What Do You Do With Inherited Jewelry?

If you have inherited jewelry, there are several options you can consider. Ultimately, the decision of what to do with inherited jewelry depends on your personal preferences and financial needs.

For instance, jewelry in good condition can be worn and become part of your wardrobe. Likewise, if the jewelry has sentimental value, you may choose to keep it as a cherished family heirloom or have it remade into a more modern design. 

However, if you don’t want to keep the jewelry, you can always donate or sell it. You can take it to a jewelry store or a pawn shop for a quick appraisal, or you can sell it through an online auction site or a jewelry dealership.

What Is the Etiquette for Inherited Jewelry?

There is no one set of rules for the etiquette of inherited jewelry, as it can vary greatly depending on the family’s culture, beliefs, and traditions. 

However, in general, the most important thing is to respect the wishes of the deceased. If the person who left you the jewelry expressed a specific wish for how it should be used or passed on, you should honor their request.

Additionally, if multiple people have inherited jewelry, it’s crucial to have open and honest communication with each other to avoid any misunderstandings. If the jewelry is to be divided among family members, do so in a fair and equitable way.

Is It OK To Sell Inherited Jewelry?

Yes, it is perfectly fine to sell inherited jewelry if you don’t want to keep it. 

Inherited jewelry is considered personal property, and you have the right to do with it as you please. People choose to sell their inherited jewelry for various reasons, such as raising funds for a major purchase, paying off debts, or supporting their lifestyle.

However, it’s important to be mindful of the sentimental value that the jewelry may hold for other family members or for future generations. If you do choose to sell the jewelry, it’s a good idea to communicate your decision with the rest of your family.

Who Gets Jewelry When Someone Dies?

When someone dies, the distribution of their jewelry and other personal property is determined by the terms of their will or trust. If they passed away without any estate planning documents in place, then the state intestacy laws will determine who gets the jewelry. 

A will or trust is a legally binding document that outlines the distribution of a person’s assets, including jewelry, after they die. If the deceased person had a will or trust, their jewelry will be distributed according to the instructions specified in that document.

If the deceased person did not have a will or trust, the state laws of intestacy would come into play. These laws vary by jurisdiction, but typically dictate that the jewelry and other assets are distributed to the deceased person’s closest relatives, such as their spouse or children. If the deceased person was unmarried and had no children, the jewelry may be distributed to other relatives, such as siblings, parents, or grandparents.

How Do You Fairly Distribute Jewelry After Death?

In many instances, jewelry will be distributed according to the deceased person’s wishes, as explained by their estate planning documents. If the deceased person had a will or trust, it should specify how their jewelry and other assets are to be distributed. This can provide a clear roadmap for the distribution process.

However, in situations where the deceased person did not leave a will or trust or it does not specify how particular pieces of jewelry should be distributed, it is essential to split it fairly among heirs, in proportion to the share of the estate they are entitled to receive.

Knowing the market value of each piece can help determine its worth and ensure that it is distributed fairly. If there is any confusion or disagreement about the value of the jewelry, a professional appraiser can provide an independent evaluation that can help resolve any disputes.

How Do You Separate Inherited Jewelry Between Siblings?

While the deceased person’s will and trust may dictate how specific pieces of jewelry should be distributed, if there are no instructions or estate planning documents provided, the personal representative may be placed in the challenging position of deciding how to fairly distribute a jewelry collection. Separating inherited jewelry between siblings can be difficult and emotional, especially if multiple people want to keep certain pieces.

When making these decisions, it’s important for the personal representative to respect the deceased’s wishes as much as possible while also providing for a fair distribution of the estate’s assets. For instance, a family member that wants to keep a valuable piece of jewelry may elect to give up a portion of their monetary inheritance to ensure all siblings receive an equal share of the estate. 

What If Siblings Fight Over the Jewelry?

If siblings fight over jewelry that is part of the estate of a deceased parent and there is no guidance in the will or trust on how it should be distributed, a creative solution may be the best choice. One option would be to rotate possession of certain pieces of jewelry between the siblings who want it while maintaining shared ownership. Or, it may be better to simply sell all the jewelry and split the proceeds.

Even if you hope to resolve the situation amicably, it’s always a good idea to involve a probate litigation attorney as soon as a dispute arises. An experienced lawyer can help you negotiate with your siblings to reach a mutually-agreeable compromise, and, if you cannot come to an understanding, they can help represent your interests in court. 

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Why Are Some Coins Painted Red?

 

 Some junk silver coins are painted red. Junk silver quarters and junk silver dimes can be painted red. These coins were painted red so that a business owner could put them in the juke box and get their coins back when the money was collected. 

Fun Facts Related To The Penny

Once it was hard to tell a penny from a dime... Although they are different colors, pennies and dimes are very close in size. In 1943, copper was needed for war materials, so pennies were made out of zinc-coated steel. Because the color was silvery, it was easy to mistake a penny for a dime. Fortunately, pennies were only made that way for one year.

You might have little round sandwiches in your pocket... Most of our coins are metal sandwiches. The outside layers are three-quarters copper and one-quarter nickel, and the "filling" is solid copper. Pennies are made of zinc coated with copper. Only nickels are one solid material—that same 75% copper/25% nickel alloy. Would you like fries with that?

This penny is almost as big as a half dollar... America's first one-cent piece, called the "large cent," was first struck in 1793, one year after the Mint opened. It was so big that it was hard to use, but it wasn't replaced by a smaller penny until 1857, more than 50 years later.

George Washington was our first President – but not the first President on a circulating coin.... In 1909, President Lincoln appeared on a one-cent coin and became the first real person—as well as the first American president—to have his face appear on a regular-issue American coin.

We used to trade gold, silver, and copper.... A 1792 law directed American money to be made of gold, silver and copper. Gold was used in the $10, $5, and $2.50 pieces. The dollar, half dollar, quarter, dime, and half dime were composed of silver. The cent and half cent were made of copper.

How much was in that first batch?... The Mint produced its first circulating coins—all $111.78 worth of them—in March 1793. That first batch consisted of 11,178 copper cents. Soon after, the Mint began issuing gold and silver coins as well.

Heads, it’s Lincoln; tails, it’s Lincoln.... The Lincoln cent (1959 to 2007) featured this beloved president on both sides of the coin. On the obverse, we see his face in profile; on the reverse, he is seated in the Lincoln Memorial. However, the coin does carry the initials of two different engravers.

There were copper pennies and white cents?... Yes, there were "white cents" that didn't look at all like pennies. These were the Flying Eagle one cent coins of 1856–58 and the Indian Head one cent coins of 1859-64. They were made from metal that contained 88 parts copper to 12 parts nickel, which gave them a light or white color.

Learn more about the penny here...

Types Of Counterfeit: Electrotypes

These are often created by museums to display an extremely accurate replica of a genuine coin for security purposes or to show both sides of a coin at the same time. They are created by pressing the genuine piece into a soft material, thereby creating a negative impression. The inside of that impression is then electroplated to create a shell with the design of one side of the coin. The process is repeated for the other side of the coin and the two sides are then joined together. Electrotypes can often be extremely deceptive. There will often be a seam on the edge, however, and electrotypes are usually not the correct weight. They will also not “ring” like a genuine coin when lightly tapped or dropped because they are not struck. 

Learn more here...

Types Of Counterfeit: Altered Dates

When one date in a series is worth much more than another, a counterfeiter may try to use a tool to try to change the date of a common issue into a rarer date. Altered dates can be deceptive since the original coin was genuine with the correct details, weight and composition—only the date is illegitimate.

Even the most skilled coin doctor will always leave behind “tool marks,” which are lines left by the tool used to sculpt the new date. Not surprisingly, these tool marks are usually concentrated around the digit that has been altered. Like counterfeits, coins with altered dates or mintmarks will not be certified by NGC. Coins with other types of tooling are eligible for NGC Details grading, which assigns an adjectival grade along with a description of the problem. Source

Happy Independence Day!

 

Happy Independence Day from us at Martinez-Vallejo Coin Exchange!

3755 Alhambra Ave Ste 1

Martinez CA 94553

925-335-9500

How to Collect Gold Scrap

Collecting gold scrap can be a fun way to make some extra money. For this modern-day treasure hunt, your best bet is to look for gold jewelry in flea markets and thrift shops. If you’re down for a chemistry experiment, you can also mine for gold in your old computers and other electronics. Once you’ve got a collection going, send it along to a buyer online or locally to cash in on your shiny finds!

1.) Look for flea markets or shops with costume jewelry. This is the easiest way to collect scrap gold. Google flea markets and thrift shops near you. It’s best to look for larger flea markets with lots of vendors, as these events will concentrate the most potential gold in one spot. Some flea markets might operate more like festivals and will only be open for business once per year.

2.) Visit the market in the morning. The earlier you get to the market or shop, the better. Aim to arrive 15 minutes before it opens so you can be one of the first visitors to take advantage of cool finds and great deals. Go for the costume jewelry displays first, then move on to the more expensive collections.

It’s best to schedule your gold hunt on a day when you don’t have anything else going on. Pick a day off from work or a free Saturday so you can spend hours looking for your treasures.

3.) Find a pocket-sized magnet to bring along. You can purchase a magnet online or at a local hardware store. Look for one that’s about the size of a domino. You can use this tool to test if jewelry is gold or just another metal that’s been plated with gold.

The magnet won’t stick to real gold. Test clasps and other parts of jewelry separately. Sometimes a clasp will be plated, but the majority of the piece will be real gold.

4.) Search for markings showing the gold content of the piece. Look for labels showing what type of gold the jewelry is. In the United States, most jewelry will be stamped as 10K, 14K, 18K, or 24K. The “K” stands for a karat (sometimes spelled carat), a measurement that indicates the amount of gold in an item. A 24K piece is pure gold.

For jewelry made outside of the United States, you may just see numbers instead of karat markings. 10K translates to 417, 14K is 585, 18K is 750, and 24K is 999.

5.) Avoid jewelry with manufacturing markings. Some jewelry will be labeled with an assortment of letters. These markings show that the gold is plated. Stay away from the following:

• GE, which means gold electroplate. You may also see GP, which stands for gold plated.
• HGE, or heavy gold electroplate.
• GF for gold filled.
• HGP, or heavy gold plate.

It’s also a good rule of thumb not to purchase jewelry with unusual or unidentifiable markings. These are usually a good indicator that it’s not gold.

6.) Don’t spend over $10 USD per piece. The only way to make money off your gold scrap is not to spend too much collecting it! Many flea markets will allow you to buy a whole bag of mixed costume jewelry for between $2 and $10 USD. You can also choose to purchase individual pieces. And don’t forget to haggle!

Offer your vendor less than their asking price and hesitate when they give you a higher counter-offer. You could say something like: “I can give you $2 instead of $5 for that bracelet.”

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