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

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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Comments

Avatar for Roger Middleton

Roger Middleton

August 15, 2017, 3:45 AM

I have an old gold necklace that I had inherited when my grandma has passed away and I’ve been looking to sell it to a pawn shop. I really liked your mention that no matter where you go, you’ll be able to get the current value of your gold although the price is changing every day. I think I’ll find a local pawn shop to sell the necklace at.

Avatar for Ridley Fitzgerald

Ridley Fitzgerald

August 22, 2017, 7:12 PM

Thanks for the great tips for selling at a pawn shop. My wife and I need to sell some of the gold jewelry we have, because money is tight right now. It’s good to know that the value of gold is easy to see publicly! We’ll check that soon.

Avatar for Callum Palmer

Callum Palmer

February 28, 2018, 3:02 AM

I do like that you go over how pawn shops determine the price of gold. After all, if someone is going to sell their jewelry to a pawn shop then they want to know how much they’ll get. That way they can decide ahead of time whether or not selling the jewelry will be worth it.

Avatar for Millie Hue

Millie Hue

August 8, 2018, 2:39 AM

I never knew that the price of the gold is consistently changing at any time. With that in mind, I have to tell my sister to choose the right time so that she can sell her gold at the highest possible price. It appears that she needed to sell it to pay for a debt that she had with her friend a month ago. Thanks for the tips!

Avatar for Tiffany Locke

Tiffany Locke

January 19, 2019, 3:45 AM

I like that you explain how pawn shops and other vendors work off the same gold value based on the market and they weight your jewelry to give you an estimate of its worth. Your advice to compare offers from multiple shops in order to get the best offer by searching online would be a great way to do this. When looking online, it would probably be a good idea to read reviews of the various vendors and websites as well as check out the type of gold jewelry they purchase so that you can make sure you find one that is reliable and will give you the best offer.

Avatar for Quinne Elliot

Quinne Elliot

January 30, 2019, 7:04 PM

It’s nice that selling gold is priced by the ounce. However, if the gold is shaped as jewelry, won’t that make it cost more. Thanks for all the great tips for selling gold.

Avatar for Taylor Bishop

Taylor Bishop

February 14, 2019, 2:15 PM

Thanks for the cool article for selling gold. It’s good to know that you can educate yourself how much you can expect to get for your gold because it’s publicly available. I wonder if it could be good to pay attention tot he price of gold so you can know an ideal time to sell it.

Avatar for Tyler Johnson

Tyler Johnson

March 20, 2019, 6:14 PM

That’s a good idea to get offers from several pawn shops. That way you can be sure to get the same price. I would want to make sure to get the best price possible for selling my gold. I’ll have to see what prices I can get from some shops in my area.

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