Hold on to the fob watch, but sell the gold charm bracelet: Get a fair price for heirlooms

I proudly hold a pair of ornate silver candle-cutting scissors for inspection, preparing for my Antiques Roadshow moment; excited crowds hold their breath in awe at the eye-wateringly high value of my family heirloom.

‘It’s worthless, at least to me,’ says Cambridgeshire Coin valuer Perry Dean, bringing me back to earth. ‘I’m afraid this is not sterling silver, but an electroplated coating on copper.’

My trip to a Gold and Silver Buying Event at a community center in Buntingford, Hertfordshire started with disaster.

I was upset – this was not what I expected when a pilot landed on my doorstep a fortnight ago – ‘Now is the perfect time to sell, with gold and silver at an all-time high’ he boasted, ‘offering to convert your treasures into instant cash!’

Not all were disappointing, though. Over the next few hours, I learned which family heirlooms can become hidden treasures and how to get a fair price if you want to sell.

Strike gold with scrap

Feeling hurt by the rejection of my prized family heirloom, I dug deeper into my carrier bag to find things I didn’t like: a gaudy, half-inch metal teddy bear, cufflinks and a ring purchased in the 1970s, an ugly-framed demigod, and a gold tooth filling that had recently fallen out after 30 years of service.

Dean licked his lips, though I was a little embarrassed by my colorful collection. To evaluate them accurately, he examined the pieces with a jeweler’s loupe; He looked for the stamp date along with the stamps showing purity and where it was tested.

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 jewelry to reveal the percentage of gold and other metals.

It turned out that I had mostly nine and 14 carat gold. The highest purity level is 24 carat, but it is usually lower and alloyed with other metals.

Gold prices have been rising rapidly in recent months; Investors are fleeing to this perceived safe haven region out of fear of a stock market meltdown or a crisis caused by the latest US attack on Iran.

The value of gold has increased by approximately 45 percent in the last 12 months. It trades internationally at US dollars per ounce (about 31.1 grams) and is currently around $4,800 (£3,550).

Sellers are offering around £40 per gram for 9 ct, £60 per gram for 14 ct, £80 for 18 ct, £95 for 22 ct and around £105 for 24 ct. It’s worth checking a few if you want to get the best price.

After weighing the items I had brought (excluding the half pound for which he was willing to pay £425), I was quoted £450 for my pile of junk.

After filling out the necessary paperwork, I couldn’t wait to get the money and run.

unwanted trinkets

Dean says she often pays more than £1,000 for outdated, unloved jewellery.

Earlier that day, she had purchased a large, tacky-looking bracelet with an animal tooth ornament. It didn’t look like much, but there was plenty of gold to be melted inside. The seller received £1,200.

Paula Leonard, 59, from Puckeridge, appears with the gold bracelet her grandmother Elsie gave her when she was ten. He says: ‘There’s no way I’m parting with this because of its sentimental value – but I’m blown away by the £960 valuation.’

The brochure that came through my door was aimed at homeowners living in villages where Dean acknowledged aging residents might carry items they didn’t realize were valuable treasures.

Cities and towns are flooded with high street ‘best price paid for gold’ pawnbrokers and coin shops which are gaining popularity during the current cost of living crisis.

Dean said dealers should only deal with a quality-controlled company affiliated with a trade association such as the British Numismatic Trade Association or the London Bullion Market Association.

Dean warns that he has met many people who have been scammed by services that allow you to ship parts and get paid in return; They often fall for copycat websites that take valuable items and never pay.

worthless heirlooms

The price of silver also increases by 134 percent in one year. It is currently trading at around $80 (£58) per ounce. If you are selling sterling silver you may be paid £1.50 per gram.

I show Perry Dean the intricately decorated, scooped, 5-inch silver coal pail that has been on the mantelpiece for years.

He throws out a ‘magnet of truth’ which shows that it sticks to the metal, revealing silver-plated copper again. Silver by itself is not magnetic.

“It’s like a candle extinguisher, I’m afraid it’s worthless,” says Dean.

Next up was my silver-plated christening mug, which Dean said even antique dealers probably wouldn’t touch.

It turns out that old mugs, ceramics, and even glassware made before 1992 may contain harmful levels of lead, which can be toxic and harm your kidneys.

A sterling silver piece must have a sterling silver mark (92.5 sterling silver, the rest mostly copper) featuring the image of a lion.

‘You may have better luck taking the pieces to an antiques dealer or trying to sell them online,’ says Dean.

Your old fob watch

A beautiful silver Baume Longines fob watch, made in Sheffield in 1884, was brought by 73-year-old retired postman Philip West. Dean says an antiques dealer might offer at least £200 for the watch, adding: ‘The success of period drama Peaky Blinders put them back on the map.’

Coins can be hit and run, too, when 94-year-old James Prow discovered he was offered just 50p for a set of 29 50p coins minted to commemorate the 2012 London Olympics.

The value of a coin increases rapidly; gold coin currently worth around £840. Contains more than 7.3 grams of 22 carat gold.

Although my half-monarch had a face value of 50p, it was worth £425. But for now I won’t leave him.

• Have you ever learned that a family heirloom is worth more or less than you thought? tobywalne@mailonsunday.co.uk