# Frequently Asked Questions About Selling To Florida Gold Exchange ## General **What do you buy?** - **GOLD** coins, bullion bars, 8K-24K jewelry in any condition, dental material, raw gold, and more. - **SILVER** bullion bars and rounds, American Silver Eagles, 40% and 90% silver U.S. coins, foreign bullion coins including Silver Maple Leafs, Silver Philharmonics, Silver Britannias, and sterling silver (excluding jewelry). - **PLATINUM**: Bullion coins and bars. - **PALLADIUM**: Bullion coins and bars. We don't buy platinum jewelry, costume or plated jewelry, grain or shot, circuit-boards, industrial silver, stamps, or paper currency. **Do you buy diamonds, emeralds, rubies, or other stones?** While we gladly purchase jewelry containing stones, our offer is based purely on the metal value. Whenever possible, we'll attempt to remove and return larger stones when purchasing your item. For pieces containing stones, we can provide an informal offer based on their estimated weight. The final offer would be determined after stone removal. **What about gold watches?** We buy gold watch bands and gold pocket-watches for their gold content. We can estimate the weight of the watch workings to provide an informal offer before removing the foreign material. **What about white gold, rose gold, or tri-color gold jewelry?** We buy all gold alloys, including yellow, black, white, rose, and tri-color gold. **How long does it take to get an offer?** Depending on the type and number of items you're looking to sell, you'll have an offer in minutes. Large lots with many scrap metal items can take time to evaluate, and an appointment is recommended. **How do you determine a price for my items?** For "scrap" metals such as jewelry, raw gold, and sterling flatware, our offers are based on the weight, their purity, and the spot market price of the contained metals. For coin and bullion products, we also consider factors including the mint, condition, packaging, year, and certified grade. **How do you determine the weight of my items?** We use state inspected certified legal for trade scales to weigh your items. For single items weighing over 1200 grams, we may use high-precision scales which are not certified legal for trade. **What's the difference between solid gold and gold-plated jewelry?** "Solid" gold jewelry has the same metal content throughout. "Plated" gold jewelry consists of a thin layer of solid gold applied over a base metal such as copper. Plated jewelry typically has very little fine gold content, and the cost of refining it can be greater than the value of the gold contained. Common gold plating methods include gold fill, electroplating, and roll plating. Plated pieces are often marked "GF", "GP", "KGP, "HGE", or "RGP." **Can I reclaim my items after they're sold?** All sales are final. However, our offers are made at no obligation, and we'll gladly provide a written quote if you need time to consider. ## Testing **I have items I'm not sure are gold or silver. Can I bring them?** Yes! We'll gladly test your items at no cost or obligation. **How can I check if my jewelry is solid gold or silver?** Most solid gold jewelry contains a karat stamp such as "14K" or "18K". Jewelry manufactured outside the US will often bear "fineness" markings such as "417", "585", or "750" rather than a karat stamp. However, some authentic gold jewelry is unstamped. In other cases, gold-plated jewelry has been stamped and sold as solid gold by a dishonest jeweler. We may use X-ray fluorescence or simple chemical testing to identify or confirm the metal content of marked and unmarked items. If you see a stamp like "GF", "GP", "KGP, "HGE", or "RGP" on gold jewelry, this indicates that it is gold-plated. Except for certain types of chains, solid gold and silver jewelry should not be magnetic. Use a strong neodymium magnet to confirm that your items are not magnetic. While solid silver jewelry can tarnish, solid gold jewelry cannot. You can also examine gold jewelry for copper or silver colors showing through in well worn spots, which typically indicate plating. In almost all cases, authentic silver jewelry will be stamped "925" and will not be magnetic. If you have silver colored pieces that are not stamped, or they are stamped but magnetic, it is unlikely that they are silver. **Will my items be damaged during the testing process?** We perform non-destructive electronic testing on most coins and bullion. If your coin is in a case, we typically don't need to remove it. We can also test small gold jewelry pieces, raw gold, sterling silver, and most other scrap metals non-destructively. While can make an offer on heavy or unstamped gold jewelry without destructive testing, such items may need to filed, drilled into, or cut apart to verify content before finalizing the purchase. ## Payment **What are my payment options?** Cash, Zelle, business check, Chase Bank cashier's check, domestic wire transfer, or trade-in credit toward a retail purchase. See our [Payout Policy](https://www.floridagoldexchange.com/policies/payout) for full details. **Are there any payment fees?** No. There are no fees for any payment method. **When will I receive payment?** Most payments are issued immediately. Wire transfers are typically processed the same day but may be delayed by one business day. See our [Payout Policy](https://www.floridagoldexchange.com/policies/payout) for processing times by payment method. **What are the restrictions on cash payments?** When purchasing coins or bullion, we can only pay the first $1,000 in cash. For scrap metals, we can typically offer full payment in cash. Cash is not available for shipped items. See our [Payout Policy](https://www.floridagoldexchange.com/policies/payout) for full details on all payment methods and restrictions. ## Policies **Is there an age requirement to sell?** Yes. We do not purchase from anyone under the age of 18. **Do you report my payment to the IRS?** Only in limited cases. We are required to file IRS form 1099-B only if you sell bullion in a quantity and form that meets CFTC futures contract requirements. Most transactions are exempt. For details, see the Tax Reporting section of our [Payout Policy](https://www.floridagoldexchange.com/policies/payout) or [Understanding Reportable Items](https://www.floridagoldexchange.com/documents/ncba-understanding-reportable-items). **What are "secondhand goods?"** Florida law regulates the sale of "secondhand goods," which include jewelry, flatware, and certain other items we buy. Coins, bullion, and dental material are not considered secondhand goods. **What information do I need to provide when selling in person?** If you are selling items which are not secondhand goods, such as coins, bullion, or dental material, we will ask for your name and any information necessary to issue payment. When selling secondhand goods, Florida law requires the presentation of a government-issued photo ID. We must also collect certain other identifying information as required by law. **What information do I need to provide when selling by mail?** If selling any type of precious metals by mail, you'll need to enter your name, phone number, email address, home address, government-issued identification number, and date of birth into our secure online portal. **Who can access my secondhand goods transaction records?** Florida state law requires us to provide local law enforcement officials with access to records of secondhand goods purchases for up to three years.