Pawn shops have long been a viable option for those looking to quickly and easily sell or pawn gold items. While the process of pawning may differ slightly from location to location, there are some things that you should know before you step into any shop.

The Purity of the Gold

The purity level, also known as karats, of your gold item will play a large role in how much you’re offered for it. The higher the karat, the closer it is to pure gold. For example, 24k gold is 100% pure, while 10k gold only contains 41.7% gold.

Current Market Price

The market price for gold plays an important role in the offer that a pawn shop will make. It will typically depend on international gold prices and current demand.

Amount of Gold: The weight of your gold item will also play a role in the final offer. Generally, the heavier your item is, the more valuable it will be.

Condition: A clean and polished item will look more attractive to buyers, and as such, will often receive a better offer. It’s recommended that you take the time to clean and polish your jewelry before bringing it into a pawn shop. Original Documents and Packaging: Having original documents, such as certificates of authenticity, can greatly increase the value of your item.

Family Heirlooms: If you have antique gold watches or rings that have been passed down through generations, they can hold significant sentimental and emotional value. As such, they can be more difficult to part with. However, if you’re in a financial bind and are open to the idea of pawning these pieces, a pawn shop may be able to offer you a fair price.