morgan Dollar series had a rough start.
The problems started five years before the first Morgan Dollars were ever minted. Why? Under the Mint Act of 1873, the Act ended bimetallism in the United States and placed the United States firmly in the gold standard and away from silver. The production of circulating Liberty seated silver dollars ended in favor of trade and gold dollars. Silver dollars made up less than one percent of circulating silver.
Some people called the coin the Cartwheel because of its size and weight, and cowboys in the west. Morgan Dollars are 90% silver and 10% copper, and weigh 26.73 grams, almost an ounce. Imagine carrying around 20 of these coins all day long.
Nicknamed the Buzzard Dollar
Mostly circulated in the American west, the Morgan dollars were nicknamed the buzzard dollar because the bird on the reverse side of the coin looked like a buzzard, not an eagle.
It was initially minted from the largest silver strike in U.S. history, the Comstock Lode.
In 2021 the Morgan Dollar was replaced by the Peace Dollar.
Over a quarter-million of the older Morgan Dollars were melted down to mint the 1921 coin, which was over half of the entire mintage from 1878-1904. Many Morgans still exist and can be found in uncirculated conditions. The Denver Mint only struck Silver Dollars during 1921 because the Treasury had destroyed the obsolete Morgan Dollar dies in 1910, and a new master die had to be created.
As a silver coin, it is a coin a local pawn shop may be interested in.
American Eagle Bullion Coins
In 1986, the American Eagle Bullion Coin Program was launched and started selling American Eagle Gold and Silver Bullion Coins. In 1997, Platinum was added, and by 1917, Palladium was added.
Close up of One Silver Buffalo Coin isolated on White
American Buffalo Bullion Coins
By 2006, under Pubic Law 109-145, the “Presidential $1 Coin Act of 2005,” the American Buffalo Bullion Coin was released and is one of the purest gold coins available, with a purity of 24k gold. The act established the guidelines for the coin’s design, production volume, price, legal tender status, gold sourcing, and more.
The Act says James Earle Fraser’s designs for the ‘Buffalo Nickel’ will be used on the obverse and reverse sides of the $50 coin. All the gold needs to be sourced from the U.S. or in a U.S. territory within a year following the month the ore was mined in. It designates the coin as legal tender and specifies the coins as “numismatic items.”
The Saint-Gaudens double eagle is a gold coin minted by the United States Mint in the early 1900s.
Numismatic Value”
Numismatic value is what a coin or coins are worth to a collector. The numismatic value is different from the melt value, which is the value of the metals that the coins contain. When valuing coins, they have a value due to their collectibility and the value of the metal they are made from.
The Market Price of Gold and Silver
The market price or spot price of precious metals ebbs and flows with the global economy. Investors and people buying and selling gold want to sell when the spot price is high and buy when it is low.
What does Spot Price Mean?
Spot Gold Price means the price that one ounce of gold could be bought or sold for immediately. The spot price goes up and down in the gold market, dependent on current events, the stock market, what’s happening in the world, and market conditions. Each dealer, or person you are selling your gold to as a gold buyer, has a premium, which is their cost for doing business, such as melting and refining the gold.
This cost is added to the gold price if you are buying gold. It is deducted from the price you will get if you are selling your gold. Each gold buyer has different costs associated with how they do business. Selling gold online may yield a higher payout, because the cost of doing business is lower compared to a gold buyer who owns a brick and mortar store, such as a jewelry store or pawn shop, and the associated costs of running that business.
The gold spot price is based on 24k gold or 99% pure gold. This type of gold is often found in gold coins, bullion coins, and gold bullion. 24k gold is soft and pliable, and thus it is not used in making jewelry because easily scratches. Silver spot prices are also based on pure silver 99.9%.
Not all gold is 24k, and the gold may be 10k, 14k, or 18k, and each has a different purity content. The spot price is based on the purity of the gold or silver, so it is important to know the precious metal content of your items. For instance, if you want to sell broken jewelry that is 10k gold, it will bring a lower price value compared to selling gold coins that are 24k.
Gold Bullion
Bullion is a non-ferrous metal. A non-ferrous metal is an alloy or metal that do not contain iron. All pure metals are considered non-ferrous. So gold, silver, platinum, and other precious metal are considered non-ferrous.
Bullion is refined to a high standard of purity. It is used in the production of coins and gold and silver bars. Bullion can also include platinum and other derivatives.
The Integrity Standards for Gold Bullion
The London Bullion Market Association is an international trade association. It coordinates the activities of its members in the London bullion market, sets and promotes quality stands for gold and silver bullion bars.
According to the London Bullion Market Association, the acceptable fineness of the Good Delivery Bars is 99.9% for gold and 99.9% for silver bars. The Good Delivery specification is a set of rules issued by the London Bullion Market Association.
The World Gold Council is a market development organization for the gold industry. It is involved across all parts of the gold industry, from mining to investment. Its purpose is to stimulate and sustain demand for gold. The World Gold Council and the London Bullion Market Association are working together to develop and implement an international system of gold bar integrity.
Purity of Gold
24k Gold
24k gold is 99.9% pure. It won’t stick to a magnet, it won’t discolor, and it will scratch the ceramic tile. It is what spot price is based on. 24k gold has not been mixed with any other materials and is the purest of all gold types. It is the most expensive gold to use, and is uncommon in the United States to use for jewelry. It is soft and bends, scratches, and doesn’t retain its shape well if used for rings or wearable jewelry. It is used in bullion bars and gold coins. The color of 24K gold is bright and orangish. With this, it is not attractive and doesn’t look as nice if used for wearable goods.
24k gold is the best purity of gold to sell to a buyer if you want to make a lot of money and get instant cash.
18k Gold
18k gold is 75% pure and thus has 25% alloy materials, such as nickel. It is the purest form of gold used for jewelry and everyday practical wear. It will scratch because it is still soft in nature. It is lighter yellow in color and more attractive compared to 24k gold. 18k gold is still expensive, and items made from 18k gold can be expensive.
14k Gold
14k gold is 58.3% pure and thus has 41.7% alloys, such as nickel, copper, silver, and zinc. 14k gold is used in most jewelry because it is affordable and durable. It doesn’t scratch as easily as 18k or 24k, and it will hold its shape well. Most bridal sets, engagement rings, and gold jewelry are made using 14k gold because of affordability, and a pleasing yellow-gold appearance.
10k Gold
10k gold is 41.7% pure and has 58.3% alloys of nickel, copper, silver, and zinc. 10k gold is durable and doesn’t scuff and scratch. It is affordable for most people. It has an appealing pale yellow color. It is used in wearable jewelry and is a practical choice. Because it has less gold content, it will not bring as much money if you are selling gold to a reputable gold buyer compared to 24k.
Expert Appraisal
A tell-tale way to determine if you’re selling real gold or silver coins, bullion, or scrap jewelry find an expert to authenticate your items. Pawn shops and jewelry stores have experts who can determine the purity of your precious metals before you sell it.
They can test your precious metals and determine if the silver is electroplated nickel silver, coin silver, european silver, plated silver, sterling jewelry, old silver, or if your silver item is worth current spot price. They can do the same for gold and other precious metals.
Knowing the type of gold or silver you have to sell is important, because it impacts the final price offer and will be the difference in a successful sale. It is also important if you are buying silver or gold. The current price needs to reflect the current market price.
It’s to their benefit to work with their customers to appraise luxury items like gold and silver, because they want to know how much is a fair price to offer you for your silver pendants, gold and diamond rings, silver collectibles and other things.
Pawn Shops Like Goldmine Pawn in Hollywood, FL – Buy, Sell and Loan on Gold, Silver, and Other Valuable Items
Sometimes life gets in the way, and you might need to secure cash through a gold and silver pawn. Goldmine Pawn is a reputable pawn shop located in Hollywood, FL.
Maybe you want to sell gold, silver, or diamond jewelry to them, or decide to secure funds through a collateral pawn. The choice is yours.
Goldmine Pawn accepts Scrap Gold, Gold Coins, Gold Bars, Gold Bullion, Gold Watches, Broken Gold, Class Rings, Gold Necklaces, Gold Wedding Rings, Gold Lighters, Junk Gold, Gold Bracelets, Scrap Gold Watches, Scrap Dental Gold, Old Dental Gold, Sterling Silver, Scrap Silver, Silver Bars, Silver Coins, Silver Bullion, Silverware, Old Or Junk Silverware, Silver Candlesticks, Platinum, and Scrap Platinum.
If you don’t have these things, they accept luxury handbags and designer watches, diamonds, diamond jewelry, electronics, and anything of value.
They will talk with you, appraise your items, and give you a good deal if you see something in their store or through their online shop that you would like to purchase. Known for the inventory of precious metals, they are a gold and silver pawn shop, and customers keep coming back because they know they will pay an affordable price for the merchandise they select.
If you prefer to shop online because you live outside of Hollywood, FL, they have a convenient online shop with clear photos and details about the items for sale. They will send the item to your residence because shipping is available.
Sometimes sellers want their valuables back, so they decide to take out a pawn loan. Maybe something comes up and they can’t make the payments or pay the loan back in full. The pawn shop will work with its customers to discuss other ways to keep their items, while working with the pawn shops pawnbrokers to adjust due dates or loan terms. Being smart about pawn loans and making sure you don’t wait too long to contact a Goldmine employee if your circumstances change is key to establishing a good history with the pawn shop if you need to visit them again.
