Midsummer notes from the antique world: Check your jewelry box

It's been a hot and sticky summer so far with more to come, but if you're still here you get an "R" for resilience. Better days are ahead. In the meantime, the antique business continues apace, and it's time for a few general notes on the subject as fall comes into view.

First of all, you're probably aware that gold and, to a lesser extent, silver are selling for exceedingly high prices. In particular, gold prices are so high that it has negatively impacted the market for fine jewelry. Gold bracelets, chains and even pendants of unexceptional design have become nearly impossible to sell over and above the underlying value of their metal.

As I write this, the spot price of one gram of 14k gold is $44.81, while a similar weight of 18k gold is selling for a whopping $57.61. Thus, that little nothingburger chain with a tiny "14k" stamp you have in your jewelry box and haven't worn forever is likely worth an airline ticket somewhere, maybe even a round trip. And that clunky pendant you inherited from Grandma all those years ago might cover your mortgage payment. It's time to rummage around and see what you can part with.

To help you do so, consider the following. First, invest in a small battery-powered coin scale that measures both in grams and ounces. They're inexpensive, widely available online and will give you a rough idea of the value of the jewelry you're looking to sell. Keep in mind that you won't get "spot" prices from one of those companies that advertises to buy your gold and silver. They sell to refiners at narrow margins and need to keep their lights on, so offers of 80-85% of spot are about as good as you're going to get. There can be some finagling in this business too, so make sure you watch everything being weighed. It's easy for unscrupulous buyers to overlook a few things when the process is not in full view.

As for keeping abreast of spot prices, considering adding the Coinflation app to your computer or phone. It provides up-to-the-minute information on gold and silver in various formulations and also includes market prices for U.S. silver and base metal coins.

For example, if you're wondering what the silver content value of a Morgan dollar is at the moment, Coinflation will tell you. Interestingly, it is illegal to melt down U.S. cents and nickels for their underlying metal content, but not silver and gold coins. The reason is that low face value coins often contain metals worth more than the coin's currency value. With that said, however, it's nearly always the case that higher value coins will be worth more than their underlying metal value.

And speaking of coins, that market has surged dramatically in the past year along with metal prices. We're selling both foreign and domestic coins almost every day now and buying both as well. It's amazing how many of our customers have a cache of coins somewhere, perhaps from coin collecting as a youngster or maybe from an inheritance. It's a fascinating hobby that teaches history, geography, metallurgy and other subjects, and there's room for collectors of all ages and financial means. And while the precious metal market will always go up and down, rare coins will generally hold their value.

Mike Rivkin and his wife, Linda, are long-time residents of Rancho Mirage. For many years, he was an award-winning catalogue publisher and has authored seven books, along with countless articles. Now, he's the owner of Antique Galleries of Palm Springs. His antiques column appears Sundays in The Desert Sun. Want to send Mike a question about antiques? Drop him a line at info@silverfishpress.com .

This article originally appeared on Palm Springs Desert Sun: Midsummer notes from the antique world: Check your jewelry box