How We Buy

 

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Gold & Silver Trade Experts

As a premier gold and silver trade expert, LC Coins buys items containing those precious metals, among other things. You can sell us jewelry, coins, scrap, dental gold, watches, tableware, such as sterling tea sets. In fact, we buy anything with gold or silver content.

Expert Assessment Processgold & silver trade experts

How we buy gold and silver and how you know that you’re getting what we advertise: the best price possible!

Simplified 4-Step Appraisal

  1. confirm that the items are gold or silver (a couple of tests)
  2. determine the grade (the percentage of pure gold or silver in the items)
  3. weigh the items to get the amount of pure gold or silver
  4. use the current world price for gold or silver to figure the value of each item.

The above constitutes an “appraisal” – an assessment of how much your items are worth and what we would pay. As gold & silver trade experts, we can do this at the counter with you, and it’s something we’re happy to do free of charge, without obligation. Getting an honest value can be very useful for a garage sale or the division of an estate.

Detailed 4-Step Appraisal

  1. Confirm that the items are gold or silver
    • Magnet test – gold and silver are NOT attracted to a magnet
    • Check of appearance, density and stamping
    • A chemical test
  2.  Determine the grade – the purity rating

A key step is determining of the grade of an item – this is the Karat rating of gold – standard ratings are 8, 9 10, 14, 18, 22 and 24 karat (pure gold). If an item is 8 karat for instance it’s 33% gold. We show you how the karat or purity rating is determined (karat stamps, testing, or for coins, a reference book.

  1. Weigh the items

For weighing we use a precise scale and show you the weight of your items and then the calculation (using karat ratings) we use to determine how many grams of pure gold or silver is in each item.

  1. Apply the current price of gold and silver

Once we have the amount of pure gold or silver in each item we use the current world price of gold or silver to determine the total value.

gold & silver trade expertsOurs is a very straightforward 4-step process, and there are no secrets. For each step we will be more than happy to show you how we arrive at the results, honestly and without cost or obligation.

We’ve largely used gold in our discussion above, but we use the same process for silver. The only difference is the purity ratings: sterling silver is 92.5% pure, coin silver is 80% etc., otherwise the steps are the same.

If coins are involved, we determine if any have a premium value to collectors and we add this value to the appraisal. Some coins can be really valuable, so you need to get the best advice those who are gold & silver trade experts in the field of numismatics.


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