Do Pawnshops Sell Real Gold?

A question we often hear asked about pawnshops is: Do you sell real gold?

Many pawnshops buy and sell gold jewellery because it is desirable, holds it’s value and they know they can sell it in their shops.  Some people might assume the jewellery is cheap or even fake.  To some people pawnshops have a reputation for selling cheaper, less quality items, the ones that people don’t want themselves. With a reputable pawnshop, buying cheap or fake jewellery is extremely unlikely.

The short answer is YES, pawnshops like Meriden Pawn definitely sell real gold.

Pawnshops that regularly buy and sell jewellery are interested in items of value, not cheap fashion jewellery and gold always holds it’s value.  A locally rated pawnshop will want to be careful to only buy and sell genuine gold items that are what they say they are. If it’s advertised as 14k, customers expect it to be 14k and they’d be in trouble if it wasn’t!

Most pawnshops will test gold before buying it to verify that it is genuine and to verify the exact purity: 12k, 14k, 18k etc..

 

Pawnshops are Regulated

In much of the USA, Connecticut included, pawnshops must be very careful when buying and selling gold items.  In CT pawnshops must be licensed to be able to buy gold. Every transaction must be recorded and by law sellers must provide government issued ID.

 

Minimum standards of gold

Some pawnshops only buy and sell the highest purities such as 14k, 18k and 22k gold; other pawnshops buy and sell 8k, 9k, 10k and 12k as well.  It’s still real gold, it’s just mixed with more other metals by the manufacturer for their desired properties, and to bring the cost down for the consumer.

If you want to buy real gold jewellery from a pawnshop you should have confidence in a shop that is trusted locally, licensed and that records their transactions in accordance with the law.

People sell to pawnshops for many reasons, the shop has their reputation on the line so it’s in their interests to only buy and sell gold of good quality – and that means real gold.