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Step 1
Determine the karat of gold that you have. This can make a huge difference in the value of your scrap gold and is the first step to selling scrap gold. If you have jewelery, it should be stamped on the inside of the band. You might need a magnifying glass to clearly read it. If you have gold coins, most of them are made out of 24 karat gold.
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Step 2
Get your scrap gold appraised. Many pawn shops will help you appraise your old gold to determine a fair value. Make sure to go to a reliable pawn shop that does not have a reputation for ripping people off. Always get an appraisal from more than one pawn shop and never go with the first offer.
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Step 3
Sell your scrap gold online. If you feel that you can get more money for your scrap gold online then sell it yourself. Most auction sites allow you to list scrap gold and sell it. Make sure to put a reserve price on the auction just in case it does not sell for as much as the pawn shop offered.
Comments
omegapm said
on 9/10/2009 First off, most gold coins are NOT 24k. gold, they are 22k. The only 24k gold coins are American Buffalo, Canada Mapleleaf and China's Panda Coin.
24k is pure. 18k is 75% pure, 14k is 58% pure and 10k is 41.6% pure. Know the weight, and simply multiply the gold price by the karat percentages.