Selling old gold and silver jewelry can be a great way to get extra cash, but not all buyers have your best interests in mind. Scammers and dishonest dealers use all sorts of tricks to pay you far less than your jewelry is worth. Whether it’s hidden fees, misleading appraisals, or outright fraud, falling into the wrong hands can cost you hundreds or even thousands of dollars.
If you’re planning to sell your gold or silver, knowing how to spot red flags and choose a trustworthy buyer can make all the difference. Here’s what to watch out for and how to ensure you get top dollar for your valuables.
1. Beware of “Too Good to Be True” Offers
If a buyer offers you a shockingly high price that seems too good to be true, it probably is. Some unscrupulous dealers lure sellers in with inflated quotes, only to reduce the offer later due to “unexpected deductions” or hidden fees.
How to Protect Yourself:
- Check the current market price for gold and silver before selling. A reputable buyer will always base their offer on these prices.
- Get multiple quotes from different buyers and compare.
- Ask for a written offer before handing over your jewelry.
Some scammers also rely on aggressive sales tactics, pressuring sellers to take the deal before they have time to think. A legitimate buyer will give you the space to make an informed decision.
2. Watch Out for Hidden Fees
Some gold and silver buyers advertise “no commissions” or “free appraisals” but sneak in service fees, melting fees, or transaction charges after the fact. These extra costs can significantly reduce your payout.
How to Protect Yourself:
- Before selling, ask for a clear, itemized breakdown of any deductions.
- Avoid buyers who refuse to explain their pricing structure.
- Work with a transparent company like Eagle Coin, where there are no hidden fees—just fair, competitive offers.
A trustworthy gold buyer will always disclose how they calculate their offers. If you notice vague explanations or last-minute reductions, take your business elsewhere.
3. Don’t Fall for Lowball Appraisals
Some buyers use deceptive scales, fake testing methods, or low-grade acid tests to convince sellers that their gold or silver is worth less than it actually is. Others might misrepresent karat purity to justify a lower offer.
How to Protect Yourself:
- Visit a reputable appraiser before selling, so you have a baseline value.
- Make sure the buyer uses a properly calibrated scale in front of you.
- Be cautious of buyers who rush the testing process or won’t let you watch.
A reliable buyer will weigh and test your gold openly, ensuring transparency at every step. If they hesitate to explain their methods, it’s a sign that you should look for another buyer.
4. Avoid Mail-In Gold Scams
Mail-in gold programs promise convenience, but many sellers never see their jewelry again or receive unfairly low payouts with no option to decline the offer. Some companies even claim they “lost” your package and refuse to compensate you.
How to Protect Yourself:
- Only use well-established, insured mail-in services with solid reputations.
- Check reviews and complaints on sites like BBB, Trustpilot and Google Business Profile before sending anything.
- Consider selling locally to a trusted in-person buyer like Eagle Coin, where you get paid on the spot with no risk of losing your jewelry.
If you do choose a mail-in service, ensure your package is fully insured and trackable. Without this, you may have no recourse if something goes wrong.
5. Verify the Buyer’s Credentials
A legitimate gold and silver buyer will have proper licensing and credentials. Many states require gold buyers to be licensed precious metals dealers and follow strict regulations. If a buyer refuses to provide proof of their credentials, that’s a red flag.
How to Protect Yourself:
- Ask for their business license and check their registration with local authorities.
- Read online reviews on platforms like Google, Yelp, and the Better Business Bureau.
- Choose a company with a strong reputation, like Eagle Coin, which has been a trusted name in the industry for years.
6. Choose a Reputable, Trusted Gold Buyer
The safest way to sell your gold or silver is by working with a reputable, long-standing buyer with transparent pricing, honest appraisals, and great customer reviews.
At Eagle Coin, we:
- Offer fair market value with no hidden fees
- Provide on-the-spot payouts—no waiting or mailing required
- Have a trusted reputation built on honesty and transparency
- Use certified scales and expert appraisals to ensure accuracy
Whether you’re selling gold necklaces, silver bracelets, antique coins, or bullion, we ensure you get the best price without the hassle or risks of dealing with shady buyers.
Final Thoughts
Selling your old gold and silver jewelry should be a straightforward and rewarding experience, not a stressful one. By staying informed, asking the right questions, and choosing a reliable buyer like Eagle Coin, you can avoid scams and walk away with the best possible deal. Sell your gold, silver, coins and watch with Eagle Coins Gold and Silver Buying – A Lexaco Brand.
If you’re ready to sell, visit Eagle Coin today for a secure, transparent, and fair transaction.