If you have gold items lying around that you don’t use anymore—like old jewelry, gold coins, or collectibles—selling them as scrap gold could be a smart choice. It’s an excellent way to declutter your space and turn those unused pieces into cash. You could earn a tidy profit depending on when you sell and if you work with the right buyer.
Not sure how to sell scrap gold? Learn how to organize your items for sale, know your scrap gold’s worth, and find a trusted dealer like AU Precious Metals to turn that gold into cash quickly and effortlessly.
What is Scrap Gold?
Scrap gold is generally defined as any gold item no longer used, such as second-hand or broken jewelry. It can also include gold items for which you have no attachment or sentimental value.
The value of scrap gold is based entirely on its gold content weighed in troy ounces, regardless of the original sticker value. Depending on the item’s type, age, and condition, selling it as scrap gold may be worth more than selling it at auction or to a pawn shop.
The most common types of scrap gold include:
- Jewelry. Old, unwanted, or broken gold necklaces, bracelets, rings, pendants, earrings, and other jewelry pieces are the most common types of scrap gold. While the purity of gold in jewelry pieces varies, it typically ranges between 10 and 22 karats. The higher the karat count, the more gold the item contains, increasing its value as scrap gold.
- Dental gold. Many dental items, such as crowns, bridges, fillings, and inlays, are constructed out of gold. Many people keep their dental gold once a dentist has removed or replaced it. The purity of gold in dental gold items is similar to jewelry, ranging between 10 and 22 karats, but most commonly 16K to 18K.
- Gold coins and collectibles. Scrap gold can include old investment or collectible gold coins. If your coin holds no specific value as a collector’s item, you might consider selling it for its cash value. For instance, if you find an old, damaged gold coin, it may no longer hold value as a numismatic piece, but you could trade it in for its pure gold content.
A professional gold buyer like AU Precious Metals can assess the condition of your gold coins to determine their value and help you choose whether to sell them for scrap.
Preparing Your Scrap Gold for Sale
Before selling your scrap pieces, organizing them can help you know what you have and what it might be worth. Follow these steps to prepare your scrap gold items and ensure they are ready for sale:
- Categorize by type. Separating your scrap gold into different types will help you organize them more effectively and save time when selling. For example, if you have multiple jewelry pieces, put them in separate containers for rings, pendants, collars, or bracelets.
- Sort them by known purity. Inspect your scrap gold items for hallmarks or stampings. Specific hallmarks can indicate the karat purity of the gold used to make it, which can help you estimate its value. Examples of purity hallmarks to look for include:
- Karat indicators such as 14K, 18K, or 22K.
- Fineness markings, in parts per thousand, such as 585, 750, or 916. Some may use a decimal point before the number, such as .585, .750, or .916.
Some jewelry pieces feature shaped stampings, often with a number inside, to denote the type of metal used and its purity. The shape of the symbol typically indicates which precious metal was used to make the piece.
A common marking representing gold is an eight-sided octagonal shape, similar to an elongated stop sign. For example, an octagonal stamping with the number “916” inside means the item is made of 91.6% pure gold, equivalent to 22 karats. - Weigh them individually. Place each scrap gold item on a scale and note its total weight. The value of gold is calculated using troy ounces (ozt.) instead of regular ounces (oz.).
If your scale cannot measure items in this unit, write down the unit used, such as standard ounces or grams (g.), and convert the result into troy ounces. You can use an online calculator or manually using the ratio of 1 gram = 0.03215 troy ounces.
This can give you a rough estimate of its trade-in value; however, the most accurate assessment is through a precious metal dealer with sophisticated equipment to assess the purity and weight of your pieces.
How to Sell Your Scrap Gold
You’re ready to sell after sorting and weighing your scrap gold items. The following steps will help you sell your scrap gold quickly and efficiently for a fair amount:
1. Decide When to Sell and Check the Spot Price of Gold on That Day
Decide when to sell your scrap gold items. The spot price of gold fluctuates daily, affecting how much you’ll get back when selling your scrap pieces. To pick the optimal time to trade it in, consider the following:
- Monitor the market for an extended period. Use tools such as the gold tracker on Trading Economics to view how the price of gold has fluctuated in the past few days, weeks, and months. Watching value fluctuations on tools like these will give you an idea of how the market and the value of gold can change.
- Be aware of global events. Global economic and geopolitical events, such as inflation rates, economic sanctions, wars and conflicts, and decisions from central banks, can affect the prices of gold. According to economic experts and financial institutions, the value of gold typically trends upward during periods of uncertainty and instability.
- Consult with experts. Have your gold assessed to see if it matches your expectations and bottom-line profit target. AU Precious Metals can estimate the value of your scrap gold based on the current spot prices. Based on their offer, you can wait to sell if the spot price isn’t as high as you’d prefer or trade it in for quick cash.
2. Find a Reputable Gold Dealer
Selling your gold for the best price means working with a reputable gold dealer. This ensures you get a fair offer that reflects the value of your pieces. Follow these tips to find a reputable buyer:
- Reviews and testimonials. Look up buyers in your area and check reviews and testimonials from past customers. You can review comments and ratings on the company’s Google Business Profile (GBP) or under their posting on Google Maps.
- Transparent processes. Choose a local gold buyer who is upfront and transparent about their buying process. For instance, contact a local dealer and ask what methods they use to assay your gold, if it will damage your pieces, and how they calculate the trade-in value. The staff should be open and honest about this process and any fees they charge.
- Clear communication. Reputable gold buyers should be ready to answer your questions with clear answers and practical advice. Our staff at AU Precious Metals are knowledgeable in all areas of buying and selling precious metals. We can answer all your inquiries about gold, from selling to investment advice.
- Experience in the industry. Find a gold buyer with an established history in the industry reflecting reliability and trustworthiness. AU Precious Metals owner Brad Gutov has over 20 years of experience and has owned the company since its establishment in August 2011. AU Precious Metals serves the greater Detroit area and has numerous customer reviews highlighting the excellent customer service.
3. Have the Dealer Assess Your Gold
Once you have decided on the right time to sell and selected your gold buyer, the next step is to visit their location. Ask the staff to examine and assess your gold scrap. They should conduct a professional examination of all your items to ascertain all of the following in each of your items:
- Provenance and information
- Gold purity
- Weight
- Total value
At AU Precious Metals, we use state-of-the-art X-ray fluorescence (XRF) spectrometry technology to determine the exact purity of your items. Then, we carefully weigh them in troy ounces and base your trade-in settlement on current spot prices. This ensures you get the full value for your pieces.
4. Receive an Offer on Your Precious Metal
After analyzing your items, a gold buyer will make an offer for them based on their weight, purity, and the current spot price of gold. If they haven’t yet until that point, the buyer can explain how they calculated the price and demonstrate the transparency of their processes.
If you are satisfied with the offer, you can accept it and request payment for your gold. At AU Precious Metals, we offer a range of convenient payment options, including cash, wire transfers, precious metal bullion, and checks.
Can You Sell Scrap Gold From Home?
You may want to sell your gold scraps without visiting a brick-and-mortar storefront. With AU Precious Metals, you can use our convenient mail-in service anywhere in the U.S. to get cash for scrap gold items. Just take the following steps:
- Request a shipping label. Visit our website’s mail in service portal and fill in the form to request a shipping label, which will let you send us your scrap gold.
- Pack your items. Place your items in a box or another appropriate container. Then, print out the shipping label and secure it to the side of your box.
- Send the package. Ship your items to our location in Rochester, MI. We will use our X-ray spectrometry equipment to determine the exact value of your scrap gold.
- Receive an offer. Once we have completed our analysis, we will send you an offer. If the total value of your items is $5,000 or more, we’ll also waive shipping costs. If you accept, we’ll mail you cash or a check at your convenience.
Contact AU Precious Metals to Sell Scrap Gold Today
Contact or visit AU Precious Metals if you need to turn old or unwanted gold items into cash. We are proud to serve the communities of Rochester, MI, Novi, MI, and the greater Detroit area.
Whether you have a few jewelry pieces to sell or many items, we can analyze them, offer a fair price, and turn them into cash with the speed and professionalism you need. Contact us with questions about our processes or mail-in service and sell your gold today.
