How to Sell Your Old Unused Gold
Gold's sky-high price in 2011 prompted many consumers to dig out Grandma's jewelry box in the hopes of finding thousands of dollars in hidden assets. Be wary, however: many cash-in operations offering "melt value" were scamming consumers with offers for gold as low as 7 cents, according to the website MarketWatch.com. Examine the gold for its purity level before getting multiple offers when you sell your old unused gold.
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Things You'll Need
- Gold pieces
- Better Business Bureau contact information
- Pawn shop contact information
Instructions
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Examine the gold you'd like to sell. Genuine pieces are stamped with a purity mark; 10k, 14k, 18k, 22k, or 24k. The "k" stands for "karat" and the higher the number, the purer it is. 24-karat gold is 100-percent pure gold. 14-karat gold is a bit more than 50 percent pure. If gold isn't stamped as 24k, then the gold is mixed with another metal.
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Decide if you truly want to sell the gold. MarketWatch.com suggests that many consumers underestimate the sentimental value behind "Grandma's brooch or Dad's wedding ring."
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Search for gold buyers using the phone book or WhitePages.com. Write down pawn shop names first, and gold buyers such as "Cash4Gold" last.
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Check the business ratings at the Better Business Bureau website. The BBB site is easy and free to use, and will identify how many complaints a business has received. You can also check with your state Attorney General's office.
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Select the top three businesses and visit them personally with your gold pieces. Pawn shops offer the best deals because they sell the piece "as-is"; other jewelers or buyers melt down or disassemble jewelry, which lowers your take. Sell the jewelry to the highest bidder.
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Tips & Warnings
Avoid sending your gold through the mail to a gold buyer; the state of Florida has received enough complaints that it has opened up an investigation.
References
Resources
- Photo Credit Sam Robinson/Photodisc/Getty Images
