Money Watch
The ad: Turn in your gold jewelry and coins for cash!
The warning: In these times of financial stress, advertisements are popping up to encourage people to exchange their gold items for cash. Typically, the ads call for folks to send their coins and jewelry to companies that will issue them checks, the size of which will supposedly depend on the value of the gold. But the attorney general of Ohio has issued a warning that boils down to: Don’t send your gold to strangers. If you mail in your gold, you run the risk of losing it or not getting its full value.
The advice: The jewelry or coins might be worth much more to collectors than a mail-in company would offer. Here are tips issued by the office of Ohio Atty. Gen. Nancy Rogers:
* Get an appraisal of gold you’d like to sell to assess the accurate weight and gold content.
* Get estimates from at least three jewelers.
* Avoid pawnshops that are likely to offer less for items than legitimate jewelry stores.
* Be wary of offers not only in advertisements but also in phone solicitations, e-mails and at Tupperware-style parties.
Info: The full warning text is at www.ag.state.oh.us/press/08/07/pr080703.pdf
-- David Colker
