Thursday, May 26 2022
Selling gold coins and jewelry is a good way to get fast cash when you need it. Whether your gold is from your collection, inheritance, or jewelry you’ve just stopped wearing, it’s important that you get the best price for your gold. Here is what you need to know about selling your gold to a pawnshop.
What Do Pawnshops Use to Determine Gold’s Value?
Individual pawnshops vary in what they pay for gold. Your gold’s value will depend on several factors including,
Typically, gold jewelry is the best to sell to a pawnshop since people often come to pawnshops for deals on these items for gifts.
How Do I Get the Best Price for My Gold?
You know what goes into the value of your gold. Now let’s look at what you can do to get more of that value as cash when you sell your gold to a pawnshop.
Research. Look up the kind of jewelry you’re wanting to sell – by checking other pawn shops or online sites like eBay – to get an idea of what your gold jewelry is worth.
Get your jewelry appraised. Visit an appraiser and have them tell you the value of your jewelry. Bring the appraisal document with you when you sell your gold.
Bring documentation you have about your gold. If you’re selling art or a collectible piece (gold coins, rare jewelry, etc) bring documentation that proves its authenticity.
Know the rules. Pawnshops have rules and regulations they follow to operate as businesses. Know your local rules for pawnshops. This will help you know when you’re dealing with a fair and reputable shop and help you prepare for any identification and documentation the shop may need for the sale.
Clean your gold jewelry. Take time to clean up your gold and jewelry before you bring it to the shop. Use a dry cloth and no chemicals (chemicals can wear away gold). If you must, use a damp cloth to help you clean your gold and dry it thoroughly with a soft cloth.
Sell outright. Pawnshops offer you the flexibility to pawn your jewelry (that is, get a loan with your jewelry as collateral) instead of selling it outright. If you know you can pay back the loan and that you will want your gold or jewelry later, this is a good option for you. However, if you’re just interested in selling it, most pawn shops will give you a better price when you offer to sell outright.
Are You Ready to Sell Your Gold?
Our expert staff is here to help you get the best price for your gold jewelry. If you have questions, contact us today. If you’re ready, drop by and we’ll help you walk out with cash.