Before You Sell Gold Near You: What Buyers Really Pay

How much do pawn shops pay for gold per gram?

A pawn shop starts from the same number every buyer uses: the melt value. That is the weight of pure gold in your item multiplied by the spot price per gram. For 14k gold, which is 58.5% pure, the melt value per gram is 0.585 × spot. The live table above does this for 10k, 14k, 18k, 22k and 24k, in dollars per gram and per pennyweight, the unit many US counters still use.

From that melt value, a pawn shop will usually offer somewhere between 50% and 70% for an outright sale. Pawn loans against gold are lower again, because the shop has to be sure the item covers the loan, interest and fees if you never come back. So if 14k melt value is, say, $60 per gram, a pawn shop paying 60% is offering about $36 per gram. A specialist buyer at 80% would pay about $48. On a 20 g chain, that gap is $240.

These percentages are typical estimates based on how each type of buyer operates, not quotes. Individual shops can pay more or less, and the rate often improves with the weight you bring. Use the payout calculator above with the slider set to the percentage a shop offers to see exactly what it means in dollars.

Why different buyers pay different amounts

The gap between buyer types is not random; it follows their costs. A pawn shop on a busy street pays rent, staff, insurance and security, tests each piece by hand and may hold gold for weeks before selling it to a refiner. During that time it carries the risk that the gold price falls. Some pawn shops also resell wearable jewelry rather than melting it, so they price each piece as stock, not just metal.

A dedicated local gold buyer or jeweler who buys scrap regularly usually has an XRF analyzer, ships to a refiner every week and works on thinner margins. That is why 70–85% of melt is common there. Refiners and established mail-in services process much larger volumes and pay closest to melt, typically 85–95%, but you trade convenience for shipping time, insurance and sometimes a minimum lot size or assay fee.

Cash-for-gold kiosks, hotel 'gold buying events' and TV mail-in offers are the least predictable. Some pay fairly; others rely on the seller not knowing the melt value. The only defense is to know the number before you go.

How to sell scrap gold step by step

Selling scrap gold well is mostly preparation. Sort, weigh and price your items at home, then shop the quote around. The printable checklist above summarizes the steps; here is why each one matters.

• Separate by karat. If you hand over a mixed bag, a buyer can legitimately test it at the lowest karat in the pile. Keep 10k, 14k, 18k and higher karats in separate bags.
• Weigh at home. A $20 digital pocket scale that reads to 0.01 g is enough. Write down the weight of each group so you can check the buyer's scale.
• Check hallmarks. Look for 10K, 14K, 18K or the numbers 417, 585 and 750 on clasps and inside rings. Our hallmark guide explains the marks.
• Price it. Enter each group into the scrap gold calculator or the payout calculator above to know the melt value.
• Get three quotes on the same day, because the gold price moves daily.
• Ask every buyer for the per-gram rate and the karat they tested each item as. A fair buyer will tell you both.
• Bring ID. Most states require precious-metal buyers to record a government photo ID and sometimes a thumbprint, and some impose a short holding period before the gold can be melted.

Red flags when selling gold jewelry near you

Most buyers are honest, but the scrap gold business has a few well-known tricks. Walk away if you see any of these:

• A 'per piece' or 'whole lot' offer with no weight or karat stated. You cannot compare an offer you cannot calculate.
• Weighing out of your sight, or on a scale with no visible display or certification sticker.
• Pricing in pennyweight but quoting the gram rate (a dwt is 1.555 g, so it inflates the apparent rate) — or the reverse.
• Refusing to tell you which karat they tested an item as, or testing everything as the lowest karat.
• Pressure to decide now, 'today only' prices, or reluctance to let you take your gold back.
• Mail-in services that send a low check and make returning your gold slow or expensive.
• Deductions for stones that are larger than the stones actually weigh.

How to find a reputable gold buyer

We do not list or rate individual shops, and you should be wary of any site that ranks 'the best gold buyer near me' without explaining how. Instead, check a few things yourself. Many states and cities require pawnbrokers and precious-metal dealers to hold a license; your state or local consumer-protection office can usually confirm whether a business is licensed. A licensed business has a physical address, posted hours and records your ID as required by law.

Read reviews on more than one platform and look at how the business responds to complaints, not just the star rating. Ask friends who have sold gold where they went. Membership in a trade association can be a good sign but is not a guarantee. Most importantly, a reputable buyer is happy to weigh in front of you, tell you the karat and quote a per-gram price you can compare.

Should you sell to a pawn shop, a jeweler or a refiner?

If you have a small amount — a broken chain or a single earring — the difference between buyers may only be a few dollars, and convenience wins. For larger lots, especially anything over 20–30 g of 14k or any amount of 18k and above, it pays to get a specialist or refiner quote. If you need cash for a short time and want to keep the piece, a pawn loan is an option, but read the interest and fees carefully and only pawn what you can realistically redeem.

Coins are a separate case. Well-known bullion coins usually sell to coin dealers for close to melt value, and older US gold coins can carry a collector premium on top. Check the gold coin melt values before taking coins to a pawn shop, which may price them like scrap jewelry.

Jewelry by known makers, antique pieces and gem-set items may be worth more as jewelry than as metal. Consider an appraisal before treating them as scrap.

A worked example

Imagine you bring 15 g of 10k jewelry, 12 g of 14k and a 6 g 18k ring. The pure gold content is 15 × 0.417 = 6.26 g, plus 12 × 0.585 = 7.02 g, plus 6 × 0.75 = 4.5 g, a total of 17.78 g of fine gold. At a spot price of $100 per gram, the melt value is about $1,778.

A pawn shop at 60% would offer around $1,067. A local gold buyer at 78% would offer about $1,387, and a refiner at 90% roughly $1,600 before any fee. That is a spread of more than $500 on a modest handful of jewelry — which is why the 15 minutes spent sorting, weighing and calling around is worth it. For more detail, read how much scrap gold is worth, our step-by-step guide on how to sell gold safely, and today's price per karat.