To sell gold, sort it by karat, weigh each group in grams, and calculate melt value with today's price per gram. Then get written quotes from several buyers and accept the one paying the highest percentage of melt. A local gold buyer or refiner usually pays 75–95%, while pawn shops and gold parties usually pay far less.
Most people who get a bad deal on gold get one for a simple reason. They walked in without knowing what their gold was worth.
The fix takes about an hour. Learn the karat, weigh the gold, do the math with the live price, and make buyers compete. This guide covers each step, plus how to get paid safely and what the IRS expects.
Step 1: Identify what you have
Sort your items into three groups first. Buyers price each group differently.
- Bullion coins and bars. Examples are American Gold Eagles, Krugerrands, Maple Leafs, and stamped bars. These sell back near spot price, often 97–100%+ of spot. They don't belong in the scrap pile. See our gold coin and bar values page.
- Jewelry and scrap. Chains, rings, broken pieces, single earrings, and dental gold are bought for their melt value.
- Collectible or designer pieces. Signed pieces (Cartier, Tiffany), antique jewelry, and rare coins may be worth more than melt. Get these appraised before you let anyone melt them.
Step 2: Read the karat stamps
Look for a tiny stamp near a clasp, inside a ring band, or on an earring post. A jeweler's loupe or your phone's camera zoom helps. US pieces usually show a karat mark like "14K." European and older pieces often show a three-digit fineness number like "585."
| Stamp | Karat | Gold purity | Value per gram today | Value per pennyweight today |
|---|---|---|---|---|
| 999, 24K | 24K | 99.9% | $134.72 | $209.51 |
| 916, 917, 22K | 22K | 91.67% | $123.62 | $192.25 |
| 750, 18K | 18K | 75% | $101.14 | $157.29 |
| 585, 583, 14K | 14K | 58.5% | $78.89 | $122.69 |
| 417, 10K | 10K | 41.7% | $56.23 | $87.45 |
The values above are full melt value. A buyer will pay you a percentage of that number.
Stamps that mean little or no gold: GF (gold filled), GP (gold plated), HGE or HGP (heavy gold electroplate), RGP (rolled gold plate), and vermeil (gold over silver). A stamp like "1/20 14K GF" means only a thin layer of gold over base metal. Most buyers pay little or nothing for these.
No stamp? That doesn't always mean fake. Stamps wear off, and some older or handmade pieces were never marked. A magnet is a quick first check. Real gold isn't magnetic. A strong pull means a steel or iron core, though a magnet won't catch every fake. A reputable buyer can test the piece with acid or an XRF machine in front of you. Ask them to do it.
Step 3: Separate by karat and remove what isn't gold
Put each karat in its own labeled bag. If you hand a buyer a mixed pile, they may weigh everything together and pay you the 10K rate. Keeping groups separate stops that.
Also watch for non-gold parts:
- Gemstones. Small diamonds and colored stones usually add nothing at a scrap buyer, but they do add weight. Ask whether the buyer will remove the stones and return them, or deduct their weight.
- Steel parts. Some clasps, springs, and earring backs are steel or a lower karat.
- Silver items. Sterling silver jewelry is priced separately. Check our sterling silver price per gram page.
Step 4: Weigh it yourself
A digital pocket scale that reads to 0.01 gram costs about $15–25 and pays for itself fast. Weigh each karat group in grams.
Three units can show up, and buyers may use any of them:
- Grams (g): what most people and most scales use.
- Pennyweight (dwt): common at jewelers and pawn shops. 1 dwt = 1.555 g.
- Troy ounce: used for bullion. 1 troy oz = 31.1035 g. This is heavier than the regular ounce on a kitchen scale, which is 28.35 g.
If a buyer quotes per pennyweight, divide your gram weight by 1.555 to compare. Watch for a buyer who quotes a per-gram price but weighs in pennyweights. Your 15 grams would become "9.6" on their scale, and the per-gram price would then make your gold look like it's worth less.
Step 5: Calculate melt value with live prices
The formula for melt value is:
Melt value = weight in grams × purity × 24K price per gram
The per-gram karat prices in the table above already include the purity. That means you only need to multiply your weight by the right number. Our scrap gold calculator does the math for mixed karats.
Worked example: 15 grams of 14K
Say you have a broken 14K chain and a ring with no stones, weighing 15 g together.
- Melt value: 15 × $78.89
- Same thing in pennyweight: 15 g ÷ 1.555 = about 9.65 dwt, so 9.65 × $122.69
Here's what different buyers would typically pay for that same 15 g:
| Buyer | Typical payout | What you'd get for 15 g of 14K |
|---|---|---|
| Refiners and large mail-in refiners | 85–95% | 0.85 to 0.95 × 15 × $78.89 |
| Local gold buyers and coin/bullion shops | 75–90% | 0.75 to 0.90 × 15 × $78.89 |
| Jewelers | 70–85% | 0.70 to 0.85 × 15 × $78.89 |
| Pawn shops | 60–80% | 0.60 to 0.80 × 15 × $78.89 |
| Gold parties and mall kiosks | 30–60% | 0.30 to 0.60 × 15 × $78.89 |
At 90% instead of 60%, you keep an extra 30% of the melt value. On 15 grams that's real money. On a jewelry box full of gold, the gap grows quickly.
Step 6: Get at least three quotes
Call before you drive anywhere. Ask each buyer the same three questions:
- "What percentage of melt value, or of spot, do you pay for 14K?" (Use whatever karats you have.)
- "Do you weigh in grams or pennyweight, and can I watch?"
- "Are there any fees, and is the quote free with no obligation to sell?"
Good buyers answer plainly. Be wary of anyone who says "bring it in and we'll see." Our sell gold near me guide explains how to compare local buyers. Our pawn shop gold prices page shows why pawn offers tend to run low.
Mail-in refiners often pay the most for larger lots. They do carry extra risk, so check these things first:
- Read reviews outside the company's own website.
- Confirm how long you have to accept or reject the offer.
- Find out whether returning your items is free if you say no.
- Insure the package and keep tracking.
- Photograph and video every piece on your scale before sealing the box.
Step 7: Negotiate as a percentage, not a dollar amount
Talk in percentages. "$400" means nothing until you compare it to melt value. "82% of melt" can be compared across every buyer.
Tips that help:
- Show your math. Say: "I have 15 grams of 14K. At today's price, that's 15 × $78.89 in melt. Shop X offered 85%." Buyers move when they know you've done the work.
- Sell larger lots together. Many buyers pay a higher percentage on bigger weights.
- Bullion is different. For coins and bars, ask for a price relative to spot. For example, "spot minus 2%" or "spot plus $X per ounce." Check the live gold price today while you're on the phone, because quotes are tied to the moment.
- Walk away if needed. A fair buyer will hold a quote for at least the rest of the day. If you get pressure to "decide now," leave.
About timing: gold moves every day, sometimes by 1–2% or more. Nobody can reliably predict short-term moves. If you're curious why the price changed today, see why is gold moving. The percentage you negotiate usually matters more than the day you choose to sell.
Step 8: Get paid safely
- Bring ID. Most states require gold buyers to record your government ID. Some also take a thumbprint or a photo of the items. This is normal and helps fight theft.
- Watch the weighing and testing. Your items should never leave your sight at a counter.
- Choose your payment method. Cash is common for small amounts. Check or bank transfer is common for larger ones. For big sales, ask for a bank transfer or certified funds.
- Get a receipt. It should list each item, its karat, its weight, the price per unit, and the total. You'll want this at tax time.
- Expect possible hold periods. Some states make buyers hold items for a few days before melting. That doesn't delay your payment, but it's why some shops pay a little less.
Taxes and reporting basics
This is general information, not tax advice. Talk with a tax pro about your situation.
- Gains are taxable. Profit on physical gold is the sale price minus what you paid (your "basis"). If you held the gold more than a year, the IRS treats it as a collectible. Long-term gains on collectibles are taxed at up to 28% federally. This is higher than the usual long-term capital gains rates. Gains on gold held a year or less are taxed as ordinary income.
- Inherited gold usually takes a basis equal to its value on the date the owner died. That often means little or no taxable gain if you sell soon after inheriting.
- Losses on personal jewelry are generally not deductible.
- Dealer reporting. Dealers must file Form 1099-B only for certain bullion sales. Examples are 25 or more 1-oz Krugerrands, Maple Leafs, or Mexican Onzas, or gold bars totaling 1 kilo or more. Scrap jewelry sales and American Gold Eagles generally aren't reported this way.
- You still owe tax either way. Whether or not a dealer files a form, the gain is taxable. Keep your purchase receipts and your sale receipt.
- State sales tax rules on precious metals vary. They mostly affect buying, not selling.
Common mistakes to avoid
- Selling a signed or antique piece for scrap without getting an appraisal.
- Letting a buyer lump all your karats together.
- Accepting a dollar offer without knowing what percentage of melt it is.
- Mailing gold to an unknown company without insurance, photos, or a clear return policy.
- Going to a gold party or kiosk, where 30–60% payouts are common.
The bottom line
Selling gold well comes down to preparation. Check the stamps, separate by karat, and weigh in grams. Calculate melt value with the live per-gram price, such as 15 × $78.89 for 15 g of 14K. Then call at least three buyers and compare offers as a percentage of melt. Aim for 75–95% for scrap and near spot for recognized bullion. Get a written receipt, and keep records for taxes.
Sources
Frequently asked questions
How much will I get for 15 grams of 14K gold?
Full melt value is 15 × {{k14_g}}. A local gold buyer typically pays 75–90% of that. Refiners pay 85–95%, and pawn shops pay 60–80%.
Where is the best place to sell gold?
For scrap jewelry, refiners, reputable mail-in refiners, and local gold or coin shops usually pay the highest percentage of melt. For recognized bullion coins and bars, bullion dealers often pay 97–100%+ of spot.
Do I have to pay taxes when I sell gold?
Yes, on any gain over what you paid. Gold held more than a year is taxed as a collectible at up to 28% federally, and gold held a year or less is taxed as ordinary income.
Will the gold buyer report my sale to the IRS?
Only certain bullion sales trigger a Form 1099-B, such as 25 or more 1-oz Krugerrands or Maple Leafs, or 1 kilo or more of gold bars. Most jewelry sales aren't reported, but any gain is still taxable.
How can I tell if my gold is real before selling?
Look for karat stamps like 10K, 14K, 585, or 750, and watch for GF, GP, or HGE, which mean plated or filled. Real gold isn't magnetic, and a reputable buyer can test pieces with acid or XRF in front of you.
Is it better to sell gold in grams or pennyweight?
Either is fine as long as you compare like with like. One pennyweight equals 1.555 grams, so convert any per-dwt quote to per-gram before comparing offers.
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AIJake · AI buying & selling guideJake is one of GoldTrack USA's AI writers. Figures are checked automatically against live market data, and sources are listed above. Not financial advice.
