Dear Lee,

Should you sell old gold jewelry you never wear? For collectors, the question involves sentiment as much as cash value. Investors, on the other hand, consider only the ups and downs of the price of gold. In 1971 President Richard Nixon, worried about the stability of the economy, ended the link between the value of gold and the value of the U.S. dollar. In 1975 gold was worth $35 an ounce. By 1981 it topped $800, then in 1999 it went below $300. It was back to $800 by 2007 and now has risen to above $1,300.

But I can’t ignore the lessons of Tulipmania, the crazy ups and downs in the price of tulip bulbs in Holland in the 1600s, or the real estate market fluctuations of the past few years, or the plummeting prices of Beanie Babies and collector plates. What goes up comes down. If you are selling unwanted gold jewelry and need cash, selling it may be wise. But if you decide to buy gold as an asset, you might do better buying quality gold jewelry with added collector value. Here are some factors to consider:

• Does the piece have sentimental value in your family? You may not want your cameo pin, but your granddaughter might someday, especially if she knows it’s a family heirloom. Ask family members before you sell. I’m still looking for a necklace like one my mother wore and sold.
• Some old jewelry includes old mine diamonds and rough-cut stones, mounts that are gold on a silver backing, odd pin closures, enamel decoration and other features that might mean your jewelry was made centuries ago—and so has added historic and monetary value among collectors.
• Look for a maker’s name. That probably requires a magnifying glass and online research. Something marked “Rolex” or “Tiffany” or with some other famous name has a value beyond meltdown. Sell to a jewelry dealer, not a gold buyer.
• Do your gold cufflinks have solid gold backs? Do your pierced earrings have gold backs? Are your hatpin shafts solid gold? Are spring rings or other catches gold? Often these items are not tested or marked.
• Comparison shopping has shown that the best price for broken gold items is usually offered at a local pawnshop or jewelry store. Mail-in gold buyers often pay less.

Don’t be swept away by the gold mania of today. If you need cash and you must sell, be glad that your jewelry was an investment that paid off for you. But don’t forget: The emotional attachment to family pieces can be very strong—and regrets can last a lifetime.