YOUNGSTOWN, Ohio (WKBN) – Gold has always been valuable. Monday morning, one ounce of gold was worth $2,000. Just the second time it has reached that level in two years.
Mike Miller of The Coin Shop says jewelry is the most common item people want to find out the value. For instance, a thin necklace weighs out to be worth about $145, a bigger one could be $800.
“Once people catch on, we see a large amount of customers coming in and taking full advantage of the fact that what used to be worth $300 is now worth $1000,” Miller said. “We’ve had customers we’ve paid as much as $25,000 for just scrap gold jewelry that they had. They didn’t even realize it was that much money.”
Don’t bother using your food weight machine to calculate the price. It wouldn’t give you a good estimate. The Coin Shop is looking for the pennyweight, not the ounces. It’s licensed by the state as a precious metals dealer, which is required to buy jewelry.
There’s also tremendous value in gold coins and other items.
“Believe it or not. We do see a lot of gold teeth, and they are valuable because the purity is higher. So, a little tiny gold tooth cap even is around $100,” Miller said.
Ten-karat gold is nice, but 14 karat pays higher and 18 karat pays even higher because there’s more gold when it’s refined. Right now, the gold rush is leading to big payouts.
“I’ve sent people on vacations. I’ve had people donate large amounts of money to their church. It’s just amazing that when they figure out that that stuff’s been sitting in a box in their bedroom for 30 years and it’s worth that much money. They actually have some life-changing money,” Miller said.
If you’re interested in finding out the value of what you have, the best way is to take it to a reputable, licensed dealer. They’ll tell you what they can pay and at that point, the decision is yours.