Alpharetta Residents Sell Class Rings, Wedding Bands for Gold for Big Bucks

The price of gold hit an all time high on Tuesday at $1,500 per ounce. Silver is at its highest point since 1980. With the economy so poor and so many people looking for ways to get extra money, it seems as if this would be the best time to sell unwanted jewelry.

Bob Weinberg at in Alpharetta said he has had a steady flow of customers, but he has noticed an increase in the last few weeks. The news reporting that the price of gold has stimulated this interest in people to sell, and he said this is the perfect time to bring in unwanted gold, silver and coins.

Silver is also at the highest value in several years. Local dealers are buying jewelry, old coins and Mitchel Rubin of Rubin Brothers in Alpharetta even suggests silverware. All of these items can be purchased by these dealers at record highs.

Before bringing jewelry in to a store, Weinberg suggested calling around to find out how much the different stores will pay. But he warned that some places will offer a higher amount to sell it at that moment to stop the seller from looking for a higher sales price. An educated consumer will shop around to get the highest payout and avoid being scammed by a buyer.

Weinberg said that customers who bring in a 10 karat gold item at today's price of gold will get up to $27 for a penny weight (approximately 1.555 grains), or up to $17 a gram. A 14 karat gold piece can net up to $36 a penny weight, or $23 a gram. Other shops will pay different amounts, he said, as there is no set standard as to what the stores will pay.

Rubin Brothers employees did not divulge what the store will pay at today's rate, but said that it would be "very good."

A typical wedding band in 18 karat gold would be around 4 penny weight and would get the customer about $200 at Parkway Gold with today's rates.

Those old coins in the house may be worth more for the silver content than the value to coin collectors. Silver U.S. coins from before 1965 are worth up to 24 times their face value.

A roll of quarters from 1950 have a face value of $10. While coin collectors value coins based on condition, those 40 quarters would be worth approximately $220 regardless of their condition.

Weinberg said his customers are bringing in high school rings and college rings. Because these rings are heavier than much of the smaller jewelry sold, they get more money for them.

Many people are making a party of out selling their gold by having gold parties. Weingberg said this allows a group of people to get together and have fun but also make some cash on the side. The dealers will often give a percentage back to the host of the party so it becomes a way to have a fundraiser for a charity, or another way for people to make some extra cash.