How to Sell Gold to a Pawn Shop

February 18, 2020 - Jewelry & Luxury Items

If you’re wondering how to sell gold to a pawn shop, it’s actually quite an easy process.

Whether you’re in a pinch or you’re just looking to get some extra cash in hand for old jewelry you’ve had hanging around the house, we have you covered. We will explain how to sell gold to a pawn shop in a way that can save you time and money.

At PawnGuru, we make it possible for you to compare offers for your gold from multiple pawn shops in your local area. The best part is that you can do this all from the comfort of your home.

We will explain more about how this process works, but first we will answer a couple of common questions about how to sell gold to a pawn shop.

How do Pawn Shops Determine the Price of Gold?

Gold is traded 24 hours a day, 7 days per week on the open market. Gold is priced by the ounce and the value can change at any second. This means the prices for buying and selling gold are constantly fluctuating.

Major events and speculation, such as the outcome of a presidential election, can influence the price of gold. Other pricing factors are also at play— including supply and demand, buying power and currency values.

Working off the base price for gold that the market determines, a pawn broker (or any other buyer) will likely pay you less than its value so that they can turn it around and sell it for a profit.

Is it Better to Sell Gold to a Pawn Shop or Jeweler?

Pawn shops, jewelers and any other shop that is in the market for buying gold are all working off the same gold value that the open market determines. You have this on your side.

The current value of gold is always publicly available, which means you can educate yourself as a buyer how much you can expect to receive for your gold.

If you know the weight of your gold and the current value of gold you can roughly estimate how much your piece of jewelry is worth. Keep in mind that how much you will receive for the gold is also based on how pure your gold is. For instance, you will get more money at any time for a 24-karat gold piece verses a 14-karat one. You can use the percentage of pure gold in your jewelry to roughly calculate how much your gold jewelry is worth.

How to Sell Gold to a Pawn Shop for the Best Offer Possible

It’s a legitimate concern that you want to get the most money for your gold. This means that you need to compare offers for your jewelry from multiple pawn shops.

You have a couple of options here. You could go shop-to-shop to get offers from different pawnbrokers, or you can compare offers online. Heres how to sell gold to a pawn shop for the best offer:

  1. Create a free listing for your gold online at PawnGuru
  2. Receive offers from pawnbrokers in your local area
  3. Enter the pawn shop with the highest bid to finalize the offer
  4. Sell your gold for cash in hand
David Stiebel

David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.

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