Pawning Gold VS Selling Gold in Las Vegas
Gold is one of the most widely traded commodities in the world today. And one of the quickest ways to get cash is pawning gold, whether in the form of jewelry, coins, bars, or nuggets. Gold in any form is one of the best investments one can make. And in this article, you will learn about how much gold is worth at a pawn shop and selling gold to a pawn shop.
Pawning Gold: Process
Gold is one of the best and most easy investments one can make. No, you don’t have to own huge quantities of gold bars. Gold can come in many different forms, and the most common form is jewelry. When it comes to quick cash, a lot of people usually turn to pawn shops as a means of turning their gold or other items into money. Others prefer just to sell their gold for a better price. So which one is better?
What is Pawning?
Pawning is a centuries-old practice of turning an item in for quick cash. It is seen as a sort of a “safety net” when getting cash. Here’s how it typically works: if you want to pawn your gold, whether in the form of jewelry, bars, or coins—you bring it to a pawn shop. Then the pawn broker makes an offer, or you make some negotiations, and they give you cash. There is usually an agreement that you pay back the cash with interest and fees within the next 30 days. If you fail to pay back the cash, the broker now owns your item and has the right to sell it to buyers.
Why Selling is Better Than Pawning Gold
In many cases, selling is a better option than pawning. With selling, you get better rates, and you won’t have to bother with paying back the cash plus the interest. However, if you plan on pawning your gold and have no plans of getting your item back, it is better to sell it. And if you have decided to sell instead of pawning your gold, it is better to approach gold buyers like Nevada Coin Mart instead. Gold buyers pay higher than pawn shops.
How Much is Gold Worth
The price of gold is generally based on its weight and purity. So when you pawn or sell your gold, brokers or buyers will typically weigh your item and then look at its purity. Gold’s weight is measured in troy ounces (1 troy ounce = 31.1034768 grams), and its purity is measured in karats, the ratio of pure gold to other metals represented by a number from 9 to 24. The higher the karatage, the purer the gold. For example, a 24-karat (24k) piece o jewelry is considered pure gold.
At the same time, lower karat pieces have a lower gold content. Below is a guide for understanding gold purity.
- 9-karats (9K) = 37.5% of gold purity
- 10-karats (10K) = 41.7% of gold purity
- 12-karats (12K) = 50.0% of gold purity
- 14-karats (14K) = 58.3% of gold purity
- 18-karats (18K) = 75.0% of gold purity
- 22-karats (22K) = 91.7% of gold purity
- 24-karats (24K) = 99.9% of gold purity
It is also important to take note that the price of gold changes daily as it is a volatile commodity. To understand the price of gold, you may refer here.
Pawning Gold Today? Sell Them Instead
Planning on pawning your gold items? Sell them instead! Sell your gold to Nevada Coin Mart, and we will happily assist you with earning quick cash! We offer the best prices in the industry, and we ensure that you get the best offer by using a state-of-the-art Thermo Scientific Niton X-Ray Spectrometer to accurately analyze and measure precious metal contents in your piece.
For more information about pawning or selling your gold, visit us at Nevada Coin Mart® 4065 S. Jones Blvd Las Vegas, NV 89103, or call us at 702-998-4000.
Brief Background
Gold is a naturally occurring metal that has a bright yellow-orange hue. It is soft, malleable, dense, and ductile—a metal’s ability to be able to be deformed without losing toughness or without becoming brittle. Gold is usually found as nuggets in rocks, veins, and alluvial deposits.
Gold is a rare element and is considered a precious metal that has been significant in human history. It has had many uses since its discovery, such as in jewelry, coinage, and art. Civilizations such as ancient Egypt have used gold in their artifacts since the 5th millennium BCE. Ancient Egyptians have also described gold as “more abundant than dirt,” which explains the abundance of gold artifacts from ancient Egypt.