Scrap gold refers to gold that has been used in jewelry, watches, or other items that is no longer worth its original value. If you have these items and aren’t sure what to do with them, you can turn a profit by selling scrap gold that you no longer want. If this is your first time selling to a pawn shop, consider the following tips for navigating the process.

How to Identify Scrap Gold

Often, many people have items in their homes that are made of or contain scrap gold. If you have old bracelets or necklaces that are partially broken or have gone out of style, they still hold value if they include scrap gold. While it won’t demand it’s original price, the gold is still valuable, workable, and in-demand for most pawnbrokers.

How to Determine the Price of Scrap Gold 

Scrap gold will be priced differently than gold jewelry that is sold at wholesale jewelers. Pawnbrokers will be paying for the gold, not other parts of the jewelry, or how it is designed. Most likely, they are going to melt the gold so that it can be fashioned into something else.

That being said, the market value of gold changes frequently, but it’s measured in troy ounces, which is 31.1 grams, or pennyweights, which is equivalent to 1.555 grams. The gold’s purity, or karat level, also factors into its worth. If you divide the karat number by 24, the quotient can be converted to a percentage that indicates how pure the gold is. To make room for the cost of melting and reworking the gold, many buyers will offer you 60% to 80% of its market value. 

 
As one of the most honest and reputable businesses in the industry, American Trading Company is one of the best places to sell your scrap gold. Based in Cincinnati, OH, they’ve been trading and selling fine metals, rare coins, guns, and other valuable items for more than 50 years. They pride themselves in their reliability and dedication to customer satisfaction. To find out how to get started selling your scrap gold, call their Harrison location today at (513) 661-3633 or their Galbraith location at (513) 385-6789. You can also message them online for more information.