Is it Better to Scrap or Sell Gold at a CT Pawn Shop?

There are compelling reasons on either to scrap or sell gold in CT

If you’re looking to get some extra funds for Christmas, a vacation, or other reason, selling gold may an answer for you. If cash for your gold is what you want, you might head down to your local pawnbroker.  It’s a quick, easy and convenient way to get some extra funds.

You may have noticed that gold is at a favorable rate right now, which may post the question: What’s better, the value of the gold or the value of the item?

Most of the time you will get more money selling the item, such as a ring, necklace or other piece of jewelry.  But sometimes it’s worth more as scrap gold. When scrapping gold, the item is melted down and sold on the gold market.

How to decide between scrap or sell gold in CT?

If you simply ask a buyer they should be able to tell you what they will offer you for your piece. Not all gold buyers deal in scrap gold however, so it is worth finding that out first.  You can also ask around to find out what other buyers offer for both the whole item and the scrap value.  The key is to get a reliable appraisal so you can compare a intact item against its scrap value.

Quick research at home

You can perform a quick check of the scrap value at home with some weighing scales.  Enter the weight into an online calculator, input the karat value and you will get an estimated value. Be aware that pawnshops are in business to make a profit and will offer anywhere from 40-70% of the scrap value.

Use a calculator such as Gold Calc or Melt Value.  These base their valuations on the current market rate.

So in general most of the time you’re best selling the gold containing item as a whole, but it’s worth considering the scrap value can sometimes be more.

Have more questions about the value of your gold? Check our FAQ page for answers or give us a call