Proudly holding a pair of ornate silver candle snuffing scissors for inspection, I prepare for my Antiques Roadshow moment – when excitable crowds gasp in admiration at the eye-wateringly high valuation of my family heirloom.
‘Worthless… to me at least,’ says Cambridgeshire Coins valuer Perry Dean, bringing me back to earth. ‘I am afraid it is not solid silver but an electro-plated coat over copper.’
My trip to the Gold and Silver Buying Event at a community centre in Buntingford, Hertfordshire, has got off to a disastrous start.
I was crestfallen – this was not my expectation two weeks earlier when a flier landed on my doorstep – boasting ‘With gold and silver at an all-time high now is the perfect time to sell’ – and offering to ‘turn your treasures into cash instantly!’
It wasn’t all disappointing, though. Over the next couple of hours, I learned which common family heirlooms could turn out to be hidden treasures – and how to get a fair price if you are looking to sell.
Strike gold with junk
Feeling wounded by the rejection of my prized family silver heirloom, I dug deeper into my carrier bag for stuff I did not like: a gaudy half-inch metal teddy, cufflinks and a ring bought in the 1970s, a half-sovereign in an ugly frame setting and a gold tooth filling that had recently fallen out after 30 years of service. Although I was a little embarrassed at my motley collection, Dean licked his lips. To value them correctly, he studied the pieces though a jeweller’s loupe – looking for stamps showing purity and where it was tested, as well as a stamp date.
Cashing in: Toby Walne, right, meets valuer Perry Dean to see if his trinkets have any value… or if they should stay in the attic
He then pulls out what looks like a ray gun from an episode of Star Trek. This is a Thermo Scientific Niton X-ray gun that can look inside jewellery to reveal percentage of gold and other metals.
It turns out I have mostly nine and 14-carat gold. The highest level of purity is 24ct, but it is usually lower and alloyed with other metals.
The price of gold has been soaring in recent months, with investors fleeing to this perceived safe haven out of fear of a stock market meltdown or a crisis caused by the recent US attack on Iran. In the past 12 months gold has risen by about 45 per cent in value. It is traded internationally in US dollars per troy ounce (about 31.1g), currently standing at about $4,800 (£3,550).
Dealers are offering about £40 per gram for 9ct, £60 a gram for 14ct, £80 for 18ct, £95 for 22ct, and about £105 for 24ct. It is worth checking a few out if you want to get the best price.
Having weighed the items I brought – not including the half sovereign for which he was willing to pay £425, I am offered £450 for my hoard of junk.
After filling in the necessary paperwork, I was eager to take the money and run.
Unwanted trinkets
Dean says he often hands over more than £1,000 for pieces of unloved jewellery that have simply fallen out of fashion.
Earlier that day he had bought a hefty bracelet that looked tacky with an animal tooth decoration. It didn’t look like much, but it contained plenty of gold, which will be melted down. The seller got £1,200.
Paula Leonard, 59, of Puckeridge, pops in with a gold bracelet given to her by grandmother Elsie when she was ten. She says: ‘Due to sentimental value there is no way I will part with it – but I was blown away with the £960 valuation.’
The flier through my door had been targeted at homeowners living in villages where Dean admits ageing residents may hold pieces they do not realise are valuable treasures.
Cities and towns tend to be catered for by the high street ‘best price paid for gold’ pawnbrokers and money shops, which gained popularity during the current cost of living crisis.
Dean says sellers should trade only with a quality-controlled company linked to a trade association such as the British Numismatic Trade Association or the London Bullion Market Association.
Dean warns that he has met many who were scammed by services which allow you to send pieces off and receive money in return – often falling for copycat websites that took the valuables and never paid.
Worthless heirlooms
The price of silver is also soaring – up 134 per cent in a year. It is currently trading for about $80 (£58) per troy ounce. If you are selling sterling silver, you might be paid £1.50 a gram.
I show Perry Dean an intricately decorated 5in silver coal scuttle with scoop that has sat on a mantelpiece for years.
He whips out a ‘magnet of truth’ showing it sticks to the metal – yet again revealing silver-plated copper. Silver on its own is not magnetic.
‘Like the candle snuffer, I am afraid worthless,’ says Dean.
Next my silver-plated christening cup, which Dean said even antique dealers would probably not touch. It turns out that vintage mugs, ceramics and even glassware made before 1992 can contain harmful levels of lead, which can be toxic and damage your kidneys.
A solid silver piece should have a sterling silver hallmark (92.5 pc pure silver with the rest mostly copper), which includes an image of a lion. Dean says: ‘You might be luckier taking the pieces to an antiques dealer or trying to sell on the internet.’
Your old fob watch
A handsome silver Baume Longines fob watch made in Sheffield in 1884 is brought in by retired postman Philip West, 73. Dean says a timepiece antiques trader may offer at least £200 for one, adding: ‘The success of period drama Peaky Blinders has put them back on the map.’
Coins can also be hit and miss, as James Prow, 94, finds out when he is offered only 50p each for a 29-set of 50p coins minted to commemorate the 2012 London Olympics.
One coin is soaring in value – the gold sovereign, which is currently worth about £840. It contains over 7.3g of 22-ct gold.
My half-sovereign was valued at £425 despite having a face value of 50p. But I won’t be parting with it – just yet.
- Have you learned a family heirloom is worth much more or less than you’d thought? tobywalne@mailonsunday.co.uk