a pile of gold nuggets

7 Terms to Know when Selling Your Gold

If you are planning to sell your personal gold in the near future, you should take the time to familiarize yourself with the terms and phrases that are common within this industry. Below you will find seven important terms that you need to know when selling your gold:

  • Acid Test

    The acid test is a test through which the fineness of gold is determined. This type of test involves the use of agua regia and nitric acid.

  • Ask

    An "ask" is the price the seller wishes the buyer to pay for a piece of gold. In many cases, a seller may strategically set the price very high so that the bargaining process doesn't result in an offer that is extremely low.

  • Fool's Gold

    Fool's gold is a term used for iron pyrite, which is frequently mistaken for gold by people who are unfamiliar with the precious-metal business. While the color of iron pyrite is similar to that of gold, its properties are quite different.

  • Intrinsic Value

    Intrinsic value is a term used to describe the value of a coin's metal content.

  • Legend

    Legend is a word that refers to an inscription that is found on a coin.

  • Market Value

    The market value of a gold coin is the price at which it trades.

  • Proof

    The term proof refers to how a gold coin was minted. Special plainchants and dies are used to produce coins that have a mirror-like look or finish.

Conclusion

Knowing your product is a key to successful business. By familiarizing yourself with the gold-selling terminology listed above, you will be able to market your gold with greater confidence.