Selling scrap gold has become an increasingly popular activity as the value of gold has risen. While some individuals only sell the damaged gold jewelry they have on hand, other people make money buying scrap gold at a low rate and selling it elsewhere for a higher price. Confused about what scrap gold is exactly? Read on to learn the definition of scrap gold.
Definition
Scrap gold includes any piece of metal that is entirely or partly gold. Some common items sold as scrap gold include broken gold jewelry, gold coins, gold dental bridges, gold wire and gold shot.
Karats
Scrap gold is valued by its karat weight, which relates to the percentage of gold in the piece. Higher numbered karats contain a greater percentage of gold. Pure gold is 24K, while 12K is about 50 percent gold.
Condition
The condition of scrap gold really doesn't matter. Gold that is scratched, worn, dirty or broken can be melted down by refiners and made into a new coin, ring, bar or tooth.
Price
The amount offered for scrap gold varies according to how much gold is in the item, the price of gold that day and the scrap gold dealer's fees. The price offered on a piece of scrap gold will not reflect the retail price of the item.
Warnings
Some scrap gold includes gemstones. If you're planning to sell the item as scrap, be sure to remove the stones first.
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