Whether you need quick cash or want to get rid of gold jewelry or other precious metal pieces you no longer have a use for, you should visit your local pawnbroker. The first step is to clean the item before visiting the pawnshop to ensure the highest possible return. The following will help you determine what else you need to know about how pawnbrokers price gold to walk away with the best value.

How Do Pawnbrokers Price Gold?

Weight

Pawnbrokers refer to the international gold pricing standard of weight. Gold gets measured by grams or pennyweights, with pennyweights equivalent to 1.55 grams. If you are working with gold jewelry, any items that add to the weight, whether they’re diamonds or faux gemstones, must be removed. The pawnbroker will weigh your gold on a scale that measures to the tenth of the gram for the most accurate result.

Purity

The purity of a piece of gold also contributes to how much pawnbrokers will pay. Purity is measured in karats, as gold is naturally soft and undergoes hardening processes with alloy metals. Karats range from 10 to 24, meaning a 10-karat gold item is 41% gold, while 18 and 24 karat pieces are 75% and 100% gold, respectively. The higher the karat, the more gold is worth, especially if it’s heavier.

Value

Your pawnbroker will review the metal’s current market and melt value before making an offer. They will multiply the weight of your item by its gold percentage to determine how many grams of metal you have. That number gets multiplied by the current market price to calculate the item’s value.

You may not receive the exact market value for your gold jewelry and bullion as the market value fluctuates often. Compare offers from several pawn shops before making the final sale to ensure you walk away feeling satisfied. 
 

Coins & Stuff buys gold jewelry and bullion from customers throughout the Piedmont Triad area of North Carolina. In business since 1980, this pawn shop enjoys an A+ rating from the BBB and was voted best prices in the Triad by TV8. Call the pawnbrokers today at (336) 885-5323 to get current gold prices or learn more about buying and selling services online.