Selling inherited gold and silver

Families often find gold jewelry, silver flatware and coins when settling an estate. There is no rush to sell. A few careful steps first can make a real difference to what the estate receives.

Step 1: Do not clean anything

Polishing silver or cleaning coins can wipe out collector value. Leave items as you found them.

Step 2: Make a simple list

Photograph each item and write down what it is, any stamps you can see, and its weight in grams. Keep jewelry, flatware, coins and bars in separate groups. This list also helps if the estate has to report values to a court or the IRS.

Step 3: Separate “metal value” items from “collector value” items

Usually sold for metal value	Get a specialist opinion first
Broken or plain gold chains and rings	Signed or antique jewelry
Modern bullion coins and bars	Old US coins, especially gold before 1933 and silver dollars
Sterling flatware without a famous maker	Sterling by well-known makers, complete sets
Common pre-1965 dimes, quarters and halves	Coins in sealed grading-company holders

Our coin and bar reference shows the metal content of common coins, with a live melt value.

Step 4: Know the tax basis

Inherited property usually gets a “stepped-up” basis: its value on the date of death. If you sell soon after, there is often little or no taxable gain. Write down the gold and silver price on the date of death. Our gold price history can look up the market price on a single day since 2000. See taxes when you sell gold and confirm with a tax professional.

Step 5: Get written offers from more than one buyer

Follow the steps in how to sell gold jewelry. For coins, include at least one coin dealer, not only a jewelry buyer or pawn shop.

Watch out for

• Buyers who come to the house, or “hotel buying events” that are in town for a few days.
• Anyone who wants to take the whole lot away to value it.
• Pressure to decide on the spot.

Next guide

Selling gold and silver coins

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