Precious metal in an estate: how to go about it
A box of jewellery, a drawer of table silver, perhaps a few coins. Often nobody knows what it is worth – and that is exactly when an independent figure is worth starting with.
Start by establishing the value, not by dividing
The temptation to divide straight away is great: a few pieces for each child and it is done. In practice that produces lopsided outcomes, because sentimental value and material value seldom run together. A heavy 14-carat curb bracelet can easily be worth four times as much as a finely cut ring that looks more expensive.
So first have everything valued, as a single whole. Then there is a figure on the table that everyone can work from – including those who were not there.
What to bring to the valuation
As much as possible in one go. There is no need to sort; we do that at the table, per metal and per fineness.
- All the jewellery, broken, incomplete or out of fashion as well. A broken necklace weighs just as much as an intact one.
- Table silver and cutlery – mind the difference between solid silver and plated (see the stamp).
- Coins and bars, in their original packaging if that is still there.
- Papers: certificates, old valuation reports, purchase receipts. They help with provenance and sometimes with the value.
- Watches with box and papers, if you have them.
Throw nothing away and polish nothing up. With silver, polishing can remove a patina that was itself worth something, and a piece that looks worthless sometimes turns out to be the heaviest of the whole parcel.
A valuation report for the notary
Where a notary or an executor is involved in a division, a written valuation is usually needed. We provide one on request: a list with each piece separately, the weight, the fineness, the rate applied and the value on the date of valuation.
Such a report is a snapshot – precious metal moves daily. The date is therefore always stated with it, along with the rate the figure is based on.
Selling need not happen at once, and need not be everything
A valuation commits you to nothing. Many families have everything valued, then divide what they want to keep and sell only the rest. With us that fits into a single appointment: we value the whole parcel, and you say what goes back with you and what stays.
If you would like to come with several heirs, that is possible. Often it is the pleasantest way: everyone sees the same weighing and the same calculation, and no doubt is left hanging afterwards.
- Troy ounce, gram and carat: the units side by sideThe world market reckons in troy ounces, your scales in grams and your jewellery in carats. With these three conversions you can check any offer yourself.Read on
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- How does a buyer check whether gold is real?Magnet, acid test, specific gravity and X-ray. What each method does and does not prove – and why a stamp alone is never enough.Read on
Questions about precious metal in an estate: how to go about it
Does a valuation for an estate cost anything?
No, the valuation is free of charge and without obligation, even if you sell nothing. For a written report intended for a notary we make a separate appointment, so that there is time to list every piece with its weight, its fineness and its value.
Can several heirs be present at the same time?
Certainly, and we often recommend it. Everyone then sees the same weighing and the same calculation, which prevents doubt afterwards. Let us know when making the appointment how many people will be coming, so that we can reserve enough time and space.
We do not know whether something is really silver. What now?
Simply bring it along. We establish the fineness at the table, with a check of the stamp and, where necessary, an acid test or X-ray analysis. Plated cutlery we usually recognise by the EPNS stamp or by the worn patches where the base metal shows through.
Do I have to pay inheritance tax on the proceeds?
The sale itself is not a taxable event for a private individual, but inheritance tax may be due on what you acquire from an estate. That runs through the inheritance tax return, so put it to the notary or to your accountant.
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