Editor’s Note: This story originally appeared on The Penny Hoarder.
Whether you’ve inherited some gold jewelry, discovered a forgotten coin collection or have some gold in your mouth, knowing the value of your gold and knowing how to sell it to get the best return is a skill definitely worth looking into.
There are several options out there for appraising and selling your gold, but it’s important to understand how gold is valued and where you should sell it to get the best price.
Let’s dive into your options.
What to Research Before Selling Your Gold
Before you sell, understanding what determines the value of gold can empower you to make informed decisions and ensure you get the best price possible.
Gold is typically valued based on its karat (purity), weight and the prevailing market price:
- Karat: This refers to the purity of the gold, with 24k being pure gold. But gold is usually mixed with other metals to increase its durability. That’s where you get 18k, 14k, 10k, etc. The lower the karat number, the lesser the purity, and consequently, the lower the value of the gold. Unless you’re looking at a dental filling that’s fallen out of your mouth, most of your gold pieces will have a stamp indicating how many karats it is.
- Weight: Gold is typically measured in grams or troy ounces. But the general rule is, the heavier the gold, the more valuable it will be.
- Current Market Price: Gold’s market price is influenced by a complicated number of factors related to supply and demand and other economic conditions. There are experts that spend their entire lives studying how these influences impact market trends related to gold. And although future market price might not be the easiest to predict, it’s generally trending upward. And the best part? You can easily monitor the price of gold with a quick Google search.
How Much Will I Get if I Sell My Gold?
How much you’ll get when you sell your gold depends.
First, you’ll need to determine the value of your gold. Contrary to what you see on TV, biting your gold is a bad idea. While pure gold is relatively soft compared with other metals, it’s still harder than human teeth. You’re more likely to cause damage to your mouth than gain any helpful insights.
What you need is an appraisal.
There are several easy ways to get an appraisal, including online pricing calculators, professional appraisals or checking the daily gold market rates. Each of these options can give you a relatively good estimate of your gold’s worth.
Getting multiple appraisals or quotes from buyers gives you the chance to compare evaluations and identify major discrepancies, arming you with the information you need to avoid getting low-balled when you do go with an offer.
Where Do You Sell Gold?
Where you sell your gold can significantly impact how much cash you end up pocketing.
You have several options to consider, including local jewelry stores, pawnshops, auctions and online gold buyers.
Which one is right for you will depend on your priorities, like how quickly you want to sell versus the value of the offer.
Local Jewelry Stores and Pawnshops
Local jewelry stores and pawnshops often buy gold jewelry, coins, and bullion.
And while it’s a quick and straightforward selling process, you might feel a little wary about walking around your city with all your valuables in your pocket. Plus, you’ll only get up to 50% the actual value of your gold.
Pros
- Easily accessible
- Immediate payment
Cons
- Lower prices (up to 50% the value of your items)
- High risk of accepting an undervalued offer
Auctions
If you have any rare or unique gold items, an auction might be your best option.
Auctions attract collectors and enthusiasts who are willing to pay premium prices for rare or unique items, which means you’re likely to get a higher selling price on your pieces.
But waiting for an auction date, going through the bidding process — and maybe even waiting for payment after the sale — takes time. So, it’s not a great option if you’re in a hurry.
But also, selling off your rare and unique gold items in a hurry seems like a decision you might regret later.
Pros
- Higher prices and competitive bidding on rare or unique gold items
- Exposure to a wider audience of potential buyers
Cons
- Auction house fees and commissions
- Final selling price is uncertain and determined by the highest bidder
- Time-consuming selling process
Online Gold Buyers: Gold to Cash
There are reputable online gold buying companies that specialize in purchasing broken jewelry and unwanted gold.
The way it works is, you request a free shipping kit to securely send your gold to the online buyer, who will evaluate your items and make an offer. You’ll want to choose a trustworthy and well-reviewed online buyer, like Gold to Cash, to avoid scams or lowball offers.
Pros
- Hassle-free and secure process
- Fully insured FedEx shipping up to $100,000 upon request
- Most cash for your gold
- Sell gold from the comfort of your home
- 24/7 customer support online
- Safety — no need to walk around with gold
Cons
- Not an immediate transaction
Make sure to look for online reviews, BBB ratings, and consider how long the payment process will take.
And remember, don’t just take the first offer you get. It’s important to get multiple quotes so you can double check that you’re getting the best deal.
The Penny Hoarder’s Top Pick: Gold to Cash
If you’re looking for the fastest place to sell gold or other precious metals for the most cash, our top pick is Gold to Cash.
From broken and unused jewelry, to coins and precious metals bullion, Gold to Cash offers a seamless process to appraise and buy your precious metals — for up to 95% of its value.
Gold to Cash has been in the gold-buying business for more than 11 years.
With 95% of the reviews being five stars on Trustpilot and an A+ Rating from the Better Business Bureau (BBB), you can go all-in knowing you’re working with a safe and reliable buyer.
They’ll send you a free appraisal kit, which includes prepaid and insured FedEx shipping label and supplies for secure packaging. You can request to have your package insured for up to $100,000.
Gold to Cash’s experts will appraise your gold and provide an offer the same day they receive your package. And they’ll pay you as soon as you accept the offer.
The offer reports that Gold to Cash provides are some of the most detailed breakdowns we’ve seen in the biz. Instead of one giant lump sum for all the items you send in, they provide a detailed report showing what each item is worth.
If you received a better offer from a different buyer, Gold to Cash also offers a price-match guarantee — so, don’t forget to get multiple quotes.
If you decide not to accept the offer, they’ll send your valuables back at no cost to you. You can request your free appraisal kit here.
Preparing to Sell Your Gold
Before you rush off to sell your gold, take some time to prep and organize your assets.
If you’re trying to get the best deal in the quickest amount of time, you’ll want to do what you can to clean your gold pieces so they are more presentable.
There are special cleaners you can purchase to safely clean delicate gold jewelry, but you can also create your own mild cleaning solution by dropping a few drops of a mild dish detergent like Dawn dish soap into a bowl of warm, not hot, water.
Let your gold sit in the solution for a few minutes before gently scrubbing with a new, soft-bristled toothbrush.
Make sure to always research any products you might use before cleaning your jewelry. Baking soda or commercial metal cleaners may seem like good options, but they’re considered abrasives that may scratch your gold.
It’s also helpful to organize your gold pieces by karat and weight to make it easier for buyers to assess and provide you with an accurate quote.
Selling your gold doesn’t have to be complicated. With knowledge of your gold’s worth, a little preparation, and a good buyer like Gold to Cash, you can make sure to maximize your earnings. If you’re wondering where to start, head over to Gold to Cash’s site and request your free appraisal kit.