Your gold collection can consist of several different articles, including jewelry, coins, and bars. You may also have other items containing gold like watches and collectibles. Whether you’re a long-term investor ready to take some profits off the table or you need some extra cash by downsizing your belongings, knowing the best places to sell gold can help you get more money as the buyback prices can vary wildly.
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Best Places to Sell Gold Online
Selling your gold online is often the easiest and most convenient option as you can compare prices online and complete the process from home. Many merchants also offer free shipping to make this option even more accessible.
Worthy: Best for Jewelry
If you’re wondering where to sell gold jewelry online, our favorite spot is Worthy. The platform helps sell your valuables to over 1,000 professional buyers via online auction. Most auctions last 48-72 hours. Some of the jewelry items you can sell include:
- Rings
- Earrings
- Necklaces
- Bracelets
- Watches
Your items will receive a professional appraisal using the industry-leading GIA, GHI, and IGI standards. Central Watch inspects any watch the platform sells. In addition to getting paid for selling your gold, you can earn more if your piece contains other precious metals, gemstones, or has collectible value. Jewelry auctions can require more effort, but you can get a higher offer than an instant buyback vendor. Also, Worthy does most of the difficult work for you to help you get the best price.
Here is a step by step look at how Worthy works:
- Ship your items using a fully-insured prepaid FedEx shipping label
- Worthy cleans, appraises and prepares items for auction
- An online auction is open for 48-72 hours
- You receive payment by direct deposit, PayPal, or check
As auction results can be somewhat unpredictable compared to fixed-price listings, the platform lets you set a minimum reserve price. The auction reserve is your “bottom dollar” of agreeing to sell your jewelry if there is minimal interest in your item. The platform fee is 18% of the final sales price for items of $5,000 or less. This fee decreases for higher winning bids. You only pay a fee if an item sells.
Pros
- Can sell fine jewelry and watches
- Set minimum reserve bid
- Professional cleaning, grading, and beauty shots
- Free fully-insured shipping
Cons
- Auction bids can be unpredictable
- Items may not sell
- Up to 18% selling fee
- No instant selling option
Cash for Gold USA: Best for Other Gold Items
If your gold jewelry and other items are in imperfect condition or you want to make a quick sale, an instant buyback site like Cash for Gold USA can be your best option. You can sell the following gold items here:
- Bracelets
- Chains
- Charms
- Clasps
- Coins
- Dental scrap
- Earrings
- Necklaces
- Nuggets
- Solder and shot
- Watches
- Wire
If the item’s primary material is gold, it will most likely sell here. How much you can make with Cash for Gold USA depends on two factors.
- Purity level (i.e., 8 karats, 10k, 14k, 24k)
- Weight
Learn more about Cash For Gold USA
Because Cash For Gold USA won’t consider your item’s collectible value, other platforms might be better for valuables in pristine condition. Some examples include Rolex watches and numismatic coins that sell for more than the gold’s weight and purity level. You can also sell jewelry containing silver, sterling silver, and diamonds too. When you’re ready to sell, you can ship them for free using the US Postal Service or FedEx.
FedEx shipments come with $5,000 in complimentary insurance. USPS shipments include $1,000 of coverage, with additional insurance available up to $100,000.
You’ll receive an appraised value within 24 hours after the service receives your items. Payment options include check, bank wire, and PayPal.
Pros
- Receive instant purchase offers
- Accepts broken jewelry and scrap gold
- USPS or FedEx free shipping
- Can sell silver and diamonds too
Cons
- Collectible value doesn’t increase the selling price
- May earn more at an auction
- Other platforms pay more for coins and collectibles
Learn more about Cash For Gold USA
Luriya
Luriya can help you sell gold jewelry, watches, coins, and other luxury jewelry. If you’re in the New York City area, you can schedule a free in-person appraisal.
The service is proud to be in the heart of the NYC Diamond District on 30 West 47th Street. It’s possible to purchase up to $1 million in insurance. You can also request a mail-in kit that includes a free FedEx shipping label (or the carrier of your choice) and up to $1,000 in insurance.
The complimentary insurance coverage is less than other platforms but can be sufficient for small collections. In addition to the gold’s purity level and weight, current market supply and demand can boost the appraisal value. Unlike an auction platform, you can receive instant payment by cash, check, bank wire, or money order.
Pros
- Can sell gold and silver valuables
- Quick appraisal process
- In-person or mail-in appraisals
- Many payment options
Cons
- Up to $1,000 in shipping insurance
- Items must be in working condition
Learn more about Luriya.
SellYourGold.com
You can sell solid gold and gold-filled jewelry and coins to SellYourGold.com and receive an instant purchase offer. Your items can be working or imperfect as the gold weight and purity dictate your appraisal offer. Some of the things you can sell include:
- Jewelry (Fine, designer, and estate)
- Watches
- Coins and bullion
- Bars
The service provides free FedEx shipping with up to $5,000 in complimentary insurance when you mail your items. You can purchase up to $100,000 in additional coverage. If you agree to the appraisal offer, your payment options are bank deposit, PayPal, and check. Like other platforms on this list, return shipping is free if you reject the appraisal.
Pros
- Buys non-working items
- Free shipping insurance up to $5,000
- Quick payments
Cons
- May only receive melt value as payment
Learn more about SellYourGold.com.
Online Precious Metals Dealers
If you invest in gold, you might buy coins and bars from online precious metal stores. These dealers can purchase these items to replenish their inventory:
- Coins
- Rounds
- Bars
Bullion-grade coins can have the highest value as they are legal tender, and collectors desire them. Gold rounds can also be valuable. However, you can expect to receive less than a currency coin with similar weight and purity as a private mint strikes them. Deciding where to sell gold coins depends on your collection. You can easily compare the current buyback price on the various store websites. Some of the online stores to consider first include:
- JM Bullion
- Liberty Gold and Silver
- Money Metal Exchange
- SD Bullion
- APMEX
These stores also purchase silver, platinum, and palladium items. The selling and shipping policies vary by store. It’s not uncommon for stores to only accept online sales requests from existing customers.
If you have yet to order from one of these online stores, you will most likely need to call their toll-free number to start the sales process. Unfortunately, you should also anticipate paying shipping and insurance costs.
These costs can be relatively high, although some merchants negotiate discounted rates with the preferred shipper. Your payment options can include bank transfer, paper check, and PayPal.
Pros
- Can sell gold coins, rounds, and bars
- Can see buyback price online
- Multiple payment options
Cons
- Must pay shipping and insurance costs
- Potential selling minimum
Sotheby’s
If you happen to have rare jewelry and gold collectibles, consider selling them with Sotheby’s. This platform can attract wealthy collectors that may want your items. You can sell jewelry, watches, coins, and other valuables that contain gold and have a high collectible value. Your selling options include:
- Auctions
- Fixed price “buy now” online sales
- Private sales
- Retail locations
A sales agent can recommend the best sales method after appraising your portfolio. The platform fees depend on which listing method you choose, and you will receive a personalized quote. You may also have to pay for shipping.
Pros
- Sells rare and highly collectible items
- Auction and fixed price listings
- Personalized service
Cons
- Only sells the most valuable of items
- Selling process can take longer
- May pay shipping fees
Learn more about Sotheby’s.
Where to Sell Gold In-Person
Finding a local buyer can also be a better option if you don’t want to take the risk of mailing your valuables and waiting for return shipping if you receive a lowball offer.
Local Jewelry Stores
Locally-owned jewelry stores that are not part of a national brand (Jared, Kay, Zales, etc.) may buy your gold rings, earrings, and necklaces. The items will likely need to be in excellent condition and an in-demand design the store can easily resell.
You can ask if your store purchases fine and designer jewelry. Not every town has a local jeweler, so this may not be a realistic option for your situation. Call ahead and verify their secondhand gold purchase policy before you make the drive if your city does.
National jewelers also offer gold jewelry purchase programs. However, you will need to mail your items off. Also, your only payment option might be store credit—to buy more jewelry.
Pros
- Cash payments
- No shipping
Cons
- Not every store buys jewelry
- Strict product qualifications
Local Coin Shops
A local coin dealer will buy a variety of coins and bars made of precious metals. The dealer will grade your collection for the metal value and numismatic value. Some of the bestselling items can include:
- Pre-1933 US gold coins
- Rare coins
- Bullions coins with legal tender value
As the buyback offers can vary, consider getting several offers if you have multiple stores nearby. Other local stores place “We Buy Gold” signs outside their storefront. These establishments may actually be a gold exchange store that only pays you the melt value for your gold and jewelry.
However, exchange stores purchase items regardless of their working condition. Making sure you visit a local store that sells coins and collectibles can indicate you will get a higher offer than other local buyers.
Pros
- Can receive higher rates for coins and bars
- May buy other gold items and estate collections
Cons
- Lower payouts for gold scrap
Pawn Shops
Most cities have at least one pawn shop. Consider selling items that may not have a collectible value that you can sell for more using a specialized platform. Pawnshops can have more flexible guidelines than local jewelry stores and coin dealers. You can also receive instant payment.
However, the payout can be among the lowest. It can be worth comparing the offers from pawn shops and gold exchange stores if you don’t have rare or valuable items. For example, a pawn shop probably isn’t the best place to sell rare coins or a Rolex watch because you will receive a rock-bottom price.
Appraisal value can vary by shop. Your purchase offer may also depend on the experience level of the appraiser. Consider looking for a pawnshop that offers certified gold appraisals if you decide to go this route. Other outlets can pay more, but it’s hard to refuse instant payments and an effortless sale.
Pros
- Can sell many items
- Instant payment
- Several stores in most cities
Cons
- Low payouts
- May not accept broken items
Local Buy and Sell Apps
If you’re willing to exert some extra effort to get a little extra cash, local buy and sell apps can help you earn more. You can also avoid platform fees that online marketplaces are likely to charge. Some of the apps to consider are:
- Facebook Marketplace
- Craigslist
- OfferUp
It’s free to list on the app, and you may also be able to receive payments within the app if the buyer pays with a debit card. Otherwise, you can accept cash payments at the local meetup. While this option requires more effort, you can sell directly to collectors and the general public.
Consider these apps as you’re more likely to get up to the market value for your items. So, for example, you can sell coins and bars for less than the current premium that coin dealers charge.
You can sell various items containing gold from fine jewelry and collectible coins to less valuable costume jewelry. These apps can also help you sell gold-plated items mostly made of a composite core and don’t have enough gold for others to melt.
Depending on the item, providing official authentication can make it easier to sell your items. In addition, this proof of authenticity can give buyers peace of mind.
Pros
- Can charge higher prices
- No fees
- Can sell many types of items
Cons
- Must find a buyer
- May need to provide an official appraisal value
Local Consignment Stores
Consignment stores can also be worth a look to sell gold jewelry and gold-inlay housewares. The consigner fee varies by store and item type. For jewelry, you may expect a fee of up to 20% of the selling price. The toll can be higher for more common items like clothing if you want to clean out your closet.
You will receive payment as cash or store credit when an item sells. Opting for store credit usually means a higher payout. If an item doesn’t sell quickly, the store may gradually reduce the price.
While these price reductions minimize your potential income, selling at a lower price can be better than having to come back later to pick up your items or see them donate to a charity.
Pros
- Can earn more than pawn shops
- Store credit payout bonus
Cons
- Must wait for the item to sell
- Strict product qualifications
What to Know Before Selling Gold
Selling physical gold can be a profitable way to make extra money fast from one of the world’s most valuable assets. However, several factors determine how much you can get for your gold. Here are some of the gold-selling basics you need to know about before visiting the best places to sell gold.
Purity Level
Your gold’s purity level is the most important pricing factor. Your gold piece may have a stamp indicating its purity or karat rating. For instance, a 24 karat rating has the highest purity level (0.999 or 99.9%). The gold karat rating ranges are:
- 24 karat: .999 purity (99.9%)
- 22 karat: .916 purity (91.6%)
- 20 karat: .833 purity (83.3%)
- 18 karat: .75 purity (75%)
- 14 karat: .583 (58.3%)
- 12 karat: .500 (50%)
- 10 karat: .417 (41.7%)
- 8 karat: .333 (33.3%)
Mints usually classify coins and bars by purity. Your gold may have a purity level below 8 karats. However, most buyback vendors require a minimum 8 karat rating. A higher purity level has a higher market value, as you might expect. Jewelry usually has a karat rating.
A certified appraisal can tell you precisely what’s in your jewelry. Consider getting an independent assessment before selling your collection to prevent the potential buyer from performing inaccurate inspection that undervalues your jewelry.
Weight
The weight of your items also determines the value. Checking the current gold spot price displays the price for one ounce of pure gold. You may have to convert the price to grams or kilos if the manufacturer weighs the item using the metric system.
Condition Quality
Jewelry will most likely need to be in good condition with minimal wear and tear. Earrings will need to be a matching pair. Items that are broken or defaced may need to sell for scrap value.
Current Market Demand
The current market demand can make some varieties of gold jewelry and bullion more valuable. For example, there are three different gold colors:
- Yellow gold
- White gold
- Rose gold
Gold trends fluctuate, and you might time your purchase to sell jewelry with the gold color currently in high demand. However, the same piece may not be worth as much when consumer tastes change. Knowing the current market price for your items can also help you decide how much to sell your piece for.
In most cases, you’re selling to another business that must either sell to another buyer or will melt the gold. As a result, most places will offer to purchase your gold at a discount to market value so they can make a profit on the resale. If the offer is too low, you can try selling it yourself or pursuing an auction that’s more likely to attract a collector with a larger spending budget.
Types of Jewelry
There are different types of jewelry. Merchants can be selective about which types they’re willing to buy. The different jewelry classifications include:
- Fine jewelry: Made of precious metals and usually contains gemstones
- Designer jewelry: Semi-fine jewelry with low gold purity and low-grade gemstones
- Estate jewelry: Antique jewelry at least 100 years old
- Costume jewelry: Usually made from non-gold base metals
Most jewelers and online buyback sites that provide the best prices (like Worthy) deal with fine jewelry. If you have semi-fine jewelry, you may be better off selling to a gold scrap dealer for instant payment.
Gemstones Might Add Value
The merchant may also include the value of precious gems in the appraisal offer. If your jewelry has diamonds and other stones, ask the merchant how they price these items. You will want to avoid stores that only pay you for the gold value.
Types of Gold Bullion
Prices for gold coins and bars also depend on several factors besides purity and weight. Gold bullion with a minimum of .995 purity has the most demand and highest cash values.
Coin vs. Round
The first trait to determine is if you have a coin or round. Coins come from a government mint and have legal tender value. For example, a $1 coin can make a purchase but its gold value is worth more. Rare coins may have additional numismatic value (collectible value). Rounds don’t have monetary value but are worth their purity and weight. A private mint creates these coins as an affordable way to invest in precious metals without paying the high premiums of currency coins.
Numismatic Value
A coin’s numismatic value can also increase your selling price. Rare coins, such as pre-1933 US coins, can have the highest prices. Government mint coins like the American Golden Eagle and Canadian Golden Maple Leaf also tend to be worth more than rounds as they have a monetary value. Therefore, they have more demand. Coins can also be easier to authenticate and have universal recognition. Rounds and bars may also have some numismatic value if they have a commemorative design.
Selling Fees
In addition to the potential selling price, you should also estimate your selling and shipping fees. The policy is different for each online and local vendor. For example, online auction sites may only charge a fee if they can sell your item and pay shipping and insurance. Instant buyback sites (Cash for Gold USA) don’t charge platform and shipping fees. However, your appraisal value can be lower than other services because of the convenience.
FAQs
We don’t recommend selling gold on eBay. Unfortunately, there are too many scams. For example, a buyer may claim to have never received an item and request a refund. Plus, bullion sales do not qualify for seller protection. If you decide to sell on eBay, sell cheap items with a low market value to lower your risk of loss. A better option can be selling your gold for scrap value.
The Bottom Line on Selling Your Gold
There are many excellent places to sell gold quickly and make money. The best one depends on what you’re selling and the condition. Consider auctions and collectible marketplaces first to get the most cash. Otherwise, instant buyback sites and gold exchanges will accept most gold and base your payment on weight and purity.
This post on TessMore Finance: Best Places to Sell Gold: Where to Get the Best Price Online and In-Person was also published on Best Wallet Hacks.
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