Published by
Gold Expert
Have some broken jewelry collecting dust in your drawer, like broken chains? Or maybe you’ve inherited some gold items you’ll never wear? You could be sitting on a surprising amount of cash.
Selling scrap gold is a smart way to turn unused or unwanted items into quick cash, but if you’re not careful, you could end up settling for less than your gold is worth.
In this guide, we’ll walk you through step-by-step how to get the best price for your scrap gold, ensuring you receive the highest prices—safely, confidently, and without stress.
Introduction to Scrap Gold
Scrap gold is any gold item that’s no longer wanted or usable, such as broken jewelry, outdated gold coins, or other gold pieces ready to be recycled for their precious metal content. If you have old gold jewelry, coins, or even dental gold tucked away, you might be surprised at how much value these items still hold. Selling scrap gold online has become a popular and secure way to turn these unused valuables into cash, especially with the convenience and transparency offered by today’s top gold buyers.
Because the current market price of gold changes daily, it’s important to understand how these fluctuations can impact the value of your scrap gold. Reputable gold buyers make the process simple by offering competitive prices, free evaluation of your items, and a straightforward, hassle-free selling process. By staying informed and choosing the right buyer, you can ensure you get the best price for your gold, whether it’s jewelry, coins, or other scrap pieces.
What is Scrap Gold?
Scrap gold refers to any gold item that’s no longer wanted or usable in its current form but still holds value because of its gold content. This can include:
- Broken or outdated jewelry (chains, rings, earrings, etc.)
- Dental gold
- Old gold coins or bullion
- Gold watches (solid gold, not plated)
- Industrial gold parts (less common)
- White gold and platinum jewelry
Scrap gold can also include silver and other precious metals, making it easy to sell a variety of valuable items.
Pro Tip: Even broken or mismatched items may be worth a lot based on their karat purity and weight, especially if they contain valuable metals.
Preparing Scrap Gold for Sale
Getting your scrap gold ready for sale is a key step in maximizing its value. Start by sorting your items according to their purity—look for hallmarks or stamps that indicate the karat (such as 10K, 14K, 18K, or 24K). Next, weigh each group separately, as the weight and purity together determine how much your scrap gold is worth.
A gold calculator can be a helpful tool to estimate the value of your items based on their weight and karat. Before you sell, check the current market price of gold to make sure you’re getting a fair deal. Taking these steps ensures you’re well-prepared and confident when it’s time to sell your scrap gold.
Step 1: Evaluate Your Gold
Before you even think about selling, take stock of what you have. Key factors such as weight, purity, and whether your jewelry is stamped with hallmarks will influence your scrap gold worth. Understanding these elements helps you determine the value of your items and make informed selling decisions.
Here’s how to evaluate your scrap gold:
Look for Gold Markings:
Check for stamped hallmarks or markings that indicate karat purity, such as:
- 24K – Pure gold
- 18K – 75% gold
- 14K – 58.5% gold
- 10K – 41.7% gold
Stamped jewelry with hallmarks like '10K,' '14K,' or '925' helps verify authenticity and determine value, making it easier to appraise and sell. Unstamped items may require additional testing to confirm their metal content.
Weigh Your Gold:
- Use a digital kitchen scale (grams are best).
- Keep different karats in separate piles.
Consider a Professional Appraisal:
- Jewelers or gold buyers may offer free testing, and a professional appraisal ensures your items are accurately valued.
- Avoid DIY acid tests unless you know what you’re doing.
Step 2: Know the Market Price of Gold
Gold prices fluctuate daily based on the global market. Knowing the current spot price of gold—or checking the price of gold today—helps you understand how much your scrap could be worth and ensures you are aware of the latest values.
Where to check:
- Google “live gold price” or search for "gold today prices"
- Financial news sites
- Visit The Bullion Bank’s live pricing page
Why it matters:
- Gold is priced per gram or per ounce.
- The higher the market, the better the payout. Knowing the current gold values helps you determine the right time to sell and ensures you get the best possible price.
Step 3: Research Scrap Gold Buyers
Not all scrap gold buyers are created equal. To avoid lowball offers or hidden fees, take time to vet potential buyers. Compare different types of buyers, such as pawn shops, coin dealers, metal refiners, and jewelry stores. Jewelry stores often focus on the resale value of jewelry pieces rather than just the metal content, which can result in lower payouts compared to buyers who value the gold itself.
Buyers offer different deals, so it's important to compare offers and ensure transparency to avoid bad deals or scams. In the gold buying industry, always choose reputable buyers who are known for fair and honest practices.
Look for:
- Transparent pricing
- Good customer reviews
- Licensed or accredited dealers
- No pressure tactics
Compare:
- Local gold dealers or pawn shops (often lower offers; limited selling options and may not provide the best rates)
- Online gold buyers like The Bullion Bank (often better payouts, more transparency, and convenience for online buyers; they typically offer insured shipping, professional appraisals, and special guarantees, making them one of the best selling options for those seeking the best rates)
Watch out for:
- “We Pay Top Dollar!” claims with no proof
- No scale or price-per-gram breakdown
- Immediate pressure to sell
Working with Reputable Dealers
Choosing the right gold buyer is essential for a smooth and profitable selling experience. Reputable gold buyers stand out by offering competitive prices, transparent pricing policies, and a hassle-free process from start to finish. Look for dealers who provide a free evaluation of your scrap gold, same day payment, and a price match guarantee to ensure you’re getting the best price available.
It’s also important to watch out for hidden fees, such as shipping or processing charges, which can eat into your profits. Make sure the buyer is insured and licensed, so you know your valuables are protected throughout the transaction. By working with a trusted dealer, you can sell your scrap gold with confidence, knowing you’ll receive prompt payment and a fair price for your items.
Step 4: Get Multiple Offers
To truly get the best price for your gold, you’ll want to shop around.
Here’s how:
- Get quotes from 2–3 dealers (local and online)
- Ask for a price breakdown per gram and karat
- Request a written offer from each buyer to have a clear, documented record of their proposal
- Consider shipping costs if selling online
Compare offers side by side before making a decision, and check how quickly you will be paid by each buyer.
Step 5: Sell Your Gold Safely
Once you’ve chosen a buyer, make sure you’re completing the transaction safely—especially if you’re mailing your gold. Many reputable online buyers provide a pre-paid FedEx label for shipping your items, often free of charge. Be sure to check if there are any cost considerations, such as fees for optional insurance or for returning non-precious metals, and clarify which services are free of charge before sending your gold. After the transaction is complete, you get paid quickly and securely, making the process both convenient and rewarding.
If Selling Online:
- Use insured, trackable shipping
- Some online buyers provide a pre-paid, insured FedEx label free of charge for shipping your gold, making the process convenient and secure
- Take photos and keep records of what you send
- Read the terms and ask about return policies
If Selling In Person:
- Meet in a secure location
- Bring photo ID
- Ask for a receipt and item breakdown
Avoiding Scams and Lowball Offers
While selling scrap gold can be a great way to earn extra cash, it’s important to stay alert and avoid scams or lowball offers. Some buyers may attempt to take advantage by offering significantly less than your gold is worth or using unclear and misleading practices. To protect yourself, always research potential buyers, read customer reviews, and look out for any warning signs or unresolved complaints.
Working with a reputable gold buyer who offers transparent pricing, fair rates, and a secure, risk-free selling process can make a big difference. A trustworthy dealer will ensure that the entire transaction is clear, professional, and designed to get you the best possible value. By staying informed and choosing the right buyer, you can sell your scrap gold with confidence and peace of mind.
Why Sell to The Bullion Bank?
At The Bullion Bank, we take the guesswork out of selling scrap gold. Here’s why customers across the UK and beyond trust us:
- Our promise: We are committed to providing the best value for your gold and a gold hassle free experience every time.
- Sell gold and sell scrap gold online easily and securely with our trusted service.
- Transparent pricing based on live market rates
- Free, insured shipping kits
- No-obligation quotes — you’re in control
- Fast payments via bank transfer
- Over 1,000+ 5-star reviews from happy customers
“The Bullion Bank gave me the best offer out of four companies. Super professional and trustworthy!” – Sarah T., Vienna, VA
Final Tips for Selling Scrap Gold
- Don’t clean your gold with chemicals—it could reduce its weight or damage it.
- Sellers should keep a written inventory of their items, as maintaining clear records makes sense for maximizing your return and ensuring transparency.
- The more informed you are, the more confident (and profitable) your sale will be. After reviewing all offers, decide confidently whether to proceed, knowing there is no obligation to sell until you are satisfied.
Ready to Get the Best Cash for Gold?
Don’t leave money on the table. Whether you’re clearing out old jewelry or cashing in on a gold investment, The Bullion Bank is here to help you maximize your scrap value. Thousands of dollars’ worth of scrap gold have been sold through The Bullion Bank, making us a trusted choice for both selling and those looking to buy gold.
Ready to sell? Don’t risk low offers — join 1,000+ customers who trust The Bullion Bank for fast, fair, and secure gold sales → Questions? Contact our experts for friendly, no-pressure advice.
