Selling Gold for Cash: Your Complete Guide

Last Updated: October 6, 2026

Have you ever thought about selling gold scrap for cash? Unwanted gold items like broken jewelry, an old watch, or even a dental crown could be worth more than you’d think. Gold prices soared to record highs in early 2026 (above $5,000/oz) – and though they’ve cooled off since, today’s prices are still historically strong. It’s a great time to sell precious metal scrap, so here’s your step-by-step guide for getting maximum value.

Gather and Sort Your Scrap

Start your at-home treasure hunt: check the bottom of your jewelry box for things like broken chains, mis-matched earrings, spare buttons/cufflinks, or any pieces that you simply don’t want anymore. Go for the gold first, but don’t overlook sterling silver – while not as valuable as gold, silver scrap is worth selling. (Speaking of treasure hunts, bookmark this fun piece about shipwrecks and sunken treasure for later).

Once you have your scrap collected, try to sort it by purity. Start by looking for karat stamps. These little markings can be hard to see, but a magnifying glass helps. Look for stamps like:

• – 10k
• – 14k
• – 18k
• – GF (gold-filled)
• – V (Vermeil: a layer of gold bonded to sterling silver)
• – 925 (indicates sterling silver and/or gold vermeil)

Purity hallmarks are a great indicator of your jewelry’s gold content, but they’re not always definitive. If an item lacks a stamp yet appears to be genuine gold, it doesn’t hurt to include it with the rest of your scrap for further evaluation.

Check Current Gold Prices

Like all commodities, the spot price of gold fluctuates daily. It’s smart to get a gauge on current metal prices before comparing potential buyers. While the exact purity of your scrap cannot be determined without refining it, having a rough ballpark in mind will help you avoid getting underpaid.

Checking gold’s spot price is easy – just search ‘gold price today’ or visit trusted sources like the London Bullion Market Association, the World Gold Council or The Wall Street Journal. Keep in mind: each day’s posted spot price is quoted for 24k pure gold, measured in troy ounces. Your scrap’s value will depend on purity and weight.

Research Refining Companies

Selling your scrap directly to a precious metals refinery is the best way to ensure the highest payment – but before you ship anything, vet the refiner first: look for a BBB accreditation, positive customer reviews, and a supply chain due diligence policy. Once you find a reputable refinery, the process itself is straightforward. Refineries like Garfield Refining make selling precious-metal scrap easy: just ship your items and get paid.

One major advantage of selling your gold directly to a refinery is that you’re cutting out the middleman, which yields a higher payout. Selling to a cash-for-gold store may be convenient, but these businesses typically buy your scrap at a discount so they can resell it to a refinery and make a profit.

What Do Refineries Do?

When a refinery receives gold scrap material, the metal is melted down, purified (refined), and formed into bars. These bars are then sold to manufacturers, who use the gold to make products like jewelry, bullion, and even electronic parts.

Jewelers and Pawnshops

You can also sell your scrap to a local jeweler or pawnbroker. One advantage of these options is the face-to-face interaction, and some shops have professionals who can provide a general assessment of your gold’s purity and value.

However, because they’re not refiners, they typically can’t determine the exact composition of your scrap. That means they may not account for all the precious metals present, which can limit your payout. Additionally, brick-and-mortar shops have higher overhead costs, so they often need to keep a larger margin when making offers.

If you have a reputable jeweler or pawnshop nearby and want immediate payment, this can be a convenient choice. But if you’re not in a rush, working with a gold refinery will result in a higher overall return.

A Note on Dental Scrap

If you’re selling an old gold crown or other precious-metal dental scrap, keep in mind that it may also contain additional valuable metals like silver, platinum, and palladium. Many online gold buyers accept dental scrap, and dental offices are often approached by cash buyers offering quick, on-the-spot payments. But because these buyers aren’t professional refiners, they’re primarily focused on the gold content and typically don’t account for other precious metals in the mix.

Because of this, working with a refinery makes more sense. A professional refinery analyzes the full composition of your scrap and ensures you’re compensated for all the precious metals present, helping you get the most accurate evaluation and highest possible return.

Selling Gold Online

Selling gold online generally means choosing between mail-in refineries and other scrap buyers who purchase your gold and then resell it. While a refinery will melt and test your material to determine its precise value, non-refinery buyers may base their offers on weight and build extra fees into the transaction to protect their margins.

Selling gold online has become increasingly popular. After all, it’s convenient – just click a few buttons, ship your material and get paid.

When comparing different buyers, look for signs that the company is actually refining the metal on-site. An authentic refinery should provide information about its process, photos and footage of its melters in action, and plenty of verified customer reviews. Working with a refinery like Garfield offers the best of both worlds: an easy transaction and a payment based on the actual value of your material.

Garfield Refining: Trusted for Over a Century

Garfield Refining has been refining precious metals since 1892. We proudly serve jewelers, pawnbrokers, dentists, individual sellers and more. Our exceptional service and industry-leading payouts have named us ‘Best Refiner’ by Dentaltown Magazine for 15 years running.

Congrats – you’re now an informed scrap seller! Whether you have a single gold crown, a collection of jewelry or something in between, Garfield can help you get the most for your precious metals.

Frequently Asked Questions

Who gives the most money for scrap gold?

Generally, refiners pay more than other buyers, such as pawn shops and cash-for-gold businesses, because they refine the metal themselves before it’s reintroduced into the market. When comparing offers, ask how a buyer calculates your payment – including the percentage of spot price, deductions and fees – rather than simply comparing a single quoted number.

How much does scrap gold pay per gram?

Scrap gold is paid by its pure gold content, not weight alone. Multiply your item’s weight in grams by its purity (14k is about 58%) and by today’s gold price per gram. A refinery then deducts its fees, so ask any buyer exactly how it calculates your payment.