Ted Strickland, Governor
Kimberly A. Zurz, Director
77 South High Street, 21st Floor
Columbus, Ohio 43215-6120
Division of Financial Institutions
With the recent increase in the value of gold and other precious metals, there is no shortage of companies
What To Know Before You Sell Gold
and interested parties willing to purchase your unwanted valuables. Often, they promise a quick transaction
and instant cash. Before you decide to sell any of your possessions, make sure you have considered the
BUYERS SHOULD BE LICENSED
Always be certain that the party to whom you are selling your scrap gold or other precious metals is licensed
to do so. Many businesses that advertise that they purchase gold, silver, platinum, or other precious metals
or jewels should hold a license issued by Ohio Department of Commerce’s Division of Financial Institutions.
The Division of Financial Institutions licenses both pawnbrokers and precious metals dealers. The Division
of Financial Institutions also issues temporary permits for precious metals dealers and pawnbrokers to
engage in short-term purchasing events at a location other than their regular place of business.
To be certain that a pawnbroker or precious metals dealer is licensed by the Divison, go to
www.com.state.oh.us/finn/elicense.aspx or call the Divison at (614) 728-8400 or (866) 278-0003. Division
staff can also tell you if a precious metals dealer has a temporary permit to purchase at a remote location.
GOLD VALUE FLUCTUATES
The value of gold can fluctuate from one day to the next. If you want to make sure that you are getting a
good deal and a fair price on the gold you are selling, you might want to contact a neutral appraiser who
can let you know exactly what your gold is worth. You probably won’t get paid the appraised amount, but
it does provide a good starting point when you set out to sell your gold. Another option is to visit two to
three different businesses and inquire as to the price on any given day and what they would pay for the
quantity of gold you have to sell.
SELLING GOLD THROUGH THE MAIL
Some companies advertise the practice of purchasing precious metals through the mail. These companies
should be licensed by the Divison of Financial Institutions if they are buying precious metals from Ohioans.
They instruct the seller to send their gold (or other valuables) to the buyer in a secure, pre-paid envelope.
Upon receiving the envelope, the buyer tests the gold and assigns the item(s) a value based upon the price
of gold that day. The buyer then issues a check to the seller for the value of the item(s). Any processing fees,
shipping costs, and miscellaneous charges may be deducted from the amount sent to the seller.
Jewelry stores may also purchase scrap gold and other precious metals. Generally they are not required to
be licensed by the Division of Financial Institutions. They only require licensure when their purchases of
precious metals is greater than 25% of their annual retail sales.
If a person or business wants to purchase your scrap gold or other precious metals, make sure you know
the value of your item. Generally, many businesses that advertise or solicit the purchase of precious metals
should be licensed by the Division of Financial Institutions. Selling to a licensed buyer will help you to
ensure that you receive the fairest amount for your items in a secure, legitimate transaction.
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