eBay Sellers Advertising Weight of Coin Lots

Buyer Beware!

This morning I happened to take a peak on eBay to see what was happening since silver was beginning to look like it may be on an upswing.

Two active listings caught my attention. The first angered the heck out of me. The second was a truly honest listing that restored my faith in humanity.

#1 - Over hyped exaggeration

LARGE **16 OUNCE LOT** of HIGHLY RECOGNIZABLE OLD US JUNK SILVER COINS
Let's examine this listing. The seller is claiming to be selling a lot of silver coins that weigh 16 ounces. No mention as to the type of weight the seller is using. Silver and gold is sold by Troy weight which is different from most weights the average person is used to.

In the listing itself the seller lists the coins in the lot

The winning bidder will receive the following coin lot which will weigh 16 ounces (1 lb.) or more:
Total of 5 Silver Half Dollars = my choice of: Walking Liberty or Franklin Half Dollars
Total of 10 (mix of 1965-1970) Kennedy Silver Half Dollars
5 Silver Washington Quarters
Total of 22 Silver Dimes = my choice of: Mercury and/or Roosevelt dimes
40 Silver War Nickels

Silver weight using the US Silver Coin Calculator
5 Half Dollars - 1.8085 oz
10 40% Half Dollars - 1.479 oz
5 Quarters - 0.904 oz.
22 Dimes - 1.5906 oz.
40 Nickels - 2.252 oz.
Total Troy Weight - 8.0341 oz.

A troy pound weight 12 troy ounces at 31 grams per ounce. Therefor this lot is actually 3/4 of a troy pound

Value at the time of this posting was $257.41
Seller's Buy It Now price - $389.95

The problem I find is the hype of this listing. Uninformed buyers can easily be mislead by this type of listing language. While the sellers price is very high there is nothing wrong with that in and of itself.

#2 - Factual Honest Listing

10 Different 90% Silver Franklin Half Dollars, 1949-1963, 3.617 Oz Silver!

Short and to the point listing with zero hype. Entering 10 into the half dollar field of the coin calculator shows a weight of 3.617 Oz

Bottom Line

Before you buy or sell any gold or silver coins spend a few minutes performing your Due Diligence. It doesn't matter where you trade knowledge is #1. You can find great deals and avoid disasters by arming yourself with knowledge.

My personal experience while buying silver coins is that I get the best prices from local coin dealers. There are about 10 in my area and I found 2 near by who sell junk silver consistently at or below spot. If you are buying US silver coins check the dealers near you, you may be pleasantly surprised.

Enter your zip code to find a local gold buyer

Note that I do not know either of these sellers on eBay, nor have I dealt with them in the past, nor do I know anyone who has dealt with either seller.

How to sell gold jewelry

If you have decided to sell some jewelry there are a few things you can do to ensure you get the best price. For this article lets assume you have a 14K gold bracelet that weighs 31 grams.

#1) Know what you have

Gold jewelry is usually stamped with a hallmark showing the karat or purity of the gold. You need to weigh your piece. If you have a good digital scale select grams troy as precious metals are weighed in Troy (31 grams per ounce vs. 28).

Using the Gold Value Calculator on your right enter number of grams and select the karat. The calculator provides you with the melt value of your piece.

Important: If your jewelry is not broken and in good condition and can be resold it is worth more than just the melt value.


#2) Find a buyer

Chances are you have a few places that buy gold near you. Call around and tell them what you have and ask what they are paying for 31 grams of 14K gold today. Prices fluctuate through out the day so the price you are quoted may change.

Jewelry stores that buy gold will probably give you the best price especially if you have a nice piece that will be resold. In my opinion the last place you want to sell is to a pawn shop but you never know. They may be the one with the best price near you.

Enter your zip code to find a local gold buyer

#3) The transaction

This part should be short and sweet.

Expect your price to be weighed and an acid test done on it to determine the purity (karat). Karat stamps are cheap and easy to buy and no one is going to assume the stamp is correct.

Once it is weighed and tested they will make you a formal offer. It should be close to what they told you on the phone. Again, if your piece is resell-able the offer should be close to the melt value. If you do not like the offer tell them why. Don't be afraid to walk away either.

Once you agree on the price they will probably ask for your ID and generate a receipt and hand you cash or a check.

Knowledge is power!

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