Learn & Earn - PM scrapping at Yard Sales, Flea Markets, etc

[.02FYI]

Good Thread and Even the legal issues if off topic could be taken to new thread if no objections to staff?
Very Interesting as this is a good subject to learn. I do know a Estate guy who sell his stuff to buyer at .90 of spot. FWIW

[cyberdan]

My favorite magnet can be had for $4 at Home Depot.

I have a magnifying loop with a cord. I hang it around my neck like a football coach and his whistle and put the loop in my shirt pocket.

I hot glued a very strong magnet on one end. It is the size of a pencil eraser and 1/16" thick. I can test things very secretly as I look at them.

I made a mistake one saturday. Everything I tested did not test as steel. When I got home I noticed the magnet had fallen off. Oh well only lost on a couple of things. Now I always check if my magnet is still there.

[cyberdan]

Here is one of my best and favorite buys.
I am at a yard sale and I always ask if they have any old coins or jewelry. This girl's (in her 30's) face lights up and she says just a minute and runs into the house. She comes out with a large carton that has a picture frame inside, maybe 20" x 30". She pulls out the frame and I can see 5 coins professionally mounted with labels. I take a quick look at it and comment that they are kind of what I was looking for and asked what she might want IF I decided to buy. She said $5??? like that might be too much. I said OK I can do for $5 So I pulled out a five and quickly left.

WHAT DID I GET?

five certified coins from five different shipwrecks in the Atlantic. Not just any five, the best was an 8 Real from the Atocha (silver the size of a morgan dollar) and two other silver coins and two copper. These are not the coins that I bought but ones like I got.




I ended selling the whole thing to someone you all may know who I am talking about. Sean Rich, he is the guy that shows up on PAWN STARS when Rick wants an old gun or sword authenticated. Sean lives a bit south of me and I live a two hour drive from las Vegas. So every time Rick says he has a buddy that knows about arms and armor Sean has to jump on a plane and make a quick trip to Vegas.

[TXBullion]

Nice score cyberdan, would you care to share a value range on this lot?

[davycoppitt]

I tore apart a bunch of sterling weighted candle holders this weekend. The average was 7% sterling by total weight. The least amount of metal in one was .512 oz and the most was .58 oz.

The sterling weighted compotes had. (I didn't weigh them before.)

6" wide had 1.61 oz in it
6 1/2'' wide had 2.03 oz in it.

[cyberdan]

I tore apart a bunch of sterling weighted candle holders this weekend. The average was 7% sterling by total weight.

I always try to weigh before and after. My average is 10% silver. It is easy to do in my head when barganing at a yardsale. If there are any arms or pieces that you know can't be weighted that is just extra silver.

[jasmatk]

Typically the way it works is a plainclothes government employee will engage a conversation with you about how you get all of your wares, how long you've been in business, swap a few stories, etc. Then mid conversation they'll pull out their credentials and ask to see your sales tax permit. If you don't have a license, you can be hit with a $600 fine on the spot. They speak softly and carry a huge stick!

And that's just for people selling antiques and collectibles. If you're caught openly buying precious metals with cash (state law requires a special license and payment by check for PMs) by a plainclothes cop there can be more severe consequences.

That said, the enforcement of such regulations are still minimal in most states. If you're just picking up $20 of junk silver at a time at tag sales then it's not a big deal. I only brought it up because I felt it was worth including in a "how to" guide.

Ok im not sure how the plain clothes/uniform cop afffects the charge its not up to the officer/agent to come up with the consequences thats the courts job.And I was not aware the gov't could tell you how you must pay for goods as far as i know they cant tell you how to pay for goods as long as your not evading taxes they cant say shiz.im not trying to sound like a ass but that just sounds crazy maybe you could post a link to these laws

[Pennysaved]

Thanks for this info. Very motivational.

My only concern about carrying a loop to a garage sale is that it might make it more noticeable what you are looking for.

I went to a yard sale last weekend and the woman told me she only had a bunch of junk jewelry in little lots in baggies.

I still asked to look at it and one of the bags had a little 14k gold charm that I could tell from the look of it that it was 14k gold and could see the small stamp at the top.

I got the bag for $1 and there was a small loop 14k gold earring also in there so I got a total of 1 gram of 14k gold for $1.

However, I think if I pulled out a loop and started expecting every piece while she stood there that she would not have sold me the bag for $1.

Personally, if it is just $0.25 or $0.50 I usually am willing to take the chance.

If you are talking higher amounts, maybe a loop and test kit are worth carrying.

Maybe I am wrong????? I have been yard saling for years and have seen some people try to change the price if they start to think you are getting a better deal than you should.

[cyberdan]

A) My only concern about carrying a loop to a garage sale is that it might make it more noticeable what you are looking for.

B) I think if I pulled out a loop and started expecting every piece while she stood there that she would not have sold me the bag for $1

A) it has never bothered me, actually I think it helped. People ask me if I am a jeweler and I say I used to be a silversmith(true). (kind of like if you see a guy with a stethoscope around his neck you assume he is a doctor) Also strangers come up to me and ask me to appraise something. I will look at it in a couple of different angles and give my BS opinion.

B) I tell people (who comment first about the loupe) that my eyes are shot and I can't see a thing without it.

[Pennysaved]

Interesting I might try it; just figured if pieces are 25 cents that I don't want to bring attention to the fact that I am trying to buy it for the precious metals.

Women usually ask me why I am looking for jewelry and I tell them I am looking for my little niece (which is partially true).

[Verbane]

Be able to identify what you are buying!
Verification of authenticity will save you from losing money on a bad item, or help you to realize a huge gain from what others can't identify.

Spent my lunch hour in the typical fashion, walking through one of the local antique/consignment/thrift stores within walking distance of the office. Picked up a weighted candle stick in a consignment shop with no price attached. Lady at the counter looks at it and says to me, "It's not silver, doesn't say 925, how about two dollars?"

What she didn't know, is silver hallmarks. German Creseant and Crown, .800 fine silver. I am by no means an expert on hallmarks, but I know enough of the basics to pull off some great deals.

For the size of the candlestick, after the weighting is removed, I should end up with about 0.8 to 0.9 tOZ ASW for Two bucks! And its only Monday!!

Before I pulled out the ball-peen, I did some research. The hallmark is Crescent and Crown, 800, "G" inside a six point(Jewish?) star.

I have been able to attribute the piece to the Jakob Grimminger company from Schwabisch Gmund, Germany, operating from 1893 to the 1930's? A local antique reseller offered me $70.00 with barely a glance. I decided I need to know more before I sell. Any recommendations for a silver expert?

[Sheikh_yer_Bu'Tay]

My best buy ever was at a yard sale a year and a half ago. At the sale I asked if they had any silver for sale. They looked uncomfortable about it and said "no". I knew something was up, but did not press them. I gave them my card and told them to look me up if they ever came across anything.

Two months later, I got a call from them. They did have silver, but it was away being appraised on the day I was there. They didn't like what the "estate sale" pro was offering them, so they turned him down. They asked me if I was still interested.

They had two sets of Westmoreland Sterling from two deceased relatives, plus a plated tea set, and two weighted candle holders. The plated tea set was beautiful, but tarnished beyond repair and the candle holders were cheap and dented. I bought all of it to get the two sets of flatware.

Since then, the price of silver has risen to the point the melt value is more than double what I paid for it!

Combined, I now have a place setting for 18!!! It is beautiful! My wife bought a box large enough to hold it all. I have continued to buy things to fill out the complete set with accessories. I bring it out for every family get together. I get lots of compliments on it.

[davycoppitt]

I've been looking into buying an electronic gold tester. Is the GT-3000 fine or should I step up to the GT-4000,GXL-18, or the GXL24? Thanks guys.

[cyberdan]

I've been looking into buying an electronic gold tester. Is the GT-3000 fine or should I step up to the GT-4000,GXL-18, or the GXL24? Thanks guys.

I have only use the GT-3000 and highly reccommend it. I talked to the owner of the company once and he let me in on a secret for checking for silver. If you get drop me a PM and I will explain.

[justoneguy]

I went to an estate sale today, + the only other guy there was a gold buyer.
Funny thing he had a gt-3000 with him.
he gave me a tip + said when testing, do it at least 3 times.
if your purity keeps going down it's gold filled

[cyberdan]

he had a gt-3000 with him.... when testing, do it at least 3 times.
if your purity keeps going down it's gold filled

If I test gold filled the reading go all over the place. That is why I always file down deeper than any plating of GF will go, then test.

That gel tube in the wand costs $18 each. If I tested every piece it would take forever and the gel would get used up 3 times faster. I once was at a place where it took me over 30 min to test everything. I could tell the seller was getting impatient. No way would she have tolerated 1.5 hours. (yes, I bought everything she had. she was happy with the $$ I was happier $$$$)

[HPMBTT]

I've been doing garage sales lately and there are definitely some good deals out there, as well as people who give away jewelry for practically nothing ($1-$4). You have to know what to look for, though. Anyway, I scored a nice gold bracelet that didn't look like much; it ended up being 18kt, made in Italy and about 6.5 grams. Also, I have encountered some people with coins for sale, although good deals on these (ie under spot) are usually hard to find, as most at least have some kind of clue as to what they are worth. Still, I have picked up a few....

Question on sterling silver items. What's the deal with all of these nice silver-looking platters, tea sets, etc that I am seeing everywhere? I don't see anything marked on them, not even a label, marker, company name etc; sometimes, they have some brown or discolored fading/toning or it could just be some kind of stains. How do I know what to look for on silver platters? Some look different than others. Are most of these another metal or mixture of something else? Are they silver plated? Additional advice would be most appreciated. Naturally, I stay away from anything that says Made In China.

Question on silver-looking candle holders. Again, most aren't marked anywhere. Even if they are silver, what can I reasonably squeeze out of a good candle holder? Is it even worth my time?

I have been to a couple of estate sales. I have learned quickly that I don't like these that much, as they are over-advertised, too many people, and they usually have some specialized guy there with a scale who weighs and marks all the jewelry; I looked at all the stuff at one and prices were basically at almost retail price or higher..nope, not for me, thank you! Then they wanted me to sign up for future estate sales; I politely declined, kept my mouth shut and walked out. Putting your name on a mailing list is not good OPSEC.

I have a lot to learn on garage sales and what to look for. But at least I'm learning and making an effort.

[flbandit]

I've been eyeballing an auction this little place has been having down the road from where I work. They do it weekly and I've been curious as to what I might find. I've never done the auction thing, but I hit flea markets and yard sales quite a bit. I love the church sales that end with "fill a bag for a dollar"! At that point I grab a bag and fill it with all the metal I can. My best score was a set of silverware (4 spoons and 4 forks) for $30. Turns out they were .999 fine and weighed better than 6 ounces.

[HPMBTT]

Very nice, flbandit....I haven't done any auctions yet; maybe that's something I will take a look into. Now church sales...hmmm..what if you're not a member of the church? And how would you know about the church sale if you don't normally attend their church/mass on sundays etc?

Re-bump for my two questions above. Hopefully, someone with experience on candle holders can answer.
Question: How do I know what to look for on candle holders? I have seen a couple of those at yard sales. Can someone provide me with a link to one or two pictures of a silver candle holder? And what about the silver looking platters and tea sets that I see at many yard sales..how can you tell if it's silver if it's not marked anywhere? The only thing that I do know is that I stay away from anything that says 'Made In China'.

[Verbane]

Very nice, flbandit....I haven't done any auctions yet; maybe that's something I will take a look into. Now church sales...hmmm..what if you're not a member of the church? And how would you know about the church sale if you don't normally attend their church/mass on sundays etc?

Re-bump for my two questions above. Hopefully, someone with experience on candle holders can answer.
Question: How do I know what to look for on candle holders? I have seen a couple of those at yard sales. Can someone provide me with a link to one or two pictures of a silver candle holder? And what about the silver looking platters and tea sets that I see at many yard sales..how can you tell if it's silver if it's not marked anywhere? The only thing that I do know is that I stay away from anything that says 'Made In China'.

Church sales are for fundraising, they want non members to come. Check your local classifieds.

As far as candle holders, platters and such: If it isn't marked STERLING or 925, it's not silver. This is true for the majority of the stuff you'll find in the US. The exceptions will be covered at this site: http://www.925-1000.com/.

Question on silver-looking candle holders. Again, most aren't marked anywhere. Even if they are silver, what can I reasonably squeeze out of a good candle holder? Is it even worth my time?

Again if they aren't marked, they aren't silver. As far as value/melt, small 2-3" weighted candle holders I estimate at 0.4 Troy sterling when buying, 4-5" at 0.5 Troy.

Familiarization is the key, and hands on training is best. Go to an antique store, and ask to look at the sterling in the locked cabinets. Dress like you know what you're doing, and whip out a pair of white cotton gloves as they unlock the cabinet, be non-commital in answer to any questions. The more silver you hold and study the better prepared you are.

[cyberdan]

What's the deal with all of these nice silver-looking platters, tea sets, etc that I am seeing everywhere? I don't see anything marked on them, not even a label, marker, company name etc; sometimes

It has been my experience that if it is not marked, it is not silver. If a company goes to the expense of using silver they will mark it.

I have been to a couple of estate sales. I have learned quickly that I don't like these that much, as they are over-advertised, too many people, and they usually have some specialized guy there with a scale who weighs and marks all the jewelry

Same here I avoid them unless it is the only thing going. They are all professionally run (and I use the word loosly) and think they can use retail prices. But one thing i have noticed out here. Estate sales are supposed to be for selling off the belongings of dead relatives, but if the surviving spouse is the husband, go to the garage first. The sale manager puts the old guy out there to have his own sale (and probably keep him out of the way) You deal directly with him and pay him. Last December, I think, I went to one of these and saw a broken pair of silver candlesticks and asked him how much. He said they are broken and are silver so $5. I thought about it and said sold. The same thing inside his house would probably been $50 or more.

Putting your name on a mailing list is not good OPSEC.

Sound military, but what does it mean?

Also, to answer another question from a diif post of yours on this topic.
Most sterling candlesticks are weighted (filled with resin or plaster) and only the skin is sterling. My rule of thumb 10% of the weight is silver. and they will all say on the bottom "sterling" and "weighted" just do an ebay search using those words. You will see a lot. (right now 205 hits)

You want to learn a lot? Read my book STOP for GOLD, the name tells all. PM me for my web address.

[tn-dave]

OPSEC = Operations Security

[cyberdan]

OPSEC = Operations Security

actually I do sign up so I can get their email advertising the sale. If it is locally I double check the address against my route. If I see the address I delete it. Most will avdertise on craigslist. They will try to sound like an estate sale run by family. No one would come if they said:

"professionally run, high priced, cheaper at wally world and most of the good stuff you see listed will not really be there"

[HPMBTT]

Cyberdan....duly noted; you make some good points. Regarding Operational Security (aka OPSEC on survivalblog.com), I just don't want another smuck or another company getting my address, email, and/or phone, as far too many groups/organizations have our info already; Giving out email may not be too bad, but my physical address (or PO BOX) or phone number is a big no no in my book. But hey, everyone is different and you're definitely entitled to your opinion. To each his/her own, right?

That FeeBay search was perfect...now I'm starting to understand.

Verbane - Thanks for the link; what a great informative website! Thanks for the tip on church sales/auctions; I am ready to try something different, so this may do just fine. I'm not sure if I am ready for the regular full auctions just yet though; they are usually big money, move very fast, and I'm guessing if you're not quick or know exactly what you're buying or doing, you can really have a bad day and lose everything.

[Market Harmony]

...

Question:

How do I know what to look for on candle holders? I have seen a couple of those at yard sales. Can someone provide me with a link to one or two pictures of a silver candle holder?

And what about the silver looking platters and tea sets that I see at many yard sales..how can you tell if it's silver if it's not marked anywhere?

Look for the marks, "sterling" "ster" "925" "coin" "900" "800" to verify silver content. It needs to be stamped with either a number like 925, 900, 800 etc., or the words which represent purity (sterling is .925 pure, coin is .900 pure)

Anything marked "EP" "plate" "filled" "electroplate" "silverplate" contains NO RECOVERABLE SILVER. You are gambling if you buy anything not marked with purity.

See the first post in this thread.

If it's not marked, then it sucks. Your money is lost if you bought it for silver. When it comes to silver, don't buy it if it is not marked. That point cannot be said enough.

Gold is different... unmarked pieces can still be gold, but you've got to know what to look for... advanced users only