American Rare Coin’s High Price Guarantee:
Minnesota Law (Statute 325F.733) requires that all purchasers of scrap gold be licensed and “every precious metals dealer shall prominently post in a conspicuous place and in letters exceeding one inch in height the minimum prices per ounce or pennyweight that are currently being paid by the dealer for precious metals.” No matter the dealer you choose and before you sell, insist on seeing this information.
To the best of our knowledge, American Rare Coin consistently offers a higher price for scrap gold than any Minnesota dealer. On a daily basis, we proudly and prominently post our buy prices on our website.
If you are aware of any dealer paying more, we will meet or beat that price.
We will also meet or beat any legitimate offer, from a licensed dealer, for your rare coins.
Visit our friendly and professional numismatic staff today by visiting our Bloomington, MN retail location.
What is the process of selling used jewelry and scrap items?
The first step is to determine the purity of the item. Most often, the karat purity is stamped on the jewelry. 18 karat means that 18 parts of 24 is gold (75% pure). Similarly, 24 karat is pure gold and 14 karat is .583 pure gold. Beware of initials after the stamped karat as they often indicate that the item is only gold plated. Common examples include EGF (Electro Gold Filled) or HGE (Heavy Gold Electroplate.) A magnet may quickly detect plated material as it will be attracted to the jewelry in most instances. Our buyer may also test the gold’s purity by dropping various strengths of acid on the piece of jewelry.
Once the purity is determined, MN state law requires that the piece is weighed in the seller’s presence on a state certified scale. MN state law also requires the purchaser to prominently post the price they pay per troy ounce or pennyweight for each of the various karats. 1 troy ounce = 20 penny weight. From there, it’s simply a matter of doing the math – the weight of the item multiplied by the price paid per gram or pennyweight for the appropriate karat.
Recently, because of higher gold prices (and an economy that has sellers looking for any extra money they can find) there have been many new buyers looking to purchase scrap gold from the general public. Scrap buyers can pay the general public any price they wish. There is no regulation regarding minimum purchase prices.
The Minnesota statute that requires purchasers to post the prices they are paying makes price shopping easier. Take advantage of the regulation and ask what your buyer is paying per karat. If the buyer responds with “What do you want for it?” or fails to give their best price on their original offer, it should raise a red flag for concern.
Xenia Coin Shop proudly posts the prices we are paying in our showroom and on-line.
Our prices are consistently among the highest in the area, and we make our best offer upfront. We offer a safe and clean environment that is conveniently located in the Wells Fargo Plaza building, just south of Interstate 494 between France and Penn Avenues. Immediate payment is always available.
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