Converting MD finds to cash?

[qtrs-xcite-me]

Oh I don't believe anyone is setting you up to buy your gold ring for $5.00.
Folks as my self were just trying to make sense of the #'s that you stated.
Metric, troy, imperial weights can throw totals off.
28.35/31.10 payouts will be different.
When I bought PMs it was in Troy Ounces.
All other alloys were in Imperial weights. Now all the yards are in metric weight payouts.
But no body is being disrespectful by correcting the math, or making sense of it.
Just another thing once you have been around for a tad you get what is posted, how folks respond.
It's a learning process here as well.
Why not post up a photo of the ring, so we can get a sense of what you found.
Well done BTW 👏

The comment about setting me up to buy the ring for $5 was intended as a joke to bring attention to the fact that the poster was telling me I only had less than $4 of gold after a jeweler who had inspected the ring indicated I could get 10 times that ($35), which was a third of what I thought it was worth ($100). I am, admittedly, a newbee on this site and posted seeking help. I am truly grateful for all the helpful posts made in response. I am not a newbee at life. Based on the response I received, It is obvious the poster took offense, which was not intended. I am truly sorry that I had a typo in my original post that caused confusion for some in interpreting what I was asking about.

 

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[ARC]

The comment about setting me up to buy the ring for $5 was intended as a joke to bring attention to the fact that the poster was telling me I only had less than $4 of gold after a jeweler who had inspected the ring indicated I could get 10 times that ($35), which was a third of what I thought it was worth ($100). I am, admittedly, a newbee on this site and posted seeking help. I am truly grateful for all the helpful posts made in response. I am not a newbee at life. Based on the response I received, It is obvious the poster took offense, which was not intended. I am truly sorry that I had a typo in my original post that caused confusion for some in interpreting what I was asking about.

That # was using YOUR numbers... which ... unfortunately my post was removed by admins... would have summed this thread up.

 

[pepperj]

The comment about setting me up to buy the ring for $5 was intended as a joke to bring attention to the fact that the poster was telling me I only had less than $4 of gold after a jeweler who had inspected the ring indicated I could get 10 times that ($35), which was a third of what I thought it was worth ($100). I am, admittedly, a newbee on this site and posted seeking help. I am truly grateful for all the helpful posts made in response. I am not a newbee at life. Based on the response I received, It is obvious the poster took offense, which was not intended. I am truly sorry that I had a typo in my original post that caused confusion for some in interpreting what I was asking about.

So why don't you post a photo of your recovery up.
The actual weight in grams.
So we can actually see what you are referring to.
You stated that you thought it was worth $110 and the jeweler offered $35.
Retail and resale are 2 totally different worlds.
Resale and melt values are another.
That's why so many folks dish the pawn shop venues.
They buy on a melt value, possibility of a resale, but they've tied the investment up till the sale happens.
So the factor of loss is factored in on the purchase.
I've been at the refinery and the gold buyers cash in the jewelry.
The look on the face tells the story when the ingot or cash/cheque gets duspursed.
Remember 1 ring is a very small minnow in a big body of water.
You have a value all thought out, but in the real world it might not be obtained.

 

[eyemustdigtreasure]

Is there a forum on here or a thread that focuses on ways to turn metal detecting finds into cash? If so, would someone point me to it, because I haven't been able to locate such a thread/forum. I have found discussions on whether or not to clean coins and techniques. But how about what is the best way to turn sterling silver and gold finds into cash? Sell on an on-line marketplace? Ship someplace that will melt the metal down? The main reason I am curious is that after finding my first 14K gold ring and calculating that is should contain about $100 worth of gold, I took it to a local jeweler who burst my bubble by saying I would only be able to get about $35 for it for the gold content.

Yeah, reality sucks.
For me, I just heap up my treasure, size it up, and get a box heavy enough to contain it all…THERE’S your inheritance, grandkids, do spend it wisely…!
I recently had all my nickels, dimes and quarters cashed in so my five grandkids got $38 each…, big deal eh?
I still have all my my clad cents to clean and count…, but he real deal is my coin collection - they will have their hands full…!

 

[qtrs-xcite-me]

I started this thread with the title "converting MD finds to cash". Initially, I was trying to find out whether there was already a place on TreasureNet where this is discussed. If not, I was hoping it would spawn a discussion on what others' experiences have been.
I am 71 years old and took up MDing about 1.5 years ago. I have accumulated quite a bit of "treasure" that seems it should have some value. Modern clad coins - I have experimented with and settled on a method of cleaning that puts them in good enough shape to put back into production. Old coins have been going into my coin collection as "eyemustdigtreasure" indicated he is doing. I have found dozens of rings and other jewelry - much of it play jewelry, but at least 8 pieces of sterling silver and one gold ring.

That got me thinking that other MDists have probably gone down this path and could probably provide input on questions such as:
Is it best to try to sell on FBMP, CL or some other forum?
What is the best way to find a marketable price?
Is it more expeditious to sell for scrap metal value?
What are the advantages/disadvantages of some of the venues for scrap metal sales?

I could go on, but I think everyone gets the idea. Many of you have caught the drift of the thread and posted interesting and helpful info. Thank you one and all.

I have a lifetime experience with measuring in ounces and pounds and when posting an explanation of the calculations that made me question what I was being offered, I deliberately chose ounces as my measure as I believed most new detectorists would relate to that. I did not post a picture of the gold ring in this thread (I posted it elsewhere, where it seemed more appropriate on March 1). The reason I did not and will not post a pic here is that I did not want to encourage speculation of the value of a single ring - again, I am trying to solicit input on how to convert ones finds to cash.

If you believe this is a worthwhile topic and want to leave behind the off-topic discussion of what measure should be used, please post a like to this post. Or, post what you have discovered that works for you. I am sure that any of us who eventually decide to go down a path where it is more expeditious to use grams will make the switch when it suits us.

 

[FreeBirdTim]

People tend to overpay for anything silver on eBay. If you have a few Sterling silver rings, sell them as a lot. Even if some are bent or missing their stones. Here's a perfect example.

https://www.ebay.com/itm/3048402488...=true&nordt=true&rt=nc&_trksid=p2047675.l2557

The guy got $16.50 plus $4.09 shipping for 10.5 grams of Sterling silver rings with stones and damage. The current melt value for that lot is 7 bucks! Same goes for gold rings. People pay way too much for them on eBay. Just my take on it...

 

[pepperj]

People tend to overpay for anything silver on eBay. If you have a few Sterling silver rings, sell them as a lot. Even if some are bent or missing their stones. Here's a perfect example.

https://www.ebay.com/itm/304840248803?hash=item46f9e50de3:g:iyMAAOSwQhZkEQnT&amdata=enc:AQAHAAAA0GPUiqPfeTlolPhcLIDaI142jjRlz6dhMFxsDnyjYMB+7uCp3LeREuP9g7qIX27ezonLKWvMW+bbwU3WTFgcC4FT0u18E5ngOCafLPf215dz8wj/kUPLpLd/UfS3ZMsVsgGkkF6BDgmHfd2Bjvp2ssJKLJ3aImS50/VheSl/+33rUgeO9xB88dzhv+1++uwXWAnWqTIDMDMEMUA17CTOmgcVdOaSLOsuI7BZ0OSFtj6czCrQwVg3mhKjt1/hh/WgeNZqk+5yil9P+jbG91h7lT8=|tkp:Bk9SR6KpmPbgYQ&nma=true&si=vkENwKlRAqTCq6A47zeBd4YKfwo%3D&orig_cvip=true&nordt=true&rt=nc&_trksid=p2047675.l2557

The guy got $16.50 plus $4.09 shipping for 10.5 grams of Sterling silver rings with stones and damage. The current melt value for that lot is 7 bucks! Same goes for gold rings. People pay way too much for them on eBay. Just my take on it...

The world is crazy
I still am trying to figure out why these prices are being paid on these average coppers yesterday

. Add another 28% for buyer's premium and taxes.

 

[opalboy]

I’ve seen some silver dollar slicks at auction go for $45 to $65! That’s nuts!

 

[Blackfoot58]

I’d recommend hooking up with a reputable coin club in your area. Many members buy coins regularly, but again, don’t expect top retail prices. A lot of folks see a so-so condition coin, open the price guide and look at the value for the same coin in Uncirculated condition. Then they are shocked to see an offer of $3 for a coin they thought was worth $47. Coin guys generally understand condition very well. Good luck.