Buyers that handle more volume usually pay a higher share of melt value. Local shops pay less but pay on the spot; mail-in buyers and refiners often pay more but take longer.
The main types of buyers
Pawn shops
Fast and local, and you leave with cash. They usually pay the lowest share of melt value because they resell through other buyers and need a margin.
Jewelry stores
Some buy scrap gold, often to send to a refiner. Offers vary widely. They may offer more for pieces they can resell as jewelry.
Coin and bullion dealers
A good choice for coins and bullion, and many also buy scrap jewelry. Dealers who buy a lot of metal often pay a higher percentage than pawn shops.
Online mail-in buyers
You ship your items, they test and weigh them, then send an offer. They often pay a higher share of melt value, but check that shipping is insured, that you can see the test results, and that they return your items free if you decline.
Refiners
Refiners melt the metal themselves and can pay the most, but many have minimum amounts and are set up for businesses rather than individuals.
Before you choose
- Weigh and sort your items at home so you know what you have.
- Calculate the melt value with the calculator and check every offer with the offer checker.
- Read recent reviews and check how long the business has been around.
- Ask how they test gold and whether you can watch.