04 Sep Pawning Gold: Things You Should Know
You could be sitting on a small fortune if you inherited gold bullion, costly jewelry, or stumbled upon a treasure box while digging a sunken pirate ship. Pawning gold is a terrific way to make some quick cash, but you need to be careful. If you’re looking for information about how to sell my jewelry near me, keep reading.
A Pro’s Guide to Pawning Gold
The pawn market can be shark-infested, with thieves and merciless con artists. You’ll be fine if you know what you’re doing, though. Here are five things you should know about gold pawn:
1. Be aware of the current gold price.
Gold is a publicly-traded asset with a market value, similar to a stock.
Its value, like that of a stock, is constantly changing. Fortunately, you can simply get and track this information.
This can be used as a starting point for determining the value of your gold jewelry or bullion.
2. Don’t combine karats.
After you’ve spent hours looking for pawn shops that buy gold near me and have made a decision, bear in mind that when pawning gold, it’s critical to keep all of your gold pieces segregated by karat. Some gold buyers may weigh all of your gold and give you an estimate based on the worth of the lowest carat.
This is clearly a bad deal if you have a mix of 22-karat and 12-karat gold. As a result, make sure you know how much of each carat of gold you have on hand.
3. Examine the scale.
Traditional grams or “pennyweights” are widely used to weigh gold.
A pennyweight weighs approximately 1.555 grams. When it comes to ounces, gold isn’t measured in the same way that other metals are (28 grams). It’s measured in what’s known as Troy (31.1 grams).
This is crucial to know because a gold buyer may try to deceive you by weighing your gold in pennyweights but passing it off as grams and undercutting the sale price. You’d be wasting money because pennyweights are heavier than standard grams.
The simplest way to avoid this is to weigh your gold at home on a good scale and perform all necessary conversions to pennyweights and Troy. When the gold buyer appraises your gold, make sure the scale is visible.
Something is wrong if his weight does not equal yours.
4. Verify the purchaser’s credentials.
Any respectable buyer will be licensed to buy and sell gold in his native state and will be willing to show you his license.
To avoid selling stolen products, a good buyer would also need you to present some type of government identification.
It’s preferable to stay away from these situations completely.
5. Make the most of your advantage.
When looking for pawn shops near me, keep in mind that if you’re pawning gold, you’ve got something that people desire, so take advantage of it. Shop at a variety of pawnshops and jewelers. To acquire the best deal, use their appraisals against each other.
Just keep in mind to be patient.