How to Sell Scrap Gold
Most people selling scrap gold leave money on the table — either by accepting the first offer they get or by not knowing their gold's melt value before they walk in the door. Here's how to do it right.
Step 1: Identify the Purity
Gold jewelry is almost never pure gold — it's an alloy. The karat stamp tells you the gold content. Look for a small stamped number on the clasp, inside the band, or on the back of the piece:
If there's no stamp or you can't read it, take the piece to a local coin shop or jeweler for a free acid test or XRF (X-ray fluorescence) test. Never sell gold without knowing its karat.
Step 2: Weigh the Gold
Gold is sold by weight. You need a digital scale that reads in grams. Kitchen scales may not be accurate enough — a jewelry scale that reads to 0.01g is ideal and costs $15–30 online.
Weigh each karat separately. If you have a mix of 10K, 14K, and 18K pieces, separate them before weighing. Mixing them in one pile means you can't accurately calculate the value of each group.
Weight units used by gold buyers:
- • Grams (g) — standard worldwide. Most scales default to grams.
- • Troy ounces (ozt) — how gold spot price is quoted. 1 troy oz = 31.1035g.
- • Pennyweight (dwt) — used by many US jewelry buyers. 1 dwt = 1.5552g = 1/20 troy oz.
Watch out for buyers who quote in pennyweight but pay you thinking it's grams — it's a common trick. Knowing the conversion means you can't be confused.
Step 3: Calculate Melt Value Before You Go
This is the most important step. Before talking to any buyer, know exactly what your gold is worth at today's spot price. This becomes your floor — you know you're getting ripped off if a buyer offers less than a reasonable percentage of this number.
Use the Scrap Gold Calculator — enter the karat and weight, and it calculates the melt value at live spot price. The formula is:
Melt value = (weight in grams ÷ 31.1035) × purity % × gold spot price
Example: 10g of 14K gold at $2,000/oz = (10 ÷ 31.1035) × 0.585 × $2,000 = $376.40
Expect to receive 70–90% of melt value depending on the buyer — that spread is their margin. If someone offers you less than 70% without a good reason, walk away and try elsewhere.
Step 4: Compare Buyer Types
Coin shops and dedicated gold buyers
Generally the best option for most people. They deal in precious metals all day, can test your pieces on the spot, and typically pay 75–90% of melt. Get quotes from 2–3 local shops and take the best offer.
Online / mail-in refiners
Services like Kitco, APMEX, or dedicated refiners can pay 85–95% of melt on larger lots. You mail your gold, they test and quote, you accept or they return your gold. Works well if local buyers won't pay enough. Use reputable, established companies only.
Pawn shops
Convenient but typically the lowest payers — often 50–70% of melt. Acceptable if you need cash immediately and can't shop around. Never the first choice if you have other options.
"We Buy Gold" storefronts / kiosks
Varies wildly. Some are legitimate, many are not. Research any storefront before going in — check Google reviews and BBB ratings. These businesses often rely on customers not knowing their gold's value.
Private buyers / Craigslist / Facebook Marketplace
Theoretically the best price (no middleman), but requires meeting strangers with valuable items. Safety risks aside, most private buyers are other dealers, not end consumers. Use caution.
Before You Sell: Check for Numismatic Value
Not all gold jewelry or coins should be sold as scrap. A piece worth $300 in gold content might be worth $800+ as a collectible. Before scrapping:
- • Gold coins — Always check if they're numismatically valuable first. A $20 Saint-Gaudens gold coin worth ~$2,000 in gold has far more collector value as a coin. Use our Bullion Calculator to check melt values, then research coin-specific prices.
- • Antique or designer jewelry — Signed pieces by Tiffany, Cartier, or Art Deco makers can be worth multiples of scrap value. Check auction results before selling to a scrap buyer.
- • Unique or handmade pieces — Heavy handmade pieces with significant craftsmanship may command a premium from estate dealers or auction houses.
Frequently Asked Questions
What percentage of melt value do gold buyers pay?
Coin shops and dedicated gold buyers typically pay 75–90% of melt value. Mail-in refiners pay 70–95% on larger lots. Pawn shops often pay only 50–70%. Knowing your melt value before you go is the single most important thing you can do to negotiate effectively.
How do I know if my gold jewelry is real gold?
Look for karat stamps: 10K, 14K, 18K, 585, 750, or 417 are the most common marks in US jewelry. No stamp may mean gold-filled or gold-plated. A coin shop or jeweler can do an acid test or XRF test to confirm purity if you're unsure.
Should I sell my gold jewelry or keep it?
Selling makes sense for broken, unworn, or purely sentimental pieces you'll never use again. Calculate melt value first, then check if the piece might have collector or estate value above that. A piece worth $200 in gold might sell for $600 as an antique — know what you have before you sell it as scrap.