Finding a gold or silver bar is like uncovering a real-life treasure. You might have stumbled upon your discovery while cleaning out a house or walking through a public space. There have even been reports of people finding gold and silver while out hiking or exploring natural areas. Once you get past the initial excitement of finding a treasure, you’re likely to have many questions. After all, gold and silver bullion can be quite valuable, and there are sometimes legal issues that can complicate how you handle your find. If they find gold or silver bars, Scottsdale residents should keep these steps in mind as they get started on working through the details of what comes next after finding such a treasure.
Take Note of the Location Where You Found the Bar
The concept of “finders keepers” isn’t always true when it comes to valuable finds. One of the first things you’ll need to do is think about where you found the bar. If you found it on state or federal land, it might not be truly yours. The legalities of who the bar belongs to can vary significantly among different types of public property. If you found the bar in an outdoor location, you may need to consult with the authorities to make sure you’re legally allowed to claim it as your own.
Find Out if You Need to Report Your Discovery to the Police
There’s also the possibility someone lost the bar and is looking for it. While it may not matter much if you found a fake piece of gold jewelry, a real gold or silver bar may be a different story. For example, California requires finders of lost property with a value of more than $100 to turn the items over to the police or other authorities in the city or county where it was found. This allows for the proper procedures to be followed to identify the rightful owner. Usually, you’ll be able to reclaim the property if no one steps up to claim it. If you’re unsure of the value of the bar, it’s best to find out by consulting with an expert in precious metals who can guide you through the next steps.
Protect the Bar from Damage
Gold and silver bullion is susceptible to damage from exposure to humidity, contaminants on your hands, and being dropped. If your bar has significant value, you’ll need to learn how to take care of it. You can start by making sure to only handle the bar with clean hands and asking others to do the same if you need to hand it over to the local authorities. Storing the bar in an airtight box or tube is also a smart idea while you try to decide what you want to do with it.
Decide What to Do with Your Newfound Treasure
If you’re not a collector, selling the bar might be your best option for cashing in on your treasure find. Make sure to only work with a reputable dealer who will provide you with the best estimate of its value. If you decide to keep it, get an appraisal of its value that you can use for insurance purposes.
If you’re looking for the best place to sell gold in Scottsdale, reach out to the trustworthy professionals at First National Bullion. We buy and sell all kinds of precious metals, including silver, platinum, gold, and palladium. Scottsdale residents who are looking for reputable dealers and high-quality service should give us a call at 480-546-8928 to speak with one of our precious metals experts.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.