Selling Your Metal Detecting Finds
If you are hoping to sell your metal detecting finds, knowing where to sell them or who to sell them too can be a difficult task. For many of us, just being able to find gold or silver while out metal detecting can be a challenge.
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The Best Selling Metal Detectors
There are so many signals and targets to pick through in the ground, not to mention the loads of trash targets out there that we dig up as well, that finding gold seems to be a daunting task. If you metal detect, you know that gold falls within the same range of targets as most trashy signals, therefore making it even more difficult to recover.
I actually found this gold ring at a garage sale for $0.25 in a box with various other rings.
But let’s say you actually happen to stumble on the right target, dig it up, and it’s a large, honking gold ring! After you finish doing the “happy, gold dance,” you immediately start processing how much this ring is worth and you start wondering, “where can I sell this thing for some extra cash?”
The good news is that you actually have many options. The bad news is not all of those options are the best and some of them can certainly affect how much cash you walk away with. I will go through many of the ways and options you have when it comes to selling your metal detecting finds so that you can get paid with the highest, total value possible.
Minelab Equinox 900
A new Equinox 900 from Minelab to help you find more treasure than ever before. With a new and improved Beach mode, you will be sure to find something and maybe even some gold with the Equinox.
Knowing What You Have Found
Knowing exactly what you have found is the first key in order to being able to sell your metal detecting finds for the highest or best value possible. As the T.V. show Schoolhouse Rock likes to say, “it’s great to learn cuz’ knowledge is power!”
Finding a stamp or marking on the inside of a ring is a good first step to understanding what the ring is potentially made up of.
It is important to be able to identify the metal your item, like a ring, is made of such as gold, silver, or platinum and what the purity/percentage of it is, such as 10k or 14k gold and .925 or .950 silver or platinum. Knowing the purity of your ring will be one of the factors that will dictate how much it is worth and you can actually purchase at-home, gold test kits from Amazon which I have used myself and is pretty fun because they make you feel like scientist in a way.
The weight of your ring will be the second factor because many buyers will use the formula (market spot price x weight in troy ounces x purity percentage i.e. 10k is .417) to determine the current value of the ring based on the metal it is made from such as gold in this example.
Another factor that could impact the value of your ring is whether or not there are jewels set inside it. The number of jewel options seem endless but some common ones include diamonds, rubies, sapphires, emeralds, garnets, pearls, and amethysts. It is important to understand that if a ring has a stone set in it, that does not automatically mean the stone is the real-deal.
I traded a large gold ring to a friend for some smaller rings with jewels and stones in them.
Stones with lesser values in place of the aforementioned could be glass crystals, moissanite, cubic zirconia, or white topaz. While many of these alternatives are beautiful in their own right, they will not help increase the value of your ring if you are trying to sell it second-hand with hopes of cashing in.
Judging The Quality Of A Gem Can Be Done By Evaluating The Four C’s:
Photo Credit: Sabrianna- Unsplash
Color
Hue, saturation, and tone all add to a gems beauty. Photo Credit: Maria Lysenko - Unsplash
The color of a gem, which is the most important C for any colored gem other than a diamond, includes the hue position, saturation (intensity), and tone (lightness or darkness).
Although many diamonds are seen as white, they do occur naturally in every color within the spectrum. In fact, it is very rare for a diamond to be without any color at all, which is why those diamonds are the most sought after and command the highest prices.
Clarity
Inclusions can bring down the value based on clarity. Photo Credit: Alex Ware - Unsplash
Clarity is determining any number of inclusions and the size of them. When it comes to a diamond, the fewer inclusions, the higher grade of diamond. The term “flawless” diamond refers to a diamond having zero inclusions and would be considered the highest quality in the clarity section when grading a diamond.
Unlike a diamond, another gem such as an emerald can actually be enhanced with inclusions as it will most likely impact the color of the gem and give it a more favorable look.
Cut
Gorgeous pear! Photo Credit: Conscious Design - Unsplash
How a gem is cut can impact the value based on shape, style, symmetry, proportion, and finish. While there are many shapes a gem may be cut, it is often subjective to the owner, although hopefully the lapidary (gem cutter) has made the best choice when cutting the gem to highlight the best areas of the stone.
One oddity is that round gem cuts, particularly in diamonds command a premium in price compared to “fancy cut” styles such as a marquise or princess cut, which is one way you can save when purchasing a diamond. Fancy cut diamonds can also give the impression of the diamond being large due to it showing more surface area in the setting.
Carats
No, not carrots… carats! Photo Credit: Heather Gill - Unsplash
Finally, most of us have probably heard about carats when it comes to evaluating a gemstone because it often has the largest effect on the stones overall price or value.
A carat is a measurement of mass known as a metric carat which is equal to 200 milligrams/.2 grams or 100 points. Why do larger gems cost more?
Well, simply put, larger gems are more rare, thus supply and demand help dictate prices in accordance to this model. So, if you’re asking if size matters, YES! This is very prominent by comparing price jumps with certain carat sizes.
The price for a gem that is 0.97 carats could be significantly lower compared to one that is 1.03 carats even though to the untrained, naked eye, they seem very similar in comparison. Just by eclipsing the 1.00 carat mark, it creates a psychological effect that that gem MUST be much more valuable than a gem of identical quality with only a slightly smaller carat weight.
However, this relation is not true for gold as there is little difference in value for a 14k ring that weighs 5.9 grams versus one that weighs 6.1 grams when attempt to resell. You may see price jumps in gems for every .25 carat increments as well i.e. 1.25 carats, 1.5 carats, and so on.
Places To Sell Your Metal Detecting Finds
Photo Credit: StockSnap - Pixabay
Cash For Gold Stores
Are you just in need of some extra cash? Photo Credit: Alexander Grey - Unsplash
Cash for gold stores really began popping up on nearly every street corner by 2008-09 as the price of gold per ounce began to skyrocket. By the end 2011, the price of gold had tripled from previous values in 2006.
Because of this bull market in gold, people where creating businesses to buy low and then turn around and sell high as the market continued to rise. It was a “quick flip” or “get rich quick” tactic these businesses were banking on. People looking to make a little extra cash themselves from old gold rings, jewelry, and even old dental caps (often made of gold) were also trying to get in on the action and these stores made it quick and convenient for those people looking for some extra cash very easy to offload those possessions.
I’ve got 99 problems but selling gold ain’t one. Photo Credit: Pierre Bamin - Unsplash
The problem: cash for gold stores seldom give a high or fair percentage in return for your gold. I personally have taken in gold jewelry found from metal detecting to sell at multiple cash for gold stores and was typically offered between 35-60% the true melt value (value based on weight and karat content) for my gold.
Those higher percentage offers usually came after trying to negotiate a better price for myself. While I understand they are trying to run a business and they too needed to make a profit, it seemed asinine to me that if I brought in $1000 worth of scrap gold, I would only end up walking out with $350-$600 in my pocket. For this type of transaction, I would expect to see a minimum return of 80% but would much rather see a return closer to 90% of the total value of my gold.
Example of Dendretics gold calculator.
To have a better understanding of the value of your gold, you can weigh your ring on a small food scale like this one found on Amazon and then use it to help calculate the actual value based on the current gold market.
Another great way to quickly calculate your spot gold value after weighing it on your scale would be to use a gold calculator like this one on Dendretics.com
Metal Refineries
Perhaps you’ve found a number of gold rings over the course of your metal detecting career and now you want to cash in on all of them at once in order to get money for a new detector or to take a much needed vacation. Using a refinery such as ARA Gold or Midwest Refineries may be the best option to help you.
ARA Gold
ARA Gold states that they pay up to 99% on the spot price of gold, up to 95% spot price of silver, and up to 90% the spot price of platinum (additional refinery processing fees may be applied). Depending on the size and quality of any diamonds that are in the jewelry you send, they may offer to purchase those as well, but will not buy any other types of gems. However, they do offer a free stone removal service and will ship those back to you along with your check.
Midwest Refinery
Photo Courtesy of Midwest Refineries
Midwest Refineries will pay 95% the spot value of your gold, 90% the spot value of sterling or .925 silver jewelry with a slightly smaller percentage for .800 silver, and finally 90% the spot value of platinum (no additional refinery fees will be applied). They also offer additional payment services for metals such as palladium, rhodium, etc.
It is important to note that walk-ins are not allowed at the refineries and all shipments must be mailed in, so you’ll most likely want to insure your packages. I personally have used ARA Gold on several occasions and have never had an issue sending it in.
Additionally, you can request to have your metal melted down in to .999 bars, rounds, and even coins (provided you have enough) and they will ship them back to you. I did this and then had my jeweler melt down that pure gold to then form and craft my wife’s engagement and our wedding rings (keep reading to see!)
Selling On Reseller Apps/Sites
For those of us that are a little more tech savvy, there are a number of apps or social media platforms that are great for reselling your metal detecting finds to hopeful collectors. The benefit in using these are that some are local so there is no need to have to mail anything out and you are able to meet directly with the buyer. Others are also very trusted, require users to verify their accounts, or offer buyer/seller protection programs should something happen during the shipping process.
Here are several suggestions you can use:
Mobile app that is good for local selling and buying. Typically you meet in-person as there is no online payment system attached with the app.
User reviews help verify trusted buyers and sellers.
No extra fees for general usage.
Extremely trusted and one of the oldest platforms to buy and sell items. Linked with various forms of payment options through the platform that are secure and trusted. Users are verified and a review system is in place to help build trust and creditability among users. Built in protection programs to help you avoid being scammed. Some fees may apply and most items are shipped as buyers are searching from all over the world.
Listings are free to make, but a 10% seller fee will be charged at the completion of a sale. Offers their own shipping program that includes $200 worth of protection. All items are shipped as there are no in-person meet ups. Sellers don’t get paid until after the buyer receives the item and rates it, which is kind of scary and could lead to dishonest buyers not paying.
Website that is good for selling and buying all over the US as there are listing in every major city/region. Typically you meet in-person as there is no online payment system but you could arrange for shipping and payment via PayPal, Venmo, etc.
with no extra fees for general use.
However, there are no buyer/seller protections built in to the site. There are no review systems or user profiles to verify accounts.
Mobile app that is good for local selling and buying. Typically you meet in-person as there is no online payment system attached with the app. User reviews help verify trusted buyers and sellers. No extra fees for general usage.
Website that is good for selling and buying all over the US as it is widely used. With so many users online, you have a higher probability your item will be seen or you will find what you are looking for when buying. Payment via PayPal, Venmo, etc. with no extra fees for general use. However, there are no buyer/seller protections built in to the site, although you can typically view a user’s profile.
Selling Your Metal Detecting Finds At Your Local Jewelers
Photo Credit: Brooks Leibee - Unsplash
There is something to be said about shopping and buying local. Supporting your local community and hometown businesses are always a great thing to do. It also allows you to build local relationships with other people and it may be a way for you to help unlock new potential metal detecting sites for you to go and metal detect. Selling my gold finds from metal detecting to my local jeweler did just that!
Our custom rings made from recycled gold I found metal detecting.
My local jeweler, Craft-Revival, is a local, family run business that makes custom jewelry pieces for all occasions and where I had my wife and I’s rings made. Not only did they make us amazing keepsakes, but the friendship we’ve developed throughout the process has allowed me to be able to sell my gold pieces to them as I know they are always looking for and in need of scrap gold at an affordable price.
This is because they would be paying a premium if they were ordering bullion from companies. If the piece is of exceptional quality, they may pay even more than spot gold because they would be able to resell it themselves as “estate jewelry.”
The gold I had melted from my metal detecting finds that went in to making my own rings.
The savings they get from buying gold from me on the spot is much appreciated by them, so they are more than happy to turn around and pass the savings (or profit) to me.
Not only do I get the full value price on my gold, but they get a great story every time I bring in my finds as well as a repeat customer for future jewelry purchases as we’ve built this trusted relationship with one another. If you don’t have a trusted jeweler yet, I recommend taking your items to at least 3 different shops to see who will give you the best prices.
Museums & Historical Societies
How cool would it be to have your finds and name listed on a display?
You may be thinking that you must have a monumental find in order for a museum or historical society to be interested in what you’ve found. The truth is that many local museums and historical societies are very interested in having pieces in their collections that are from the area or help showcase a period in time. These relics help offer insight and as well as a window in to the past that it is impossible to recreate and therefore, many of those relics hold value, some more significant than others of course.
One example of this is a good friend that I had met on the online forums (another place you could sell your finds) had clued me in to a field that was once used as a WWII POW camp in Michigan, per the historical society records. After several trips out to metal detect the field, I had amassed quite the collections of relics, eagle and military buttons, and even German solider dog tags and other Nazi memorabilia.
As much as I wanted to keep these relics for my own collection, I knew it would be of more value to the local county historical society so that they could help showcase their local history and hopefully be able to educate visitors with these one-of-a-kind relics.
To this day, those pieces still go on display every year and guest speakers come in from all over to help talk about them and the significance that they played in the county’s history.
To me, that is very cool and I was proud to be able to present those to the local curator. I knew how important it was to have those relics stay there, so I decided to donate them indefinitely even though I knew I could have been able to sell them or at least leased them out for a period of time had I chose to do so.
However, having my name displayed alongside the case noting me as the one who discovered them and as the donor gave me much more pride and made me happier than any payout.
Friends & Family
The easiest place to start when you’re looking to sell your metal detecting finds could be your own friends or family. I have sold, traded, and bartered deals with many of my metal detecting friends over the years. This included trading various gold and silver rings, coins, and relics based on our own preferences.
Friends are a great source to trade or sell your metal detecting finds with.
My friend Brian for example likes larger silver or gold rings that he can keep and wear. I prefer rings with stones in them so that I can hopefully resell them using one of the methods above for a little extra profit above what scrap value would give me. Because of this, we have traded on several occasions when each of us has something the other prefers and everyone wins in this scenario.
Another example of this type of transaction could be selling to local metal detecting club members or members on your online forums.
Look to sell your metal detecting finds on public forums.
In a way, they are like your metal detecting family and many of them have likely become friends as well. Since most forums have a buy/sell/trade category, this makes it fairly easy to make and find deals to help offload your metal detecting finds as there are collectors of all sorts on there.
Just KEEP IT
Not comfortable with selling your metal detecting finds? Then don’t! There is absolutely nothing wrong with keeping them for your own collection provided you don’t become a hoarder and your loved ones think you’ve gone mad.
This collection is a display of items I found at just 1 swimming hole and was worth putting in it’s own display case, which I wrote an entire article on displaying your finds.
Holding on to those metal detecting finds can actually be a pretty good investment, especially as the price of gold and silver has historically gone up over time.
An even better option are collectable coins. Only so many of them have ever been minted and with each year that passes, they become rarer and rarer which only adds to the value. You can use the Official Redbook to help track the values of your coins each year.
When it comes to relics, there is just something about each piece that is unique. Perhaps it is the story that item could tell as it has seen the years go by and with it, all the people it may have come in to contact with. And what about those people, what was their story with that relic? It seems like something of a fairytale, which is one of the things that makes those pieces so hard to part with for those that find it.
Officer’s Eagle Saber Belt Plate circa 1850s.
The day I found my first and only Officer’s Eagle Belt Plate from the Civil War, I sat kneeled over it for several minutes awe struck and wondered how it came to rest where I had found it. How long had it been there? Who wore it? What did they see and were they directly involved in any battles?
Even with this example of a $300-$400 price tag I could possibly get for it, I knew I would never be able to part with this relic because now I had become a part of its story and the significance it held was worth more than any dollar amount. Thus it remains a center piece in my collection today and hopefully I’ll be able to pass it down to a family member.
Want to keep your metal detecting finds?
Visit this blog post and learn about the different options you have when it comes to keeping and showcasing your metal detecting finds.
Know The Laws & Tax Implications
Even though you are digging in the dirt and finding lost or forgotten items, selling them or donating them could have tax implications. In some states or countries, just finding an item and failing to report it to the proper authority could get you in trouble with the law. This is not to scare you away from finding for selling your metal detecting finds, but rather is a basic public service announcement to do a little research should you choose to do so.
Metal Detecting in the UK has its own unique set of laws. Photo Credit: chan lee - Unsplash
For example, metal detecting in England requires you to follow the Treasure Act of 1996 and failure to do so is considered a criminal offense. It could result in imprisonment and/or a fine, so please do your due diligence to avoid any unnecessary trouble.
Seller Safety
Along with following the laws, rules, and regulations, safety is of an utmost importance when selling your metal detecting finds. Using online platforms to sell your metal detecting finds will often have buyer and seller protections built in such as using Ebay and PayPal to manage your transaction. Conducting deals over websites such as Craigslist or Facebook should be used with caution and best judgement.
Never give anyone private information such as bank account or credit card information, especially if you do not know them.
Be safe when conducting business online and do not give out private information to unknown websites or parties you are speaking to. Photo Credit: Jefferson Santos - Unsplash
If you are meeting locally and in-person with a stranger to sell some of your metal detecting finds, be sure to meet in a populated area. Many cities and towns have designated meet up locations such as the public library, community center, or even police office lobby for people to host these types of transactions so that they are conducted in a safe manner.
This is something I would recommend and I would advise not allowing a stranger to come to your house for the sale of one of your metal detecting finds or any other item if you can help it.
Use your best judgement if you decide to sell or buy online and if you are going to meet in person, be sure to bring a friend with you, use an approved meet up location, or meet in a populated area with many witnesses if necessary.
Summary
With so many options for you to be able to sell your metal detecting finds, it can be hard to choose at times. However, the good news is there are a lot of options, so try several of them and find what works best for you and your situation.
Selling your metal detecting finds has its many benefits and getting a little extra spending cash for your next metal detector or to help fund that trip of a lifetime is something not many other hobbies can provide, so enjoy going out and even if you’re only picking up one penny at a time, it’s still better than a kick in the pants!
I was able to go on an awesome metal detecting adventure of a lifetime.
Leave a beep below and let me know what items have you found and then sold? What did you use the money to help fund or buy? Do you sell your metal detecting finds or are you strictly a collector? Regardless of your motives in the hobby… I hope you keep Swinging4TheRing!
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