What's This Worth?

[1960texan]

Hi everyone,

This gold nugget belonged to my wife's late mother. My wife is happier with silver and turquoise (lucky me!) and wants to sell it. I can't find a business in the Houston, TX area that is interested except for a couple of pawn shops. I had it tested at a coin shop and was told that the nugget was 10.2 grams and 14k. Both pawn shops then told me it was only a 10k nugget. One offered $65, the other offered $40. I didn't expect to be offered what it was worth, but I've done business with both of these pawn shops in the past and didn't think they would try to rip me off as much as it feels like they did.

I've thought about selling it on eBay, and based on what I've seen it looks like the nugget is worth about $300. What do y'all think? Any suggestions on the best way to sell it? Or should I convince my wife to hang on to it?

Thanks in advance for sharing your knowledge with me.

[bigfish31]

You need to shrink that down alittle. It must be a "made" nugget.

[1960texan]

You need to shrink that down alittle. It must be a "made" nugget.

Sorry about the previous photo size. I know enough about the computer to mess things up.

When you say "made" nugget, do you mean manufactured by someone from scrap gold?

[stefen]

Kinda looks like a partial crown thats been partially melted

[bigfish31]

You need to shrink that down alittle. It must be a "made" nugget.

Sorry about the previous photo size. I know enough about the computer to mess things up.

When you say "made" nugget, do you mean manufactured by someone from scrap gold?

Most natural nuggets are at least 18k

[1960texan]

Thanks for responding. As for nugget size, I found this website:

http://www.gold-nuggets.org/rarity-chart.htm

My wife's father was a prominent doctor and local businessman, and his wife (the original owner of the nugget) was a proper doctor's wife in every aspect. They both passed away a few years before I met my wife, but based on what she and her siblings have told me about them, I doubt this is melted dental gold. My wife's mother had an eye for the finer things in life, and was very knowledgeable about jewelry, antiques, and art (to the point that I have to wonder sometimes if she would have even approved of her daughter's choice for a husband!).

My photography skills aren't the best respresentation of what this nugget looks like, natural or manufactured. Anyway, thanks for your kind responses.

[aarthrj3811]

Looks like a “slug” to me. It has bounced along the bottom for a long way. The 14 K seems way low. Slug nuggets are only worth a little over the spot price…Art

[dave wiseman]

1960Texan,looks to dark to be so called 10k,and besides that would be about 42% gold and in mining terms would not be gold,but electrum.Look at it under magnification,does it have pinholes in it?Have other parties check it out,such as a prospecting club.Take better photo's at different angles and send to the Arizona gold forums,but hold on to it until your positive of what the real story is.If you could get to the Quartzite flea market in Arizona or show it to a seasoned miner you'd have a better grip on the piece.Even at 10k and near the weight you offered it's worth over $100.....Dave

[1960texan]

Thanks Art!

Will

[1960texan]

..and thank you, Dave! I've been lurking on these forums for about a month now, and have not only gotten quite the education, I've thrilled in everyone's discoveries and enjoyed the hell out of the stories and photo's.

Will

[Hoser John]

Anyone who deals with pawnshops needs an education.They operate on at least a 1000% markup and sell junk for more than new. I've owned part a one(sold)and my x'bro n'law spent 20+years stealing,as he puts it,conning old folks and charging the most ungodly interest rates NOT EVEN LEGAL in most states. John

[Sandman]

With the prices pawn shops offer, anything you get will be a rip off. See if a jeweler would sell in on consignment. Ebay is a possibilty, but myself I would be leary of buying gold on ebay.

[warsawdaddy]

Todays spot is about $16 a gram.That's for 24 carat pure gold.14 k is 50% gold,so that would drop it to about $8 a gram.Then you have to consider what the buyer would have to do to sell it and make a profit.$65 may be about right.But I would take it to a respectable jeweler first and get his input.Remember,if it is anything other than 24k,the other metal(s) in it needs to be extracted to consider gold pricing.10k is only 25% gold.

[1960texan]

Great advice, one and all. I was thinking about sending it in to Midwest Refineries, has anyone here had any dealings with them? The main reason I haven't sent it in yet is because I was told that nuggets were somewhat rare, as far as the total amount of gold out there, and it seems a shame to melt down anything rare. Thanks again for all your advice.

http://www.midwestrefineries.com

[dave wiseman]

Half of 24k is 12k and that would be 50%...!4k is about 58% and 10k is 42%...In jewelery terms anything under 10k is not even considered gold I believe.Sell it on one of the Arizona gold forums.By the time a smelter deducts everything you'll be dissapointed.

[JamesE]

I agree with everybody. The 'luster' and color don't look right in comparison to the penny. Of course not always, but one side looks too smooth compared to the other, but that could be 'pendant' wear. And I haven't seen TX gold, maybe its' natural state comes with copper.
Have you tried a scratch test? Yellow for gold, red for copper.
That's one fine lookin' faithful friend you got there, Shepards are one of Gods' best dogs. but then they all are.....

[djui5]

Put it up for sale here for $150, see what happens:

http://www.nuggetshooter.ipbhost.com...ae&showforum=2

[1960texan]

Turns out the "nugget" was melt after all. Sold it at a coin show today for about $19 less than spot value for 10.2 grams of 14k. Thanks to everyone for the guidance.


1960Texan