At California Gold & Silver Exchange, we want to educate the public so they do not get taken advantage when selling their gold and silver. In the next few paragraphs you will be educated on how some companies are giving you less for your gold and/or silver.
Penny Weight vs Grams
There are two methods of how small amounts (less then one ounce) of precious metals are weighed in the industry. Some buyers like to buy precious metals by the gram (g) while others use another type of weight measurement called pennyweight (dwt). Knowing how these two weight measurements differ can be the difference of many dollars, sometimes even hundreds. Below shows the conversion of grams (g) to pennyweight (dwt) and pennyweight (dwt) to grams (g). As you can see from the conversion there is around a 36% difference between the two measurements.
Some buyers will say they are paying a certain amount per gram but are really paying that amount in pennyweight. Others will say they are buying it by the gram but they are weighing it in pennyweight. Either way they are deceiving the client. At CGSE we buy it by the gram and we weigh it by the gram. We play no games. We will gladly show you what your precious metals weigh on our scale. Our Scales are certified by the County of San Bernardino Weights & Measures. We use grams because we know most people have a food scale or some other type of scale that weighs in grams so they can have an good idea of how much their precious metals weigh and have a good idea how much money they will get. If the business is being honest they should have no problem showing you the scale so you can see whether your precious metals is being weighed in grams (g) or Pennyweight (dwt).
Coins in Rings or Bezels
If you have a gold coin in a bezel or in a ring you likely have a coin that is 22 Karat. Since most jewelry is 14 Karat, beware of buyers figuring your coin as what ever Karat the jewelry is. Since 14K is 58.5% Percent gold & 22K is 91.6% gold it can make a sizable difference in your payout. California Gold & Silver Exchange has World Coin Books that will be able to identify the amount of gold in your coin so you will be able to get the most for your gold.
Beware of gold buying companies who say they are Refinery Direct or act as if they are a refinery. There is not one gold refinery in the country that deals with the public. It would be a conflict of interest for them to do business with the public because the refinery's deal with the companies that buy from the public.
Please be cautious of advertised pricing that has not been updated. Some companies will advertise a payout based on prices that are not current. California Gold & Silver Exchange bases their pricing uses the current price that is changing on a minute by minute basis. Click on the link below to see the price of 1 ounce of pure gold (24K) http://www.kitco.com/market/
Don't Clean Coins
Under no circumstance should you clean your coins. Over the years we have seen it many times where someone comes in with a coin that has been cleaned or buffed, Coins actually lose value when they are cleaned. Once a young man came into our store not knowing that cleaning his coin would devalue it. The coin not cleaned would have fetched him around $300. Seeing that it was buffed we where not even able to offer him a tenth of its value of the coin if it was not cleaned So please under no circumstance should you clean your coins.