At some point in our lives, we've all owned gold, such as jewelry or a watch. However, gold isn't just used for personal effects because it's also an excellent investment regardless of size. The best way to get money out of your gold is by bringing it to a pawn shop for smaller quantities.

A pawn shop buys and sells most things as long as it has value. Gold is no exception because pawn shops will gladly accept your gold jewelry, coins, or other items in exchange for cash. The amount of money you'll receive depends on the value of your gold, which is determined by the metal’s purity. However, it's only sometimes possible to get the most out of it because gold fluctuates in value. However, you shouldn't lose hope because there are still some ways you can make the most out of your gold when bringing it to a pawn shop. These include:

#1 - Get It Appraised

One of the best things you can do when bringing gold to a pawn shop is to get it appraised. This is especially important if you're bringing in jewelry. The appraiser will look at your jewelry's details, including the weight, craftsmanship, and style, to determine its value. The appraiser will also look at the purity of the metal to determine its value. You'll know exactly how much money you should receive by getting your gold appraised.

#2 - Know When To Sell

Gold prices fluctuate regularly, so you must know when to sell your gold. One of the best ways to do this is by checking the prices of gold every day. When gold prices are high, that's the best time to sell your gold. This is because you'll get more money for it. However, if gold prices are low, you should hold on to them until they increase.

#3 - Weigh the Gold

You must weigh your gold before selling it to a pawn shop. You must know how much your gold weighs because the weight will determine how much money you'll get for it. The more gold you have, the more money you'll get.

#4 - Check the Purity

Gold purity is determined by how much gold is in the piece. The more gold, the more valuable the piece. The purity of gold is measured in karats: the higher the karat, the more pure the gold. The most common karats are 10k, 14k, 18k, and 24k.

The karat is stamped on the piece of gold. If there is no karat stamp, the pawn shop will test the gold to determine its purity. The test involves using acid. The acid will not damage the gold, but it will change color if it's not pure.

#5 - Clean the Whole Piece

Gold is a soft metal, so it gets scratched easily. The scratches, dirt, and grease on your gold piece will lower its value. The pawn shop will test the gold to see if it's pure, but they will also clean the piece to see if it's worth anything.

You will need a soft cloth and mild soap or detergent to clean your gold piece. Rub the piece gently with the cloth and avoid using anything abrasive.

#6 - Determine Your Minimum or Maximum Budget

You might have a good idea of how much you need, but you also need to know how much you want to part with. Many people come into a pawn shop and ask for a specific amount. The pawn shop will test the gold and give you a price.

You shouldn't take the first offer from the pawn shop., so you can negotiate if you have a maximum budget. They will always start with a low offer and work their way up. Of course, you can also negotiate if you have a minimum amount you need. If the pawn shop offers you less than what you want, you can offer to sell the piece for more money.

Conclusion

Bringing gold to a pawn shop is an excellent way to make quick cash. However, you have to be smart about it, so you should know how much your gold is worth and be clear about how much money you need or are willing to part with. As long as you remember this, you should have no problem getting a reasonable price for your gold.

If you’re looking for a pawn shop in Owensboro, KY, River City Pawn is for you! We understand the value of your personal belongings, so we put fair prices on them alongside reasonable terms. Visit our website today to get started!