Want to Pawn Your Gold? Start Here!

June 19, 2020 11:13 pm Published by Leave your thoughts

Gold is a valued metal, and has been since the dawn of humanity. That is why, when people are short on cash, their first idea is often to start pawning gold in Barberton, OH. Unfortunately, not everyone who participates in this industry does so with the best of intentions, and people may find their gold undervalued or fall prey to predatory lending practices. Before you sort through your jewelry and find gold to pawn, here are five things you need to know first:

  • Know the karats: Gold quality is measured in karats, with 24 being the highest quality. (Usually we see 10, 14 and 18 karat gold submitted for pawning.) It is best to know the karat before you pawn. On jewelry pieces, it may be stamped, and lower-karat gold often has other metals mixed in. If you cannot find a stamp, order a test kit and follow the instructions. Otherwise, you risk an unscrupulous shop claiming your gold is 10 when it is 24 and giving you less cash for it.
  • Sort your gold: If you have multiple gold pieces, sort them by karat number and ask that they are quoted and weighed separately. There are instances where shops weighed all pieces together and then quoted an offer based on the lowest karat. If you have 18 karats mixed with 10, that can turn out to be a raw deal.
  • Weigh your gold: There are shops that use a pennyweight to weigh gold and claim that they are weighing it in grams. In reality, gold is measured in a Troy, which comes to 31.1 grams. Weigh your gold in ounces and convert it to pennyweights and Troy using an online converter system. Ask the buyer to weigh the gold with the scale in full view. If the weight at the shop does not match the weight you determined on your own, there is something off, and you would be better off not doing business with that establishment.
  • Avoid shady buying situations: You should visit a storefront or other establishment that is open to the public. If a gold buyer posts up in a hotel room, ballroom or other cheaply rented space, avoid them. Buyers who are constantly moving likely have a fraud operation going, and they are trying hard to avoid getting caught. When you find a potential gold buyer, check their credentials. They should be state licensed to sell gold, and when you visit, they will ask for a government ID to prevent buying stolen goods. Anyone who skips these steps is up to something shady, and you need to sell your gold elsewhere.
  • Shop around: Gold is a wanted commodity, and you are selling something valuable. If you feel like an estimate is not enough, there is nothing wrong with noting it and trying another pawn shop or jeweler. You can then leverage different appraisals and sell to the highest one. Just know that it will take more time, but your effort will likely pay off.

Sydmor’s Jewelry & Pawn Shop is the pawn shop you can trust in Barberton, OH. If you are considering pawning gold jewelry and coins for cash, visit us today to receive an offer. We are open for business!

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