Most selling mistakes are avoidable. Here are the errors that cost sellers money, from skipping the melt value to ignoring fees, and how to avoid each.
Short answer: the costliest mistakes are selling without knowing the melt value, taking the first offer, ignoring fees and deductions, and not keeping records of the sale. Work out your numbers first and compare several written quotes.
Without it, you cannot judge an offer. Weigh the piece, note its purity and work out the melt value before you ask for a price.
Offers vary between buyers. Get at least two or three quotes for the same pieces, in writing, and compare what you would actually receive.
A high headline percentage can hide testing fees, shipping or commissions. Ask for the final amount and how it is calculated.
Items with collector value may be worth more than their metal, and a scrap buyer will only pay for the metal. Sort pieces before you offer them, and sell collectible items to buyers who deal in them.
Use tracked, insured shipping and keep a written quote and photos. See how to pack and ship precious metals safely.
Keep invoices and note the date, buyer and amount of each sale, so your gain and remaining holdings are correct. The bullion profit calculator shows what you keep after fees.
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