If you have some gold laying around that you no longer need you might think about pawning it! It could be a gold bracelet, gold frame, or gold coins. Anything that is gold is worth money. Even if your gold necklace is tangled or broken it can be melted down and still worth money. There are three key things to know to get the best price for your gold.
The value of gold varies. However, it is easy to see the current market value of gold. All you need to do is google “current price of gold”. As of 2021 gold is priced at $1,797 per oz and $57.77 per gram. Knowing the current market price is a great starting point to finding the value of the gold you have. You can’t expect to get market price for your gold because pawn shops are a business. They need to make money too. However, the market price will be a good base to negotiate a fair price. It is good to know some pawn shops weigh gold in terms of pennyweights. One pennyweight is 1.55 grams. This will help you know exactly how much gold you have and its value. You can check the weight of your gold using a kitchen scale at home before taking it in to sell.
Another important element to factor into the value of your gold is the karat of the item. Karat is defined as the purity of the gold. Pure gold is 24 karats. Most gold items are not pure gold because pure gold is very soft. Some items like rings have the markings stating the karat inside the band. If there aren’t markings on your gold item and you don’t have any evaluation papers then you can test the karats. Currently you can buy a gold testing kit on Amazon for less than $20. Knowing the percentage of gold your item has will help determine its value.
Take your gold to reputable pawn shop. A good pawn shop will be licensed to buy and sell gold. Beware of businesses claiming to buy and sell gold with no licensing or storefront. There have been schemes in the past that set up shop in hotels, buy gold for unfair prices, and then move on before they are caught for taking advantage of customers. Pawn shops depend on having a good reputation, so they want to be fair in their negotiations with you. You can always check with the Better Business Bureau to make sure the shop you are dealing with has a strong reputation. Pawn shops will also ask to see you ID. This helps prevent fraud.
Weigh your gold, find out the karats, and research your buyer so you can negotiate a fair deal. Armed with this knowledge you will be able to conveniently make a profit by wisely selling your gold to reputable pawn shops.