Do I need an appointment?

Yes. Both J. Austin locations operate by appointment. We are typically booked and cannot guarantee time for walk-ins, even during posted hours. Call Ashland (541) 482-3715 or Grants Pass (541) 955-2985 to schedule.

We buy gold, silver, platinum, and palladium in all forms (coins, bars, rounds, bullion), gold and silver jewelry, sterling flatware and tea sets, diamonds, luxury watches (Rolex, Patek Philippe, high-end Omega), Native American jewelry, US and foreign coins, ancient coins, currency, militaria, and full estates.

How do you determine prices?

We use live FizTrade spot prices for precious metals. Bullion pays near spot — spot minus a small spread. Scrap gold is priced on the gold content of each piece (karat purity × weight × live spot), and we pay up to 90% of spot on the gold content for larger quantities, generally lots over 10 troy ounces of gold — note that applies to the gold in the piece, not its gross weight. Numismatic and collectible items are priced based on rarity, condition, and current market demand. For large transactions we can lock prices in advance — just call.

Where are you located?

Ashland: 1632 Ashland St., Ashland, OR 97520 — open Tuesday through Friday, 10am to 5pm by appointment. Grants Pass: by appointment, typically Mondays.

How long have you been in business?

J. Austin & Company has been buying precious metals, coins, and jewelry across the Rogue Valley since 1997.

Do you serve Medford and Grants Pass?

Yes — and beyond. We regularly work with clients from Ashland, Talent, Phoenix, Medford, Grants Pass, Roseburg, and as far south as Redding, California. Our Ashland store is most convenient for the south valley; our Grants Pass location serves the north valley.

Why is my insurance appraisal so much higher than what the item would sell for?

Because it was never meant to be a sale price. An insurance appraisal answers one question: what would it cost to recreate this exact item from scratch? That figure includes new materials at current prices, a professional jeweler's labor to build it, and full retail markup — everything an insurer would have to pay to make you whole with an equivalent new piece. What an existing item actually sells for on the secondary market is a different question with a different, usually much lower, answer. Neither number is dishonest; they're answers to different questions.

What does an estate appraisal measure instead?

Fair market value — what the item would realistically change hands for between a willing buyer and a willing seller, in the market where that kind of item actually trades, as of a specific date. It reflects real pricing at the time and what is genuinely likely, rather than what it would cost to build the piece new. For estates that date is usually the date of death.

Which appraisal do I need for probate or an estate settlement?

Generally the estate (fair market value) appraisal, because settlements and estate tax filings are concerned with what the property was actually worth on a given date — not what it would cost to replace. An insurance appraisal used for that purpose can substantially overstate an estate's value. The estate's attorney or CPA is the right person to confirm what documentation your particular situation requires; requirements vary by state and by the size of the estate.

Does an appraisal mean someone will pay that price?

No. An appraisal is a professional opinion of value for a stated purpose — it is not an offer to buy, and it does not obligate anyone to pay the figure written on it. This surprises people regularly, particularly when the document in hand is an insurance appraisal written to a replacement-cost standard.

My appraisal is ten years old. Is it still accurate?

Probably not, in either direction. Gold and silver have moved considerably over the past decade, so an older appraisal's metal component may understate today's value. But diamond resale has moved the other way — the arrival of lab-grown stones reshaped that market substantially, and older appraisals often reflect pricing that no longer holds. An appraisal is a snapshot of a specific market on a specific date, and both the purpose it was written for and its age matter when you're reading it.

Can the same item have two very different appraised values at the same time?

Yes, and both can be correct. The same ring can carry a high replacement-cost figure for insurance and a much lower fair-market figure for an estate on the very same day. The question isn't which appraiser is right — it's which question each document was written to answer. Always check the stated purpose at the top of an appraisal before comparing it to anything.

August 7, 2026Seller’s Guide

Insurance Appraisal vs. Estate Appraisal

An insurance appraisal tells you what it would cost to recreate your item from scratch. An estate appraisal tells you what your item would realistically sell for. Those are two different questions, and they produce two very different numbers — often by a wide margin. Neither one is wrong. But confusing them is one of the most common and most frustrating misunderstandings in this trade, and it usually surfaces at the worst possible moment: when someone is settling a parent's estate.

What an insurance appraisal actually measures

An insurance appraisal is written to a replacement cost standard. It answers a single question: if this item vanished tomorrow, what would the insurer have to spend to put an equivalent new one in your hands?

For a piece of jewelry, that means pricing out the whole job as if it were being commissioned today — the gold at current metal prices, stones of comparable quality bought at retail, and a professional jeweler's time to design, cast, set, and finish the piece. Add the retail markup that any jewelry store applies, and the figure climbs quickly.

That is the point. The number is deliberately generous, because its job is to set a coverage limit that would genuinely make you whole. It is frequently well beyond even high retail, and it is not intended to describe what anyone would pay you for the item you already own. In fact many jewelry stores offer appraisals double the retail price when you purchase a custom piece.

What an estate appraisal actually measures

An estate appraisal reflects an estate liquidation price — what one could realistically get quickly for the item based on today's market values. One can't wait around for a willing buyer; the value is what the item would bring in a reasonably prompt sale.

It factors in real pricing at the time and what is genuinely likely — the secondary market as it exists, not the cost of manufacturing something new. For estate purposes the value is usually established as of a specific date, most often the date of death.

Why the two numbers are so far apart

Think about a house. What it would cost to rebuild it after a fire — materials, permits, contractors, at today's prices — is a very different figure from what it would fetch on the market next month. Both numbers are real. They answer different questions.

Jewelry works the same way, and the gap is often wider. Building a piece new involves labor and retail margin that simply do not transfer to a pre‑owned item. The resale market for used jewelry is also thinner than most people expect, because a buyer purchasing an existing piece has other options and is not obligated to cover what it cost to create.

Which one do you need?

Insuring an item you intend to keep — a replacement-cost (insurance) appraisal. It sets the coverage limit, and it is what your premium is calculated from.
Settling an estate, dividing property among heirs, or documenting what an estate was worth — a fair market value (estate) appraisal, dated appropriately.

Using the wrong one causes real problems in both directions. An insurance appraisal pressed into service for an estate can significantly overstate what the estate held. A fair market figure used to set insurance coverage can leave someone badly underinsured. If you are working through probate or an estate settlement, the estate's attorney or CPA is the right person to confirm what your situation requires — the rules vary, and this article is not legal or tax advice.

An appraisal is not an offer

Worth stating plainly, because it catches people out: an appraisal is a professional opinion of value written for a stated purpose. It is not an offer to buy, and it does not obligate anyone to pay the number on the page. When the document in hand was written to a replacement-cost standard, the distance between that number and what the item would sell for can be startling.

Why age matters as much as purpose

Before comparing an appraisal to anything, look at two things: the stated purpose at the top, and the date. Markets move, and they do not all move together. Gold and silver have travelled a long way over the past decade, so an older appraisal may understate the metal in a piece. Diamond resale has moved in the other direction — the arrival of lab‑grown stones reshaped that market considerably, and valuations written before that shift often reflect pricing that no longer holds.

An appraisal is a snapshot of a particular market on a particular day, written to answer a particular question. Read it that way and the numbers stop being confusing.

Questions about a document you're holding?

We've been in the precious metals, coin, and jewelry trade in Southern Oregon since 1997. If you're looking at an appraisal and can't tell what standard it was written to, or what it means for what you're trying to do, you're welcome to get in touch and ask.

Frequently Asked Questions

Why is my insurance appraisal so much higher than what the item would sell for?: Because it was never meant to be a sale price. An insurance appraisal answers one question: what would it cost to recreate this exact item from scratch? That figure includes new materials at current prices, a professional jeweler's labor to build it, and full retail markup — everything an insurer would have to pay to make you whole with an equivalent new piece. What an existing item actually sells for on the secondary market is a different question with a different, usually much lower, answer. Neither number is dishonest; they're answers to different questions.
What does an estate appraisal measure instead?: Fair market value — what the item would realistically change hands for between a willing buyer and a willing seller, in the market where that kind of item actually trades, as of a specific date. It reflects real pricing at the time and what is genuinely likely, rather than what it would cost to build the piece new. For estates that date is usually the date of death.
Which appraisal do I need for probate or an estate settlement?: Generally the estate (fair market value) appraisal, because settlements and estate tax filings are concerned with what the property was actually worth on a given date — not what it would cost to replace. An insurance appraisal used for that purpose can substantially overstate an estate's value. The estate's attorney or CPA is the right person to confirm what documentation your particular situation requires; requirements vary by state and by the size of the estate.
Does an appraisal mean someone will pay that price?: No. An appraisal is a professional opinion of value for a stated purpose — it is not an offer to buy, and it does not obligate anyone to pay the figure written on it. This surprises people regularly, particularly when the document in hand is an insurance appraisal written to a replacement-cost standard.
My appraisal is ten years old. Is it still accurate?: Probably not, in either direction. Gold and silver have moved considerably over the past decade, so an older appraisal's metal component may understate today's value. But diamond resale has moved the other way — the arrival of lab-grown stones reshaped that market substantially, and older appraisals often reflect pricing that no longer holds. An appraisal is a snapshot of a specific market on a specific date, and both the purpose it was written for and its age matter when you're reading it.
Can the same item have two very different appraised values at the same time?: Yes, and both can be correct. The same ring can carry a high replacement-cost figure for insurance and a much lower fair-market figure for an estate on the very same day. The question isn't which appraiser is right — it's which question each document was written to answer. Always check the stated purpose at the top of an appraisal before comparing it to anything.

Ready for a real evaluation?

Private appointments. Honest evaluations. Same-day payment.

Schedule Appointment Call Ashland (541) 482-3715 Call Grants Pass (541) 955-2985

See more about what we look for → Gold & Silver Jewelry