Let’s be clear about one thing. Regardless of its condition, your scrap gold is always cash-worthy. It may not retain its original value as a piece of fine jewelry, but the mere fact that it contains gold makes it valuable.
Objects made from gold come in a variety of purities that are denoted by their “Karat” markings. Pure, or 24K, gold is as close to 100% gold as they can make it. 18K gold is 75% pure while 14K is a little over 58% gold. While this system will work all the way down to 0%, United States law does not allow any item to be stamped “gold” if it less than 10K or 41% gold.
Weighing an item and then multiplying by the percentage of gold indicated by its marking will tell you how much actual gold you have. This fact is important because it will determine how much the dealer will pay for your scrap gold. It is the intention of the dealer to actually melt down your jewelry, separate the gold from the other metals and then sell it. Also, you should know that, in general, the other metals are not usually worth much and you will not be paid for them.
Once the weighing and calculating are done, the dealer will then quote you a price based on the amount of gold you have and the current price of gold. This price will vary from day to day as it varies on the world market. If you accept, he will pay you on the spot in cash or with a check. In any event, you should always remember that your scrap gold is always worth something.