What a scrap lot is worth
Scrap gold is priced on one thing: how many grams of actual gold a refiner can recover from it. The form does not matter and neither does the condition. A snapped chain, a ring with the shank cut off and a perfect unworn band all melt to the same metal, and all price identically per gram at the same karat.
A 20 gram lot of mixed 14k is $1,645 at melt. What you will be offered for it is somewhere between $822.62 and $1,398, and which end you land on is mostly a function of which door you walk through.
The buyers, and what each one pays
- a pawn shop, 50% to 60% of melt: on the 20 gram lot above, that is $822.62 to $987.15.
- a local jeweller, 65% to 75% of melt: on the 20 gram lot above, that is $1,069 to $1,233.
- a cash-for-gold buyer, 55% to 70% of melt: on the 20 gram lot above, that is $904.89 to $1,151.
- a mail-in refiner, 80% to 85% of melt: on the 20 gram lot above, that is $1,316 to $1,398.
Those bands are trade ranges, not quotes, and they move with the size of the lot. Testing, melting and assaying cost about the same whether the batch is 20 grams or 200, so a small lot carries the whole fixed cost and a large one barely notices it. If you have scrap in several places, gather it before you sell.
Sort it before you go
Separate by stamp: 10k, 14k, 18k and anything unmarked in its own pile. Weigh each pile. Then ask for a price per gram for each pile rather than a single number for the bag, and write the numbers down. A mixed bag priced as one lot is priced at its weakest link, and the difference between 10k and 18k is a factor of nearly two.
Pull out anything that might not be scrap. Hallmarked British and European pieces, anything signed, coins of any date, and stones bigger than an accent. Read the hallmark guide before you decide something is anonymous, since plenty of marks that look like wear are maker punches.
Gold-filled and plated in the bag
Costume jewellery marked GF, RGP, GP or HGE is not scrap gold in the sense a refiner means. Plated items hold a few microns and are worth essentially nothing at melt. Gold-filled holds a bonded layer at a stated fraction of the weight, typically 1/20, so it is worth something but only in quantity. The gold filled calculator prices those separately, and mixing them into a karat gold lot will only get the whole lot discounted.
At the counter
Watch the scale, and watch the karat they write down. Ask what percentage of melt they are paying, and if the answer is a lump sum, divide it by the grams yourself before agreeing. Get two quotes on anything over a few hundred dollars. And be sceptical of a quote per pennyweight that sounds generous, since a pennyweight is 1.555 grams and the number is inflated by more than half for that reason alone.
Scrap gold questions
What counts as scrap gold?
Anything being sold for its metal rather than as an object: broken chain, single earrings, bent rings, unmarked estate pieces, dental gold and worn plate. If a piece is signed, hallmarked, period or set with a real stone, it is worth getting looked at before it goes in the scrap bag.
How much will I get for scrap gold?
Between half and about 85% of melt value, depending on who buys it. Pawn shops sit at the bottom, mail-in refiners at the top, and local jewellers in between. Lot size matters more than negotiation, because refining costs are close to fixed per batch.
Where can I sell scrap gold for the most money?
A mail-in refiner pays the highest percentage but takes days, posts the risk and is only worth it on a lot of real size. For a few grams, a local jeweller who weighs in front of you will usually net you more once you account for postage, insurance and time.
Should I sort my scrap by karat before selling?
Always. A buyer offered a mixed bag has every incentive to price the whole thing at the lowest karat in it. Sort by stamp, weigh each pile separately and ask for a price per gram for each.
Do I need to clean scrap gold before selling it?
No, and do not polish it. Cleaning removes a trace of metal and gains you nothing, since the buyer is melting it anyway. Just remove anything that is not metal: leather cord, rubber, glued-in stones where you can.
Will a scrap buyer test my gold?
Yes, usually with an acid touchstone or an XRF gun. Both are quick and neither damages the piece meaningfully. If a buyer offers a price without testing, they are pricing for the risk of being wrong, and you are paying for it.
Is it worth selling a small amount of scrap gold?
A few grams is worth real money at melt, but it is the lot where the percentage is worst, because the fixed cost of testing and refining eats most of the margin. Save it up, or accept the low end knowingly.