Frequently Asked Questions
Q: HOW DO I KNOW IF A JEWELLERY ITEM IS ACTUALLY GOLD/SILVER?
A: Gold and silver items are commonly marked and can have a variety of different markings. Gold is often marked as 10K, 14k, 18K, 24K, while in Europe they can be labelled differently based on the percentage of gold (i.e. 333, 417, 999, etc). Silver can be marked as “Sterling”, “STR”, as a lion symbol, or marked based on the percentage of silver (i.e. 800, 925, 999, etc). No markings? You can also check with a magnet! If it picks up, it is NOT gold or silver. If it does NOT pick up, there is a possibility* that it is gold or silver! Still not sure? Contact us and we can help assess your items!
*Note: Other metals may also not pick up from the magnet, as a result it could be another metal other than gold or silver.
Q: IF A PIECE OF JEWLLERY IS GOLD, HOW CAN I TELL WHAT KARAT IT IS?
A: Gold is often marked based off the Karat it is made of. For example, If an item is marked as “10K”, that means it is 10 Karat gold and is 41.7% made of gold. Do not see a Karat marking? Traditionally in Europe gold jewellery is marked with the percentage of gold instead of the Karat. For example, a gold ring from Europe may be marked with a “417” means it is 41.7% gold. In Karat terms, this would be 10 Karat gold. Do not see any markings, or still not sure? Contact Us and we can help assess your items!
A: Gold and silver items are commonly marked and can have a variety of different markings. Gold is often marked as 10K, 14k, 18K, 24K, while in Europe they can be labelled differently based on the percentage of gold (i.e. 333, 417, 999, etc). Silver can be marked as “Sterling”, “STR”, as a lion symbol, or marked based on the percentage of silver (i.e. 800, 925, 999, etc). No markings? You can also check with a magnet! If it picks up, it is NOT gold or silver. If it does NOT pick up, there is a possibility* that it is gold or silver! Still not sure? Contact us and we can help assess your items!
*Note: Other metals may also not pick up from the magnet, as a result it could be another metal other than gold or silver.
Q: IF A PIECE OF JEWLLERY IS GOLD, HOW CAN I TELL WHAT KARAT IT IS?
A: Gold is often marked based off the Karat it is made of. For example, If an item is marked as “10K”, that means it is 10 Karat gold and is 41.7% made of gold. Do not see a Karat marking? Traditionally in Europe gold jewellery is marked with the percentage of gold instead of the Karat. For example, a gold ring from Europe may be marked with a “417” means it is 41.7% gold. In Karat terms, this would be 10 Karat gold. Do not see any markings, or still not sure? Contact Us and we can help assess your items!
Q: ARE COINS ONLY VALUED FOR THEIR SILVER OR GOLD?
A: Our expert appraisers always compare the value of a coin based on both its collector’s (numismatic) value and the value of the previous metal (if it is made of gold or silver). We always offer our customer with the best and highest value of the two.
Q: DOES THE AGE OF A COIN MAKE IT MORE VALUABLE?
A: Just because a coin is old, does not mean it will have a higher value. The value of a coin is determined in many ways. If a coin is made of silver or gold, it will always have value depending on the current market for those precious metals. When determining the collector’s (numismatic) value, the demand, low mintage (quantity made), and the condition are more important than the age of a coin. There are many old coins made in the millions that can be found anywhere, and as a result they are only face value since there is no demand. The rarer the coin and the higher collector’s demand, the higher the potential value can be. Not sure what your coins are made of or if they have higher value? Contact us and we can always take a look!
A: Our expert appraisers always compare the value of a coin based on both its collector’s (numismatic) value and the value of the previous metal (if it is made of gold or silver). We always offer our customer with the best and highest value of the two.
Q: DOES THE AGE OF A COIN MAKE IT MORE VALUABLE?
A: Just because a coin is old, does not mean it will have a higher value. The value of a coin is determined in many ways. If a coin is made of silver or gold, it will always have value depending on the current market for those precious metals. When determining the collector’s (numismatic) value, the demand, low mintage (quantity made), and the condition are more important than the age of a coin. There are many old coins made in the millions that can be found anywhere, and as a result they are only face value since there is no demand. The rarer the coin and the higher collector’s demand, the higher the potential value can be. Not sure what your coins are made of or if they have higher value? Contact us and we can always take a look!
Q: DOES THE AGE OF A BILL OR BANK NOTE MAKE IT MORE VALUABLE?
A: Like coins, age does not have a high impact in making a bill or banknote more valuable. A low mintage (print quantity), condition, and high collector’s demand have a greater impact on the possible value of a Bill or Banknote. There may certain years that have higher value, but that its because they were made in lower quality and as a result are harder to find. Not sure what kind of bills or bank notes you have or if they have higher value? Contact us and we can always take a look!
A: Like coins, age does not have a high impact in making a bill or banknote more valuable. A low mintage (print quantity), condition, and high collector’s demand have a greater impact on the possible value of a Bill or Banknote. There may certain years that have higher value, but that its because they were made in lower quality and as a result are harder to find. Not sure what kind of bills or bank notes you have or if they have higher value? Contact us and we can always take a look!
Q: IF IT TARNISHES, IS IT STERLING?
A: All silver can tarnish to a certain degree, and just because your silverware tarnishes does not mean it is sterling silver. Instead, you can help determine if silverware is sterling silver by looking for different markings on them such as the word “STERLING”, “STER”, “STR”, “STG”, 925, or the symbol of a lion. If you find markings such as “Copper” or “Lead” Plating or EPNS, these are NOT sterling silver and are actually Silver-Plated items. Still not sure if it is Sterling? Contact us, we can help determine if your items are sterling.
Q: DO SILVER-PLATED ITEMS CONTAIN ACTUAL SILVER AND IS IT VALUED?
A: Silver-plated items are usually made of a base metal such as copper, brass, or even lead and are coated in an extremely thin layer of silver. These items do not have a value beyond scrap metal, as the layer of silver is too small an amount to be of value and is near impossible to refine.
Q: DOES ELITE GOLD GROUP LTD. BUY SILVER PLATED ITEMS?
A: Elite Gold Group LTD. does not currently buy silver-plated items, as they do not have a value beyond scrap metal due to the extremely small amount of silver they contain and the inability to properly refine them.
A: All silver can tarnish to a certain degree, and just because your silverware tarnishes does not mean it is sterling silver. Instead, you can help determine if silverware is sterling silver by looking for different markings on them such as the word “STERLING”, “STER”, “STR”, “STG”, 925, or the symbol of a lion. If you find markings such as “Copper” or “Lead” Plating or EPNS, these are NOT sterling silver and are actually Silver-Plated items. Still not sure if it is Sterling? Contact us, we can help determine if your items are sterling.
Q: DO SILVER-PLATED ITEMS CONTAIN ACTUAL SILVER AND IS IT VALUED?
A: Silver-plated items are usually made of a base metal such as copper, brass, or even lead and are coated in an extremely thin layer of silver. These items do not have a value beyond scrap metal, as the layer of silver is too small an amount to be of value and is near impossible to refine.
Q: DOES ELITE GOLD GROUP LTD. BUY SILVER PLATED ITEMS?
A: Elite Gold Group LTD. does not currently buy silver-plated items, as they do not have a value beyond scrap metal due to the extremely small amount of silver they contain and the inability to properly refine them.
Q: HOW ARE DIAMONDS VALUED?
A: Our expert appraisers are trained to test diamonds to confirm that they are authentic. They are also able to assess the quality of the diamond based on the 4 C’s (Carat, Cut, Clarity, Colour)d compare it to current market prices to help determine the best value offer possible.
A: Our expert appraisers are trained to test diamonds to confirm that they are authentic. They are also able to assess the quality of the diamond based on the 4 C’s (Carat, Cut, Clarity, Colour)d compare it to current market prices to help determine the best value offer possible.
Q: HOW ARE WATCHES VALUED?
A: Our knowledgeable appraisers examine watches based on both their precious metal (if applicable) and their collector’s value. If a watch is made of gold or silver, it will have value based on the current market of those precious metals. We also examine the collector’s value of a watch depending on the brand, condition, serial numbers, functionality, and market demand. We make our best offer to our customers depending on which value is higher.
A: Our knowledgeable appraisers examine watches based on both their precious metal (if applicable) and their collector’s value. If a watch is made of gold or silver, it will have value based on the current market of those precious metals. We also examine the collector’s value of a watch depending on the brand, condition, serial numbers, functionality, and market demand. We make our best offer to our customers depending on which value is higher.
Q: HOW ARE WATCHES VALUED?
A: Our knowledgeable appraisers examine pocket watches based on both their precious metal (if applicable) and their collector’s value. If a watch is made of gold or silver, it will have value based on the current market of those precious metals. We also examine the collector’s value of a watch depending on the brand, condition, serial numbers, functionality, and market demand. We make our best offer to our customers depending on which value is higher.
A: Our knowledgeable appraisers examine pocket watches based on both their precious metal (if applicable) and their collector’s value. If a watch is made of gold or silver, it will have value based on the current market of those precious metals. We also examine the collector’s value of a watch depending on the brand, condition, serial numbers, functionality, and market demand. We make our best offer to our customers depending on which value is higher.
Q: DO OTHER COLLECTIBLES HAVE VALUE?
A: Whether a collectible has value or not is based on what it is made of, and if there is a collector demand for it in the market. If It is made of a precious metal, then yes it will have a value based on current market prices. If the item is in high demand among collectors, our expert appraisers will determine the value based on current demand for the product.
A: Whether a collectible has value or not is based on what it is made of, and if there is a collector demand for it in the market. If It is made of a precious metal, then yes it will have a value based on current market prices. If the item is in high demand among collectors, our expert appraisers will determine the value based on current demand for the product.
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