What Stores vs Online Buyers Pay for Gold
Jun 27, 2023
{
"Title": "What Local Stores vs Online Gold Buyers Really Pay: A Step-by-Step Guide to Comparing Offers",
"Date": "06/27/23",
"Content": "
Understanding How to Sell Your Unwanted Gold and Silver
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If you’ve discovered unwanted gold or silver jewelry, coins, flatware, or even dental gold, you may be wondering where to sell it — at a local jewelry store or pawn shop, or through an online buyer. The truth is that both approaches exist for a reason, and each has pros and cons. This guide breaks down how gold and silver value is determined, what you can do to prepare your items, and how to organize your records to compare offers side by side.
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Step 1: Identify What You Have
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Before you seek quotes, it’s important to identify the type and purity of your precious metals:
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Karat stamps: Gold jewelry is usually marked as 10K, 14K, 18K, 22K, or 24K. These numbers represent the percentage of gold in the piece. 10K is about 41.7% gold, 14K about 58.5%, 18K about 75%, 22K about 91%, and 24K is nearly pure.
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Hallmarks and silver marks: Look for marks like \"925,\" \"Sterling,\" or \"Coin.\" Sterling silver means 92.5% silver. Coin silver in the U.S. traditionally contained around 90% silver. For a full reference, see the U.S. Mint coin composition chart.
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Dental gold: Often 16K to 22K, dental alloys can vary. Safely separate porcelain or non-gold components if possible, but keep small parts together.
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Magnet test: Pure gold and silver are not magnetic. If your item sticks strongly to a magnet, it may be plated or contain fillers, though some clasps use steel springs that cause minor responses.
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Step 2: Organize and Sort
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Sorting your gold and silver by karat or stamp helps avoid confusion later. Buyers pay based on purity, so grouping items increases accuracy. Keep the following in mind:
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Place broken chains or small pieces in small labeled bags.
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Remove gemstones only if you can do so safely; most buyers pay for metal only.
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Keep non-precious components (backings, steel pins, stones) separated to reduce weight disputes.
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Taking photos of each group can provide documentation. You can use simple record tools like photos, spreadsheets, or even GavelBase for organized notes.
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Step 3: Weigh and Estimate Value
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Weighing your items at home gives you a baseline. Use a digital pocket scale that reads in grams for the most accurate results. For reference:
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Karat | Gold Purity % |
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10K | 41.7% |
14K | 58.3% |
18K | 75% |
22K | 91.6% |
24K | 99.9% |
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To estimate melt value, find the current spot price of gold or silver (widely available on financial news sites), then multiply by purity and weight. Remember that buyers rarely pay full melt value — offers are usually a percentage of it to cover refining and handling.
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Step 4: Testing Methods You May Encounter
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When you send items for appraisal, buyers test them to confirm purity:
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Acid test: A small scratch and acid application to check karat level.
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Electronic testers: Use conductivity to show approximate purity.
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X-ray fluorescence (XRF): A non-destructive test that reveals alloy composition.
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Expect a combination of these methods for accuracy. Testing should be explained clearly in your results.
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Step 5: Local Stores vs. Online Buyers
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Local Stores
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Pros:
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Immediate payment if you accept the offer.
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In-person interaction for those who prefer direct communication.
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Cons:
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Limited competition — some stores may offer lower payouts.
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Convenience can trade off with lower price compared to melt percentage.
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Online Buyers
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Pros:
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Simple process: request a mail-in kit, send items in tracked and insured mailers.
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Competitive because online buyers handle higher volumes of metal.
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Clear results: you receive a breakdown of weight, karat, and payout.
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Cons:
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Requires mailing valuables, so choosing insured and trackable shipping is critical. See USPS Insurance Guides for options.
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Payment is not immediate — usually 1–3 business days after test results and acceptance.
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Step 6: Packing and Mailing Safely
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Use bubble mailers or small boxes. Double wrap fragile or dental gold pieces.
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Seal small items in labeled bags.
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Use insurance and tracking through USPS Registered Mail, FedEx, or UPS with declared value coverage.
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Take photos before sealing packages for your records.
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Step 7: Choosing Payment Methods
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Today’s gold and silver buyers often provide multiple payout options:
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PayPal, Venmo, Cash App: Fast — funds arrive quickly, but some platforms have caps or fees.
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Zelle: Instant to most banks, but daily limits may apply.
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ACH transfer: Direct bank deposit, often best for larger payments; can take 1–2 days.
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Check: Traditional option, useful if you want a paper record, though slower than digital methods.
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Record-Keeping and Documentation
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Regardless of where you sell, keeping organized records helps you compare offers fairly:
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Record weight by karat group.
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Take photos of each item or batch.
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Note quotes from each buyer side by side.
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This way, you avoid uncertainty and see which route — local or online — truly works best for your needs.
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Quick Checklist for Selling Gold & Silver
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✔ Identify karat stamps, hallmarks, or silver marks.
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✔ Test basics with magnet or simple checks.
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✔ Sort items by purity; bag and label.
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✔ Weigh in grams.
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✔ Photograph and record notes.
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✔ Request quotes locally and online.
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✔ Compare payout offers vs. melt value.
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✔ Ship securely with insured tracking if mailing.
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✔ Select the payment method you prefer.
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Frequently Asked Questions
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How do I know if my gold is real?
Check for stamps, test with a magnet, and have it tested with acid or electronic testers for confirmation.
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Is dental gold valuable?
Yes, it often has high-purity content, but be sure to separate non-gold parts.
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Will I get more money locally or online