A great way to make some extra cash is to sell old or unwanted gold jewelry. Whether it’s a collection of coins left behind by a loved one or a watch you stopped wearing years ago, there could be a fortune in your closet if you know what to look for. Before you set out to sell gold, have a look at the useful tips below to make an informed decision.

What Are Some Top Tips to Sell Gold?

1. Get a Professional Appraisal

The gold content may not be the most valuable thing about your items. Many items could be worth more due to antique or historical significance. Coins struck with errors on the face, such as a misaligned detail or misspelling, can be worth much more than either its face value or its gold content. To get a better idea of what your gold is worth, take it to a professional jeweler or appraiser before you sell.

2. Determine Your Jewelry’s Gold Content

Few items are made entirely from gold, so it’s important to determine what percentage of your item is real gold. You can do this by looking at the clasp or underside of jewelry for the karat hallmark and dividing this number by 24 and multiply the result by 100. For example, if you have an 18-karat piece of jewelry, divide 18 by 24 for a result of 0.75. Multiplying this by 100 will tell you that the item is 75% gold. Record this number to remind yourself while selling it.

3. Make a Note of the Weight of Your Gold

A rating of 75% purity might seem like an impressive number, but remember that this only represents purity, not quantity. To calculate this total amount of gold in your items, weigh them individually on a sensitive scale. The scale will probably measure this in grams, so make a note of the measurement for later conversion to troy ounces or pennyweights.

Next, multiply the weight of your item in grams by its purity. If your 18-karat piece of jewelry weighs 6 grams, multiply 6 grams by the purity percentage .75, to find that the weight of the gold content is 4.5 grams. This will help you get a fair price when you sell gold since gold is usually valued according to market rates counted by dollars per ounce.

 

If you’re ready to sell gold to put cash in your pocket, turn to American Trading Company in Cincinnati, OH. With more than 50 years of experience in appraisals and sales of gold jewelry and coinage, as well as a wealth of expertise in paper currencies and firearms, the staff at this local company can offer fair value for your items as well as prize pieces for your collection. Call (513) 661-3633 with any questions, or read their answers to popular questions online.