The one question that decides everything
Before you compare buyers, answer this: is the piece worth more than the metal in it? If it is plain, broken, unmarked or mass produced, it is scrap, and the only thing that matters is who pays the highest percentage of melt. If it is signed by a known maker, antique, or set with stones of any size, it is jewellery, and selling it as scrap destroys value that cannot be recovered once it is in a crucible.
Most people have some of each in the same box. Sorting those two piles first is worth more than any negotiating you will do afterwards. Melt, resale and appraisal value goes through how to tell them apart.
Every buyer, compared
The percentages are of melt value, which for a 20 gram 14k lot is currently $1,550. They are observable trade ranges rather than quotes, and where you land inside a range depends mostly on the size of your lot.
| Buyer | Typically pays | Best for |
|---|---|---|
| Local jeweller | 65% to 75% | Small to medium scrap lots, and anything that might be worth more than melt |
| Mail-in refiner | 80% to 85% | Large scrap lots, several hundred grams and up |
| Cash-for-gold shop | 55% to 70% | Speed, when you want cash the same hour |
| Pawn shop | 50% to 60% | Immediate cash, or a loan against the item rather than a sale |
| Coin or bullion dealer | 95% to 100% of spot | Recognised coins and bars, never jewellery |
| Auction or specialist dealer | Far above melt, or nothing | Signed, antique, or stone set pieces |
The local jeweller
For most people with an ordinary box of broken chains and single earrings, this is the right answer. A jeweller who buys scrap is buying raw material for their own bench or for their refiner, they will usually test and weigh in front of you, and the rate is meaningfully better than a pawn shop or a high street cash-for-gold counter.
The real advantage is not the percentage. It is that a jeweller can recognise when something should not be melted. A dealer buying by weight has no reason to tell you the ring in the pile is worth ten times its gold, and a jeweller often will, because they would rather buy it as a piece.
The mail-in refiner
Refiners publish the best rates because they are furthest up the chain: they do the melting and assaying themselves and sell refined metal directly. On a lot worth several thousand dollars the difference between 70% and 85% of melt is real money, and worth the friction.
The friction is genuine though. You are posting valuables, waiting days, and accepting an assay you did not witness. Photograph and weigh every piece before it goes in the envelope, use tracked and insured mail, and read the return policy: the important line is whether they return your items free of charge if you decline the offer, and how long you have to decide.
Pawn shops and cash-for-gold counters
Both exist to pay cash quickly, and both price for that. A pawn shop is the lowest payer of any legitimate channel because it is buying something it may have to store, insure and eventually resell at retail. If you need money today and the lot is small, that convenience has a price and you may decide it is worth paying.
One thing a pawn shop offers that nobody else does is a loan against the item rather than a sale. If the piece has any sentimental value and you need cash temporarily, a pawn loan lets you get it back. Read the interest rate and the redemption period carefully, because both are less generous than they first appear.
Bullion dealers, and why they pay so much more
A coin or bullion dealer will buy a recognised one ounce coin or a stamped bar at close to the full spot price, which looks extraordinary next to the 65% a jeweller offers for a chain. The reason is not generosity. A sealed American Gold Eagle can be resold immediately to the next customer without being tested, melted or refined, so almost none of the costs that eat into a scrap offer apply.
This is also why taking bullion to a scrap buyer is a costly mistake. If you are holding coins or bars, the Gold Eagle and Double Eagle pages explain what they actually contain, and a bullion dealer is the buyer you want.
What to do before you walk in
Weigh everything at home on a scale that reads to 0.1 g, sort it by karat stamp, and work out the melt value with the calculator above. Walking in knowing your lot is worth $1,550 at melt changes the conversation completely, because you can convert any offer into a percentage on the spot and compare it against the table above.
Then get two quotes. Not five, which wastes a day, but two, from different kinds of buyer. The spread between them is usually larger than anything you could negotiate, and it tells you immediately whether the first offer was reasonable. The things to watch for covers the tactics that turn a fair looking offer into a poor one.
Questions about selling gold
Where can I get the most money for my gold?
For a plain scrap lot of any size, a mail-in refiner pays the highest share of melt, usually 80% to 85%. For a small lot the postage, insurance and wait often cancel that advantage, and a local jeweller who weighs in front of you nets about the same. For anything branded, antique or stone set, a dealer or auction house will beat every melt buyer, often by multiples.
Is it better to sell gold to a pawn shop or a jeweller?
A jeweller, in almost every case. Pawn shops pay the least of any buyer, typically 50% to 60% of melt, because they are buying inventory they may have to store and resell. A jeweller who buys scrap for their own bench pays more and will usually weigh and test in front of you.
Can I sell gold at a bank?
Not in the United States. Retail banks do not buy scrap gold or bullion from the public, and the ones that sell bullion rarely buy it back. The exception is some banks in Europe and Asia, which do deal in bullion coins and bars over the counter.
Should I sell gold online or in person?
In person for small lots, online for large ones. Online refiners publish better rates but require you to post your items, wait for an assay and accept a quote you cannot see being calculated. That risk is worth taking on a lot worth thousands and is rarely worth it on a lot worth two hundred dollars.
Do I need identification to sell gold?
Yes, effectively everywhere. Precious metal dealers in most US states are required to record a government photo ID, hold the items for a set period and report transactions to local law enforcement. A buyer who does not ask for ID is not following the rules that protect you as well.
Is selling gold taxable?
In the United States gold is treated as a collectable for capital gains purposes, and a profit over what you paid is reportable. In practice most people selling inherited or long owned jewellery have no records of a cost basis, and the amounts are small. Ask an accountant before selling anything substantial.
What is the safest way to sell gold?
Sell locally, in daylight, at an established business with a fixed address and a licence, after weighing and photographing everything at home. If you post it, use tracked and insured mail, declare the full value and keep the receipt. Never meet a private buyer alone with valuables.