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All You Need To Know About Selling Scrap Gold To A Pawn Shop

Selling scrap gold to a pawn shop is a great way to make some quick cash if you have old or unwanted jewelry lying around. Do you have any unwanted gold jewelry or coins lying around and you need some extra cash until payday? All you need to do is visit our pawnshop with your unwanted gold, and we will offer you cash for it. We first evaluate the item and then offer you an amount it is worth. Many people are apprehensive about selling gold to pawn shops, and some are not aware that pawn shops buy scrap gold as well. So, here is all that you need to know about selling scrap gold to a pawnshop.  

How do pawnshops evaluate gold? 

Purity of gold 

When you bring your scrap gold to the pawn shop, the first thing we need to check is that what you are selling is actually gold. We check the stamps on your jewelry, test, weigh, and evaluate the gold. There are indicators that the jewelry contains a portion of gold. For example, 24K contains 99% gold, 22 K contains 91.6% gold, and 14K contains 58.3% gold. You are paid for the scrap gold based on the purity and weight of the gold.  

Some stamps on the jewelry pieces may read RGP, which stands for rolled gold plate. These jewelry pieces do not contain real gold. So, this cannot be sold. It is best to know the purity of your gold before you take it to the pawn shop for selling so that you know what price to expect.  

Weight of gold 

You will be paid for your scrap gold based on both the purity and weight of the gold. The pawn shop owner will weigh the gold using a special scale and let you know the weight of the gold. It might be a good idea to weigh the gold before coming to the pawnshop.  

The spot price of gold 

Gold is bought at spot price and gold prices continuously fluctuate in the market. The spot price is based on pure 99.99% gold. So, the higher the purity of gold, the higher will be the price. This means 22k gold will be priced higher than 18k or 14k gold. You can check the spot prices of gold on any given date on the internet. Spot gold prices will also vary depending on where you are located, so check your local spot prices. 

Price of scrap gold 

When selling scrap gold to a pawn shop, you must not expect to be paid the spot value. The scrap gold is melted down under high temperatures, and the impurities are removed. This process costs money. Hence, you are normally paid a lower price for scrap gold. On the contrary, you can expect a higher price for gold coins, bars, and branded jewelry. 

Do your due diligence 

While selling scrap gold to a pawnshop, you should closely monitor the process they use to evaluate your gold. The reputable pawnshops are absolutely transparent about their practices, and you can expect a fair price from them. Also, try to learn about the purity of your gold, its approximate weight, and the current market price of gold. It will give you a fair idea of what to expect.  

Before selling scrap gold to a pawn shop, the most important thing to do is to choose a fully licensed, reputed pawnshop that has been around for a reasonable amount of time. Most importantly, they should have experience buying and selling scrap gold.  

Why selling scrap gold to a pawn shop is a great idea

Selling scrap gold to a pawn shop is a great option for anyone looking to turn their unwanted or broken jewelry into cash. Pawn shops have the expertise to accurately evaluate the value of your gold based on its weight and purity and offer competitive prices for your scrap gold. If you are looking for a reliable pawn shop to sell your scrap gold, don’t hesitate to contact us. Our experienced staff will evaluate your gold and provide you with the best prices. If you plan on selling scrap gold to a pawn shop, we are always happy to help you turn it into cash.