Where to Sell Gold and Silver

The short answer. For gold jewelry and scrap, get a quote from a mail-in refiner and one from a local shop, and take the higher one. For gold and silver coins and bars, an online dealer buyback pays the closest to the spot price. A pawn shop pays the least, and is quick when you need cash the same day.

Every buyer pays a share of melt value, the worth of the metal at today’s spot price. The share is the whole game. The table shows what each kind of buyer typically pays. These are Lustre editorial estimates, not quotes.

The four ways to sell, compared

Buyer	Typical share of melt	Pros	Cons
Local coin shop or jeweler	70% to 85% for jewelry and scrap. 80% to 95% for junk silver.	Paid the same day. You can watch the weighing and the test. Can value coins as coins, not as scrap.	Rents and staff mean a lower share for plain scrap. Quality varies, so ask for the price per gram.
Pawn shop	60% to 70% as an outright sale. A loan is a different product.	Open late, no appointment, fast cash.	Usually the lowest offer. If you take a loan and do not repay it, the shop keeps the item.
Mail-in refiner	80% to 90% for jewelry and scrap. 80% to 90% for scrap silver.	Pays on the assay of your lot, often the highest share. Good for larger lots.	A few days to a week. You ship valuables, so use insured, tracked mail and a company that lets you decline and get your items back.
Online dealer buyback	95% to 99% of spot for well-known bullion coins and bars.	Posted prices you can see before you ship. Closest to spot for bullion.	Pays less for jewelry and worn or odd items, and may not buy them at all. You ship, and payment waits on inspection.

Shares are of melt value for scrap and of the spot price for bullion. Lustre editorial estimates, October 2026. Real offers change with the buyer, the lot size and the day.

How to get the most

1. Know your melt value first. Weigh the gold or silver in grams, find the karat or purity, and use the scrap gold calculator or the scrap silver calculator.
2. Get at least two quotes, one local and one mail-in or online. Ask each: what is the price per gram, what share of spot is that, and are there fees?
3. Watch the weigh-in. The scale should show the weight in grams or pennyweight, and the test (acid, magnet or XRF) should happen in front of you.
4. Sell stones separately if they are worth something, and subtract their weight first.
5. Do not melt or cut collector coins. Look up the date and mint mark in the coin catalog first.

Taxes and paperwork

Sales tax on buying gold and silver bullion differs by state. See sales tax on gold and silver by state. If you sell for more than you paid, the gain can be taxable income. Dealers may ask for ID and may have to report some purchases. This is general information, not tax advice.

Warning signs

• A buyer who will not tell you the price per gram or the share of melt.
• A mail-in kit with no written terms, no insurance, or no way to say no to the offer.
• “Cash for gold” events in hotels, and pressure to decide today.
• An offer that changes after the weigh-in with no explanation.