Do you have broken gold jewelry lying around your home? Do you have other gold items such as coins that you have no use for? Would you like to get cash for your gold? If so, there are some tips that can help you get the best price for the gold you have. After all, when trying to Sell Gold in Chicago, it can be quite a challenging process if you don’t know what you’re doing. Some tips that will help to simplify the process are found here.
Get to Know the Scales
The total weight of the gold that you have is what determines its actual cash value. However, you should remember that if you take your items to a jeweler they will use a different type of measurement for your gold which is referred to as the Troy ounce. The typical U.S. scale is going to measure at 28 grams per every ounce, while gold items are actually measured at a weight of 31.1 grams for each Troy ounce.
Understand the Value of Karats
Since it is so soft, pure gold is unable to be used practically on its own so it is combined with a number of other metals that help to create durability and color. According to the FTC all jewelry that is sold in the US is described by the karat fineness of the actual alloy. A single karat is equal to only 1/24 of actual pure gold by the weight. This means that 14 karats is jewelry that is actually 14 parts of gold and the other 10 parts are other types of metals. It is illegal for any jewelry to be labeled as “gold jewelry” if it is anything below 10 karats. It is essential that you know the karats of the gold so that you are able to make an informed decision regarding the jewelry’s scrap value.
When you get to know how gold is evaluated, you will be able to know whether or not you are getting a p for the items that you have. This will also ensure that you find a fair buyer. Unfortunately, not every jeweler or other gold buyer operates fairly. If you know what you have and how much it is worth, you will be able to determine if you have received a fair payment for your gold jewelry or your gold coins.
Find out more about how to Sell Gold Chicago by visiting the Chicago Gold Gallery website.