Pawn shops are a great place to sell unwanted items for quick cash. But what types of things do pawn shops buy? One popular item is 18k gold. Pawn shops usually pay based on the weight of the gold, so it’s important to know how much your piece weighs.
The average price for 18k gold is $36.50 per gram, but it can range from $34 to $44 depending on the market and where you sell it. 18K gold is often used in jewelry, coins, and any other item that can be forged from metals.
Pawn shops typically offer the lowest prices, while private buyers and gold buyers offer the highest prices. Gold jewelry is often sold by weight, so you’ll need to know how much your piece weighs before determining its value.
How Much Do Pawn Shops Pay for 18k Gold?
A pawn shop will typically pay 50% to 75% value of your 18k gold jewelry based on its condition. If your used 18k gold jewelry has a market value of $500, you can expect to get around $250 to $300 or more at a pawn shop.
Pawn shops don’t pay the typical market value for an ounce of 18k, or 750 gold. Let’s take a look at what different buyers pay for 18k gold:
|Private Buyers||$1800 for 1 oz.|
|Pawn Shops||$658 – $1360 for 1 oz.|
Of course, this is just a rough estimate – ultimately, the amount of money you’ll receive will depend on the specific item you’re selling and the individual pawn shop you visit.
But if you’re looking to get top dollar for your 18k gold, a pawn shop is probably not your best option. You’ll likely get a higher price by selling to a private buyer or jeweler.
Types of 18k Gold Jewelry That Sell High at a Pawn Shop
Pawn shops will typically give you more money for larger pieces of jewelry, such as chains, necklaces, and bracelets. Generally, certain types of jewelry tend to sell better than others, making them worth more to pawn shop owners.
It is also essential to understand that when pawning or selling 18k gold in a pawn shop, you should know there is a price difference between new and used jewelry.
New gold will always sell at a higher price than used jewelry, as it is in mint condition and has no wear and tear.
On the other hand, used gold will typically be worth less because it has to be melted down into a new piece of jewelry to sell at a higher price due to signs of wear. However, even used jewelry can be valuable if rare or from a desirable designer.
Ultimately, the best way to determine how much your 18k gold jewelry is worth is to take it to a pawn shop and have it appraised by a professional.
They will be able to give you an accurate estimate of its value based on its condition, rarity, and designer, but be careful! Some pawn shops may try to lowball you to get a better deal.
How Pawn Shops Assess the Value of Your Gold Jewelry
While the average pawn shop will give you around 50% of your 18k gold jewelry value, some may give you more or less depending on their assessment.
If you have a brand new piece of 18k gold jewelry appraised at $1,000, you can expect to receive around $500 from the pawn shop. However, if your jewelry is used and in good condition, you may only receive $400.
Ultimately, the amount of money you get for your 18k gold jewelry at a pawn shop will depend on its condition and the specific pawn shop you go to.
Reasons for Price Gap Between Pawning & Selling 18k Gold
The price difference between pawn shops when pawning or selling 18k gold can be pretty significant. For example, one pawn shop may offer $400 while another may offer $1,000 for the same 18k gold item.
Reason 1: The first reason is that each pawn shop has its own way of assessing the value of 18k gold. Some pawn shops use a weight-based system, others use a purity-based system, and still, others use a combination of both.
Reason 2: The second reason is that the value of gold fluctuates daily. So, even if two pawn shops use the same valuation system, the value of gold may have changed when the first pawn shop assessed the value and when the second pawn shop did.
Reason 3: The third reason is that some pawn shops are more interested in making a quick purchase than others. They may be willing to spend more money for 18k gold to get an item they know will sell quickly.
Market Value for 18k Gold on the Internet
Another option for selling 18k gold is to look at different online marketplaces. Online marketplaces usually offer a bit more money for your gold than pawn shops do. Take your time and determine what the perfect option is for you.
Marketplaces such as Facebook, eBay, and Craigslist enable private individuals to buy and sell products like 18k gold.
Online retailers can be an excellent option for people who want the hassle-free process of selling directly from their home without going through an expensive pawn shop or waiting around in public places on days where plenty is going down in this economy!
But suppose you happen to come across 18k gold and are looking to sell. In that case, I recommend checking out some websites that specialize exclusively in precious metals: Goldbroker.com, Kitco, and many others to ensure your transaction goes smoothly no matter what the situation is.
Market Value of 18k Gold in Various Market Place
|Facebook Marketplace||$40 per gram|
|eBay||$37 per gram|
|Craigslist||$33 per gram|
|GoldBroker.com||$40 per gram|
|Kitco.com||$38 per gram|
|JM Bullion||$36 per gram|
|APMEX||$32 per gram|
When selling 18k gold online, it is vital to shop around and compare prices to get the best deal. Different websites offer a wide range of prices, so it is essential to compare and find the highest offer.
One way to do this is to use a website that offers a price comparison tool. This way, you can see the offers from different websites side by side and make an informed decision
about where to sell your gold. With this tool, you can input the weight and purity of your gold and then see various websites’ current prices.
Another option is to contact multiple websites or buyers and ask for a quote. Shopping around can be time-consuming, but it will give you a good idea of the range of available prices.
Tips for Pawning or Selling Your 18k Gold in a Pawn Shop
1. Know the market value of 18k gold
Gold is a valuable resource that has been used for centuries for jewelry, coinage, and other decorative items. Today, gold retains its value as a precious metal, and 18-karat gold is especially prized because it is 75% pure.
The market value of gold varies depending on a variety of factors, including the weight of the gold, the current market price of gold, and the purity of the gold. This factors into how much a pawn shop will pay for 18k gold.
2. Compare offers from different pawn shops
When it comes to selling gold, pawn shops are a great option because they offer quick cash for your valuable items.
However, not all pawn shops are created equal. It’s essential to do your research and compare offers from different pawn shops before deciding.
3. Have all your documents and identification ready
When you’re ready to sell your 18k gold, make sure you have all the necessary documentation and identification.
Being prepared will help the pawn shop verify that the gold is real and that you are the rightful owner and help to ensure that the transaction goes smoothly.
4. Be prepared to negotiate
Pawn shops are in the business of making money, so they will always try to get the best possible price for the items they purchase. Be prepared to negotiate and haggle a bit to get the most bang for your buck.
5. Know when to walk away
There will be times when the pawn shop’s offer is simply not good enough. In these cases, it’s important to know when to walk away from the deal.
There’s no shame in holding out for a better offer, so don’t be afraid to do so if you feel like you’re not getting a fair price for your gold.
Selling 18k gold can be a great way to get quick cash, but it’s essential to do your research and be prepared when selling or pawning your gold.
By following these tips, you can be sure that you’ll get the most money possible for your 18k gold.
Thomas Boseman is the author of Pawnbroking.com. A pawn shop owner by day, blog writer by night. When not writing, he enjoys exploring the outdoors with his dog, Roman. Thomas received his bachelor of arts in film from the University of Arizona. A Brooklyn native, Thomas is a lover of filmmaking, motorcycle, and coffee.