If times are tough and you have scrap gold coins and jewelry lying around the house, there’s never been a better time to sell your gold and earn some extra cash.
But before you sell your gold to just any places that buy gold, it’s always a good idea to calculate the value of your gold on your own. Knowing how much your gold is worth before you sell gold coins or sell gold jewelry can help you get the best payback for your valuables.
Here are four ways you can calculate your gold’s value before you decide to sell your gold:
1. Separate your gold jewelry by karat: Karat is the standard way to classify gold jewelry by the level of purity found in the gold. 24 karat gold is pure gold, which is rare to find in jewelry because gold is so malleable. You should be able to find a piece of jewelry’s karat value on the inside of the band. Before you sell your gold, sort the jewelry by their karat values.
2. Weigh your gold: Gold is weighed in troy ounce, meaning you’ll have to purchase a special scale to weigh it. Jeweler’s scales can be found online for less than $50, usually. You should calculate the gold’s weight in troy ounces and grams to have as a reference before you go to sell your gold.
3. Use an online calculator: Once you know the karats and weight of your gold, you can go to one of the many online gold value calculators available. They’re free, and can tell you the current market value of your gold, which you should always know before going to sell your gold.
4. Get an independent appraisal: The best place to sell gold will offer independent, non-committal appraisals of your gold so you can get an idea of what they would pay you. It’s always a good idea to take your gold to a few different gold buyers, antique shops and other places that buy gold so you can compare their appraisals and ultimately choose the best place to sell your gold to. Ger more information on this topic here.