Turning Your Old Gold into New Money

man working on old gold ring

Are you thinking about selling gold? Like any transaction, it’s one that requires some research at the start to make sure you’re getting the best possible value.

Here are four questions you should ask yourself before selling your gold:

1. What are you really selling?

The potential worth of most gold items lies in their melt-down value, or the amount of gold they contain. But that isn’t always the case.

For example, an older piece of gold jewelry – particularly something from a well-known designer or top-of-the-line store such as Tiffany – will fetch a price well beyond the scrap value.

If you’re not sure of the value of your piece, you may want to get an appraisal from a reputable jeweler or someone who deals in vintage jewelry.

The same thinking applies to old coins. A rare gold dollar might have more value to a coin collector than to your average gold buyer.

Getting a gold coin or piece of gold jewelry appraised can serve as a sort of insurance policy. If you send the gold through the mail as part of your sale and it gets lost, the appraisal serves as proof of the lost piece’s value.

2. Who are you selling it to?

If you decide to sell your gold, you can make things easier on yourself by researching the market for cash for old gold. Doylestown has its share of stores that buy gold, but you should make sure it has the credentials and experience you need to make sure you’re getting the best value possible.

You should also check each buyer with the Better Business Bureau, which tends to give higher rankings to businesses that have been operating longer without many customer complaints.

3. How much gold do you really have?

Before you sell, you’ll need to determine how much gold your jewelry truly contains. Start with a regular kitchen scale to get an estimate.

Metal dealers work with measurements called troy ounces, which are slightly heavier than the ounces on your scale (31.1 grams per ounce vs. 28 grams per ounce).

The weight of your jewelry isn’t a precise measurement of how much gold you have in your possession. Most gold jewelry is made up of an alloy of gold and other metals. Gold on its own is too soft for your piece to survive undamaged and needs those other metals to serve as a filler.

Gold’s karat rating tells you how pure it is. Something that’s 24 karats is 100 percent gold, while a piece of 12-karat jewelry is just half that amount.

Fortunately, gold jewelry tends to do a lot of this work for you, as it often comes engraved with the karat grading – 14K and 18K being most common.

You can use a jeweler’s loupe to find these markings, or have a jeweler test your pieces. If you’d rather tackle this on your own, you can find test kits online for under $50.

4. What does the market look like?

The price of gold and other precious metals is always rising and falling, so it’s a good idea to look up current gold prices when it comes time to get cash for old gold. Doylestown Gold Exchange has a gold price tracker built into its home page.

The price of gold you see on online gold trackers doesn’t equal what you’ll get from the buyer, who needs to consider their own expenses and profit margins. And even if you receive what seems like a fair bid, it won’t hurt to shop around.

Are you looking to get cash for old gold? Doylestown Gold Exchange can help. We’ve spent nearly 30 years helping customers in the Bucks County area buy and sell gold and other precious metals.

Visit our store today to find out how we can help you get the best value you for old gold.