4 Ways to Estimate Your Gold’s Value at Home Before You Sell It

sell gold estimate

UPDATED 12/22/20

If you are interested in selling your jewelry, you might wonder, can you sell jewelry at a pawn shop? Is it a smart thing to do? What do they buy? If you want to pawn jewelry, make sure that you know exactly what the jewelry is made from. The jewels and the metal largely determine what the value of the piece is. If you look at the biggest pawn shop in your town, it is likely that they will buy jewelry.

But, do pawn shops buy broken jewelry? Or do they have to be whole? If the jewelry is made from gold, it can be melted down for its gold value even if the jewelry itself is broken. If you’ve ever wondered, do pawn shops buy gold, the answer is a resounding yes. They frequently buy gold and gold has steadily increased in value over the years. If you want to sell jewelry at a pawn shop, selling gold is one of the best things you can do. If one pawn shop won’t buy your gold, try another one. You are sure to find a place that is actively looking for gold to buy from the public.

If you have scrap gold lying around the house, there’s never been a better time to think about selling it for some extra cash. However, before you sell your gold, you should figure out how much your gold is worth to make sure you get a fair payment for your valuables. Many places that buy gold will try to offer you less than what your gold is really worth — make sure you sell your gold the smart way by calculating its value.

Here are four easy ways to come up with a sell gold estimate before you sell your gold to a gold buyer:

1. Organize your gold by karat: Before you sell your gold to just any buyer, you should separate the items by their karat value. Solid gold jewelry is 24 karats, which is rare to find. If you can’t find your gold’s karat value with a magnifying glass, take it to the best place to sell gold near you, who can perform a test to find out the piece’s karat value.

2. Weigh your gold before you sell your gold: Gold is weighed in troy ounces, so if you use a household scale to determine your gold’s weight, you should keep in mind that 31.1 grams are equivalent to one troy ounce.

3. Sell gold coins separate from your gold jewelry: A gold coin’s worth is determined by different criteria than those of gold jewelry. In fact, if you don’t know how to sell gold coins based on their numismatic (coin) value rather than their melt value, you could risk losing hundreds of dollars. Age, rarity, and condition are all factors that could greatly increase your coins’ value.

4. Stay updated on the spot price of gold: Regularly checking the spot price, or selling price, of gold is essential to make sure you sell your gold at the right time. You can often find the current spot price by looking online.

Tips For When You Sell

There are a few more tips you should know when coming up with a sell gold estimate. First, check real gold antique jewelry for its retail value before you go to a gold buyer. Antique jewelry may have value aside from the value of the gold and stones used to make it. If you think the jewelry you have may have value as an antique or historical artifact, take it to be appraised. Then you’ll know whether to sell it retail or for the gold.

Another great tip for when you’re selling gold is don’t sell to the first pawn shop you go to. Many times your first offer won’t be the best, and if can tell a buyer that you offered a higher amount elsewhere you can better rates. Many pawn shop owners may try to get the gold for much less than it’s worth so going multiple places can help you get a better rate for what you’re selling.

Once you have determined the karat value, weight, and spot price of your gold, you can enter these values into an online gold value calculator — then you can feel confident that you will sell your gold at the fairest price possible for its value. Read more here.

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