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Four Things You Should Know Before You Sell Your Unwanted Gold

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If you have gold that you no longer want and would like to sell for quick cash, there are a few things you need to keep in mind before you start looking for a scrap gold buyer.

You may need an appraisal for jewelry

If you are selling old jewelry that is only gold, it is likely to only have value because of its gold content. However, if there are any gems in the jewelry, especially rings and necklaces, you should have an appraisal done. You may have a gem with value, but if it is not a gem you a familiar with, a jeweler can identify it and assign a value. Some pieces of jewelry, even with semi-precious stones, may be worth more than the scrap value of the gold. Someone who only buys gold for the scrap value is not likely to know the value of gems or jewelry in general.

You may need an appraisal for old gold coins

If you have old gold coins, you need to take them to a coin dealer first for the same reason as you would jewelry. Of course, just because you have old coins does not make them valuable. Like most collectibles, condition is everything. But you really need a coin dealer to grade the condition of your coins. If they are worth more than the value of their gold, the dealer will likely make you an offer; otherwise, you can shop around for a scrap gold buyer.

The purity of your gold

Although a dealer buying scrap gold will likely have a fixed price they give everyone for an ounce of gold, your gold is not likely pure. Gold is measured in karats, and there are 24 karats in pure gold. However, because gold is a soft metal, it is combined with other metals in jewelry to create a piece that will be durable. Jewelry is often stamped to identify the karats. Gold coins are not stamped, but the type of coin, the government mint and year can be used to identify gold content. Any good gold buyer can test for purity of your scrap gold.

Where to sell your gold

Naturally, you want to shop around to get the best price for your scrap gold, but keep in mind that any dealer buying scrap gold from individuals must have a license to do so. This is to prevent stolen gold from being purchased and melted down. In addition, a legitimate dealer will want to see identification before purchasing your scrap gold.

Understanding the four ideas listed above will help you get the best price for the value of your unwanted gold coins and jewelry. For more information, contact a gold buyer like Wimpey's Pawn Shop.