You can sell scrap gold in a day at a local coin dealer or pawn shop, or get a higher payout in 5–7 days through a mail-in refiner. Either way, the process is the same: know your karat, weigh your pieces, calculate melt value, then compare what each buyer offers against that baseline.
At spot gold of $4,134.80 per troy ounce on October 7, 2026, 14K gold is worth $77.77 per gram at melt. A buyer offering $55/g for 14K is paying about 70% of melt — acceptable at a pawn shop, low for a refiner. See how much is scrap gold worth for the full karat-by-karat table.
Step 1: Identify What You Have
Before you get a single quote, know your gold:
- Find the karat stamp. Look inside ring bands, on clasps, or on bails. Common stamps: 10K, 14K, 18K (US); 417, 585, 750 (European fineness). See how to read jewelry hallmarks.
- Test unmarked pieces. Use a home acid test kit or take unmarked pieces to a jeweler for XRF testing. See how to test gold at home.
- Identify anything that might be worth more than scrap. Pre-1933 US gold coins, gold bullion coins, and signed designer jewelry can be worth significantly more than melt. Check with a numismatist or appraiser before treating them as scrap.
- Separate by karat. Different karats fetch different prices. Keep 10K, 14K, and 18K pieces separate and get a quote for each group.
Step 2: Weigh Your Gold
Use a kitchen scale that reads to 0.1 grams or a jeweler’s scale. Dealers quote in grams, pennyweights (dwt), or troy ounces:
- 1 troy ounce = 31.1034768 grams = 20 pennyweights
- 1 pennyweight = 1.5552 grams
Ask each buyer which unit they use, and convert before comparing. A buyer quoting “$1,200/ozt for 14K” and another quoting “$75/g for 14K” are offering nearly the same price ($1,200 ÷ 31.1 = $38.58/g — wait, that is actually much lower). Do the math yourself to verify.
Step 3: Calculate Melt Value
Use the scrap gold calculator to get the current melt value for each karat and weight combination. Write down the melt value before contacting buyers.
Quick calculation at October 7, 2026 spot ($4,134.80/ozt):
- 14K melt value = weight in grams × $77.77
- 18K melt value = weight in grams × $99.71
- 10K melt value = weight in grams × $55.44
Step 4: Choose Your Selling Channel
The payout ranges below are typical in normal market conditions. Check current dealer listings and ask each buyer for their payout percentage in writing before committing.
| Channel | Typical payout | Speed | Best for |
|---|---|---|---|
| Mail-in precious metals refiner | 85–92% of melt | 5–10 days | Larger collections, maximum return |
| Local coin dealer | 75–85% of melt | Same day | Moderate collections, coin identification |
| Local jeweler | 70–80% of melt | Same day | Convenience, smaller quantities |
| Cash-for-gold kiosk | 50–65% of melt | Same day | Convenience only; lowest offers |
| Pawn shop | 40–60% of melt | Same day | Last resort; pawn loans, not best prices |
| Online auction or marketplace | 80–100%+ of melt | 1–2 weeks | Designer or collectible pieces with buyer demand |
For most people with a mixed collection of broken jewelry and old pieces, a local coin dealer or mail-in refiner gives the best balance of price and simplicity.
Step 5: Get At Least Three Quotes
Call or visit three buyers — or request online quotes from three mail-in refiners. Bring or send the same pieces to each. The offers will differ, sometimes by 20–30%.
When comparing quotes, ask each buyer:
- What is your payout percentage of melt value?
- Do you use the day’s spot price at the time of my appointment/shipment or some other rate?
- Do you deduct for solder, stones, or clasp weight?
- Is there a minimum weight or minimum payout?
Calculate the implied payout: offer ÷ melt value = payout percentage. Any offer below 70% of melt is poor unless the buyer is providing a service (appraisal, instant cash) that you value.
Step 6: Complete the Sale
At a local buyer:
- Bring a valid photo ID (required by most states for precious metal purchases).
- Watch the weighing process and note the units.
- Get a receipt showing weight, karat, and price paid.
At a mail-in refiner:
- Photograph all pieces before packaging, alongside a ruler for scale and a note with the date.
- Weigh the total shipment and record it.
- Use the refiner’s insured prepaid mailer if provided, or ship via USPS Registered Mail with declared value insurance.
- Keep the tracking number.
- Review the assay report the refiner sends before accepting payment. You can decline and request return of your metal if the offer is lower than expected (check the refiner’s return policy before you send).
What Happens After You Sell
The buyer melts the gold with other scrap and sends it to a refinery for separation. The refined gold is sold back into the commodity market. Your 14K ring eventually becomes part of a gold bar traded on commodity exchanges — the gold is fully recycled, not destroyed.
Common Mistakes to Avoid
- Selling without checking karat. An “18K” piece getting a 14K price loses 22% of value immediately.
- Accepting the first offer. The spread between the lowest and highest offer for identical gold is often 20–30%.
- Treating all “gold” the same. Gold-filled (GF), rolled gold, and gold-plated pieces have far less or no scrap value. Separate them before getting quotes.
- Ignoring numismatic value. A $20 gold Double Eagle in fine condition can sell for thousands above its $4,001 melt value. Check with a coin dealer before selling any pre-1933 US gold coin as scrap.
- Mailing without insurance. If a package is lost uninsured, your only recourse is a claim against the carrier’s basic liability ($100 or less for standard mail classes).
Use the dealer payout calculator to evaluate any offer against the melt value baseline before signing anything.