Watch our video on How to Sell Scrap Gold:
View ARCC’s instructions on mailing your gold, silver and jewelry.
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Scrap Gold Prices
| February 22, 2012 2:00pm | Our buy | Our buy | |
| GOLD BASIS: | $1,777.00 | prices | prices |
| Gold Purity: | % Pure | in grams | in dwt |
| 24 karat | 100% | $45.52 | $70.80 |
| 22 karat | 91.66% | $40.12 | $62.40 |
| 21.6 karat | 90% | $39.48 | $61.39 |
| 18 karat | 75% | $30.04 | $46.72 |
| 16 karat | 66.67% | $27.54 | $42.84 |
| 14 karat | 58.33% | $24.06 | $37.41 |
| 12 karat | 50.00% | $19.80 | $30.79 |
| 10 karat | 41.67% | $16.78 | $26.10 |
| SILVER BASIS: | $34.33 | ||
| Sterling Flatware – 92.5% | $23.34 | per oz | |
| Sterling Jewelry – 92.5% | $20.60 | per oz |
American Rare Coin’s high price Guarantee:
Minnesota Law (Statute 325F.733) requires that all purchasers of scrap gold be licensed and “every precious metals dealer shall prominently post in a conspicuous place and in letters exceeding one inch in height the minimum prices per ounce or pennyweight that are currently being paid by the dealer for precious metals” Before you sell, insist on seeing this information.
To the best of our knowledge, American Rare Coin consistently offers a higher price for scrap gold than any Minnesota dealer. We proudly post our buy prices daily on this website.
If you are aware of any dealer paying more, we will meet or beat that price.
We will also meet or beat any legitimate offer, from a licensed dealer, for your rare coins.
Please stop in our Bloomington office and visit our friendly, professional staff.
What is the process of selling used jewelry and scrap items?
The first step is to determine the purity of the item. Most often, the karat purity is stamped on the jewelry. 18 karat means that 18 parts of 24 is gold (75% pure). Similarly, 24 karat is pure gold and 14 karat is .583 pure. Beware of initials after the stamped karat as they often indicate that the item is only gold plated. Common examples include EGF (Electro Gold Filled) or HGE (Heavy Gold Electroplate.) A magnet may quickly detect plated material as it will be attracted to the jewelry in most instances. Our buyer may also test the gold’s purity by dropping various strengths of acid on the piece of jewelry.
Once the purity is determined, MN state law requires that the piece is weighed in the seller’s presence on a state certified scale. MN state law also requires the purchaser to prominently post the price they pay per troy ounce or pennyweight for each of the various karats. (1 troy ounce = 20 penny weight) From there, it’s a matter of doing the math. (The weight times the price paid per gram or pennyweight for the appropriate karat.)
Sellers Warning
Recently, because of higher gold prices (and an economy that has sellers looking for any extra money they can find) there have been many new buyers looking to purchase scrap gold from the public. Buyers can pay the public any price they want. There is no regulation regarding minimum purchase prices.
PRICE SHOPPING IS THE KEY!
The Minnesota statute that requires purchasers to post the prices they are paying makes price shopping easy. Take advantage of the regulation and ask what the buyer is paying per karat. If the buyer asks “What do you want for it?”, or fails to give their best price on their original offer, it should raise a red flag.
American Rare Coin proudly posts the prices we are paying.
Our prices are consistently among the highest in the area, and we make our best offer upfront. We offer a safe, clean environment, conveniently located in the Wells Fargo Plaza, just south of 494 – between France and Penn Avenue. Immediate payment is always available.
