Income Earning Idea: Sell Your Gold

I am always looking for simple ways to save or earn money.  Over the years, through trial and error, I have discovered a few methods that consistently (and painlessly) work.  I’ll be sharing these in my series “Income Earning Ideas.”  I have tried and fully endorse each of these methods.  If you have any income earning ideas that work for you, feel free to submit a tip or guest post to me at:   theorthodoxmama@gmail.com.

We have all seen them: The advertisements promising cold hard cash for your gold or gems.  I was always very skeptical of those ads–and for good reason.  I do not think it is wise to send your valuables through the mail or to expect large checks in the mail.  And so I never pursued the “Cash for Gold” idea.

Until the day that I did.

One day I heard a radio advertisement for a local business that pays for gold, silver, and jewelry.  They were having a special event at a shop that I frequent and trust, so I thought that I would check it out.

I looked in my jewelry box and found an embarrassing number of lonely earrings and jewelry that I never wear (high school class rings, anyone?).  I stuffed them into a Ziploc bag and headed out, my toddler in tow.  I fully expected to get around $20 for the lot.  Maybe $50 tops.  At that point, however, $50 was a week’s worth of groceries, so it was worth trying.

A few minutes later I was $350 richer.  That’s right.  $350.  All for jewelry that I never wore!  That high school class ring?  $110.  I could have kicked myself for not selling it earlier.  My half hour of searching for jewelry, driving to the store, and standing in line more than paid for itself.  It paid for our groceries for the next month and a half.

I have been back twice in the past couple of years, usually right before Christmas.  While I have never earned as much as that first time (since I had nearly emptied my jewelry box before, I only had a few items to sell), the extra $30 or $40 has really been helpful in supplementing our Christmas budget.

Out of these experiences, I’ve developed a few tips for selling your gold, silver, or jewelry:

Shop Local

Again, I would not recommend shipping your valuables.  While those companies may have excellent records and people who love their services, I personally do not feel comfortable with the idea.  A local brick and mortar store that I can walk into?  Much better.

Do Your Research

If you Google “cash for gold” in your area, you will likely come up with several options.  These may include coin shops, jewelry stores, and even pawn shops.  Look at their website to see their current exchange rate.  If they are reputable, they should list how much an ounce of gold or silver is currently going for.  You can even compare prices and choose the best deal.  Check to see if they have any reviews on their honesty and customer service.

Raid Your Jewelry Box

Choose items that have no sentimental value and that you no longer wear.  Perhaps you have a gold chain that is broken or have lost one earring of a pair (surely I’m not the only one!).  Not sure if it is real gold or silver?  That’s ok.  The people that you are selling to are experts.  They have equipment that they will use to test each item anyway.  I’m always a little embarrassed when they have to return an item to me, but at least I know for the future.

Have a Plan

Know what you will do with the money you gain.  Like I said, I often sell my jewelry before Christmas.  Perhaps you are trying to pay off debt, or add to your savings, or save up for a trip, or buy a new bike for your child.  Bookmark the money before you get it so that you won’t be tempted to spend it frivolously.

Selling your gold or jewelry can be a simple, quick way to earn a few (or several!) dollars.  Try it out.  You  just might be surprised at how much money you have just lying around.

Have you ever sold gold, silver, or jewelry for cash?  What was your experience like?

(Linked to Frugal Fridays, Thrifty Thursday.)