Gold is frequently seen as being part of an inherited estate, whether it's gold jewellery, gold coins, or gold bars, gold is a valuable asset that can be passed down through generations. Inherited gold can hold sentimental value usually in the form of jewellery. If you have inherited a gold wedding band, this may be something you would struggle to come to terms with selling due to the emotional connection. When deciding to sell inherited gold, this involves navigating a maze of potentially emotional, financial, and legal considerations. This guide aims to walk you through these complexities, ensuring you make the most informed decisions that honour your inheritance and your financial goals.
This will depend on the purity of your gold, for example if your item is 9ct it will contain 37.5% pure gold. The first step is to establish your golds purity (carat/fineness) and weight. Many gold buyers will reference a market price benchmark such as the LBMA Gold Price (set at 10:30 and 15:00 UK time), then quote a per-gram rate for each purity. If an item may have value above melt (e.g., certain coins, antique or designer pieces), ask for a specialist opinion before selling.
If you are looking to sell inherited gold, you can use a specialist gold buyer like ourselves to evaluate your gold and provide a competitive, transparent written offer. It's important to choose a gold buyer you can trust, who is well reviewed by previous customers.
Make sure you have full and proper authority to sell (for example, as executor or beneficiary). There is no Capital Gains Tax on death; for beneficiaries, the asset is treated as acquired at its market value on the date of death (“probate value”). If you later sell for more than that value, CGT may apply to the gain, subject to allowances and HMRC rules.
Note: UK legal-tender coins produced by The Royal Mint, such as Sovereigns and Britannias, are treated as sterling currency and are generally outside CGT for UK residents. This is general information only for personal tax guidance, consult HMRC or a qualified adviser.
Selling something that's been passed down through generations can be emotionally challenging. It's important to weigh the sentimental value against your financial needs or goals. For some, the decision to sell is straightforward. For others, it's a more complex equation of honouring family legacy while managing personal finances. At Cheshire Gold Xchange we provide a no-pressure selling environment, whether you are choosing to sell gold online or in-store, allowing you to make an informed and well thought through decision is our priority.
The gold market is moving daily, with prices influenced by economic indicators, geopolitical stability, and supply/demand for gold. Rather than trying to “time” the market, base your decision to sell on multiple current, written quotes that show tested carat, weight and the reference price used. That keeps the process transparent and comparable.
If you have a considerable amount of gold then seeking advice from a financial planner or finance professional may be a good option.
There are many options when it comes to selling gold, you can choose to try to sell privately, to a jeweller or a specialist gold buyer. When it comes to selling gold bullion we will always recommend you sell to a specialist bullion dealer, as these are experts who have the most experience handling items such as gold bars.
Doing your research is key and compare these various selling locations. We recommend focusing on reputation, price transparency, and the offered terms. Look for reviews or ask for recommendations to ensure you're dealing with reputable buyers. If you are selling part of an estate, it's important the buyer provides sufficient documenation to support the sale.
Keep your paperwork: receipts, item list, carat/weight details and the amount paid. This helps with any future enquiries and your own records. If you need personal tax guidance, contact HMRC or a qualified adviser.
Selling inherited gold is a relatively straightforward process, you just need to establish a few factors before selling. Check your authority to sell, get current, itemised written quotes and choose a buyer you’re comfortable with. You should seek professional advice whenever you are unsure, you can ensure that your decision respects your heritage while also serving your financial future.
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