How to Sell Gold and Silver: Getting a Fair Deal

Whether you've inherited jewelry, accumulated coins over the years, or decided to liquidate part of your investment holdings, selling precious metals should be a transparent, pressure-free experience. Here's how to make sure you get a fair deal.

Know What You Have Before You Walk In

You don't need to be an expert, but a little preparation goes a long way.

For jewelry and scrap: Check for karat stamps (10K, 14K, 18K, etc.) on clasps, inner bands, and posts. Separate items you know are solid gold from items you're unsure about. If pieces have stones, understand that most dealers buy based on metal value only — the stones generally don't add to the offer.

For coins: Know what you're holding. A quick search for the coin's name and year can tell you whether it's a common bullion coin (valued at or near melt) or something with numismatic significance. Not all sovereign coins trade equally. American Gold Eagles, American Gold Buffalos, and Canadian Gold Maple Leafs (.9999 fine, BU) typically command the strongest buyback prices in the US market. Coins that are lower purity, odd weight, or less recognized domestically — such as Krugerrands, Gold Sovereigns, Pre-1933 U.S. gold, and Mexican Gold Pesos — may receive lower offers relative to their fine gold content.

For bars: Sealed .9999 bars from LBMA Good Delivery refiners (PAMP Suisse, Valcambi, Royal Canadian Mint, Asahi, Argor-Heraeus, etc.) in their original assay cards will receive the best offers. Generic or damaged bars, or bars with opened/missing assay packaging, may require additional verification and receive lower bids.

Get Multiple Offers

This is the single most important piece of advice. Never sell to the first buyer without checking what others are paying. Prices vary between dealers, and the difference on a large transaction can be meaningful.

At Florida Gold Exchange, we post live buyback bids on our website for gold and silver coins and bullion so you can see what we're paying before you visit. This level of transparency makes it easy to compare.

Understand How the Offer Is Calculated

A reputable dealer should be willing to explain exactly how they arrived at your offer. For scrap gold, the math is:

Weight × Purity × Spot Price × Payout Percentage = Your Offer

If a dealer won't show you the scale, won't explain the purity they're assigning, or gives you a flat-dollar offer without context, that's a red flag. For a deeper look at why scrap offers are lower than online calculator estimates — including melt loss, Florida's 30-day hold requirement, and refinery delays — see our article on How Scrap Gold Pricing Works.

For coins and bullion, offers are typically quoted as a dollar amount relative to spot (e.g., "spot minus $5 per ounce" for a common silver coin) or as a percentage of spot. Dealer buyback prices for well-known products are fairly standardized across the industry — if one dealer's offer is dramatically lower than others, ask why.

Watch Out for These Tactics

Most precious metals dealers are reputable, but the industry does have bad actors. Watch for:

Scales that aren't legal for trade. Florida law requires businesses buying precious metals by weight to use scales certified by the National Type Evaluation Program (NTEP) and registered with the Florida Department of Agriculture and Consumer Services for inspection. Some buyers advertise extraordinary rates, then understate weight using uncertified equipment. If you can't see the scale, the reading, or a current state registration — walk out.
Testing done out of your sight. Some buyers ask to take your items to a back room. Your items should remain in your full view during all weighing and testing. At Florida Gold Exchange, everything happens in front of you.
"We need to send it out for testing." A qualified dealer can test gold and silver on-site in minutes. If they insist on mailing your items somewhere for evaluation, you risk losing control of your property.
Bait-and-switch offers. A high phone quote that drops when you arrive in person. Always get specifics — what spot price is the offer based on? What payout percentage? What weight and purity did they assume?
Pressure to sell immediately. "This price is only good right now" is a sales tactic. Spot prices move throughout the day, so offers do fluctuate — but a dealer shouldn't pressure you. If you're not ready to sell, ask for a written offer that includes the metal type, content, weight, and current market price. A reputable dealer won't hesitate. If a buyer refuses to put anything in writing, check elsewhere.
Offers dramatically below melt value. Pawn shops and "cash for gold" chains often pay 50–60% of melt. A dedicated precious metals dealer should pay significantly more.

Know the Payment Options

How you get paid matters, especially for larger transactions. At Florida Gold Exchange, payment options include:

Cash — Immediate, but there are limits. For coins and bullion, cash payment is limited to the first $1,000. For scrap metals like jewelry and sterling silver, full cash payment is typically available. Cash payments over $10,000 in a single transaction trigger IRS Form 8300 reporting. Cash is not available for items shipped to us.
Zelle — Instant transfer to your bank account. No fee.
Business check — Issued immediately unless the sale requires further processing.
Chase Bank cashier's check — Available for larger transactions.
Wire transfer — Issued within one business day. May incur a fee of up to $35.
Trade-in credit — Your metals can be applied as credit toward a retail purchase of any gold, silver, platinum, or palladium bullion. Trade-ins are exempt from IRS 1099-B reporting.

Make sure you understand the payment method before you agree to sell. Some dealers delay payment or offer store credit as the only option — ask upfront what your choices are.

Selling by Mail

If you're not near a dealer, selling by mail is a viable option. Look for:

Free insured shipping labels provided by the dealer
Clear terms on how items are evaluated and offers communicated
The ability to reject the offer and have items returned at the dealer's expense
Prompt payment upon acceptance

At Florida Gold Exchange, we offer free insured shipping labels and secure packaging for mail-in sellers. When your items arrive, we offer dual-camera web meetings so you can watch as your items are removed from our tamper-evident packaging and examined — your items stay in view even when you're not in the room. You receive your offer by phone or email after evaluation, and payment is sent the same day you accept.

What to Know Before You Visit

A few practical details that apply when selling in person at Florida Gold Exchange:

You must be 18 or older to sell. No exceptions.
ID requirements depend on what you're selling. Florida law classifies jewelry, flatware, and certain other items as "secondhand goods," which require a government-issued photo ID and additional identifying information. Coins, bullion, and dental material are not secondhand goods and have lighter documentation requirements.
Items we don't buy: Platinum jewelry, costume or plated jewelry, grain or shot, circuit boards, industrial silver, stamps, and paper currency. If you're unsure about an item, bring it in — testing is free and there's no obligation.

When to Sell

Timing the market is difficult and usually counterproductive. That said, if you're going to sell, here are a few things to keep in mind:

Check the spot price before you go. Know what gold and silver are trading at on the day you sell so you can evaluate the offer in context.
Elevated premiums benefit sellers. When the physical market is tight and premiums are high, dealers compete harder for product and pay better prices.
Don't wait for a specific price target. If you need the money or have decided to sell, waiting for gold to hit a round number is speculation, not strategy.