Getting cash for gold is an easy way to earn some quick income. How do buyers calculate how much your pieces are worth, though? American Coins & Gold has been buying and selling scrap gold and jewelry for over 20 years in Connecticut, New York, and New Jersey, and they share some insight into how they determine a fair price.
How Buyers Determine What Your Gold Is Worth
1. Separate by Karat
American Coins & Gold will start by separating your pieces into their karat value. The karat references the weight of the gold, so a higher number equates to a greater value. Further, this allows the jewelry buyer to separate any items that are unclear or not gold at all.
2. Test Unknown Items
Any items that aren’t clearly marked with a karat weight will need to be tested. The acid test is one option where American Coins & Gold will scratch a special surface with the piece and then drop acid on the mark. If they suspect it’s a high karat, for instance, they may see if it can withstand the 22k acid.
3. Weigh the Gold
Once all true gold items are identified, it’s time to weigh in groups based on the karat value. The staff will place the pieces on a scale to determine how many grams they are.
4. Do the Math
The final step involves a little math. First, the staff will determine the fineness of the gold. After the value of each karat type is discovered, they’ll multiply each group’s price by the weight obtained in step three. The team has finally established your item’s true value to give you the proper amount of cash for gold.
Knowing the backstory can give you peace of mind that you’re getting what your gold is worth. Now that you understand how your gold’s value will be calculated, it’s time to bring your coins and jewelry to American Coins & Gold. Reach the trusted staff by phone at the location closest to you to begin the process of getting cash for gold. Visit their website for more information on the pieces they frequently purchase.