2570 Yonge St Toronto, ON M4P 2J3 (416) 481-9846

Is Your Scrap Gold Worth Anything? Why You Shouldn’t Throw it Away

Author: Pinto Gold | Date Published: November 12, 2017

Gold is not trash. Like most people, you have old things that you are in a hurry to get rid of just so that they will be out of your hair. Your old gold however, should never be treated like this, no matter how bad it looks. While you may think that your old beat up gold is worthless, you should never throw it away. Instead, you should keep it at least for a while. Once you’ve gathered up all of your old scraps of gold, you should sell it.

Why shouldn’t I just throw my scrap gold away? Is it really worth that much?

Gold is a commodity. This means that people buy and sell it regularly, regardless of its current condition. Instead of its appearance, gold is traded based on its weight. This also means that you can buy and sell your gold, regardless of its current condition; scrap gold is no exception to this rule.

You don’t have to be a well-connected commodities expert in order to sell your old scraps of gold either. All you need to do is visit a reputable gold buyer, and they will offer you a fair price for your gold.

What is the difference between scrap gold and something more valuable?

In some cases, your scrap gold may not be scraps at all. Instead, it could hold more value than the price per gram of gold. In most cases, this is pretty obvious. If it is in decent condition, gold jewelry, coins, and more usually have a value that exceeds its weight in gold. But what if it is damaged or worn? The fact that a piece of jewelry is damaged or worn doesn’t always guarantee that it has been reduced to scrap gold. In some cases, there may still be additional value. Here are a few examples of when this is so:

The Gold Piece Was Crafted By a High-End Name Brand

Name brand jewelers command a higher price for their pieces; this fact holds true long after they create and sell a piece. Sometimes this brand-created value will influence the price of a gold piece even after it has been damaged.

The Gold Piece is An Antique

As certain pieces age, their value grows. If, for example, you have a gold necklace produced during the Victorian era, it will be more valuable than a similar piece produced last week. This added value could possibly transfer to the sale price of your gold, even if it has suffered damage.

The Gold Piece is Rare

Rarity will add value to anything, especially something made of gold. A gold coin that is a part of a rare collection, for example, will have a greater value than scrap gold, despite any damage that it may have incurred.

The Damage to the Gold Piece Isn’t As Bad As You Think

Seemingly irreparable damage to a gold piece may not be as bad as you think. While it may be costly for you to have it repaired yourself, the purchaser of the item may be willing to have it repaired, and offer you more than the scrap value for it.

Even If It Is Scrap Gold, It is Still Valuable

The only way to determine whether your gold is scrap or something a little more valuable is to consult a professional. Regardless of whether it is scrap or not, never forget that gold, even if it is just scraps, should never go into the trash. Instead, turn it into money by selling it to someone who knows what to do with it.

Ready to turn that gold into cash? Pinto Gold and Jewellery Buyers has the best scrap gold prices in the GTA. Whether you visit us in-store at our Midtown Toronto location near Yonge, or take advantage of our convenient and secure long-distance mail-in services, one of our experienced appraisers will give you a fair price on your scrap gold, gold coins, jewellery or bullion.

Contact us today for your free appraisal!

About The Author: Pinto Gold

Pinto Gold and Jewellery Buyers are a Canada-based company which has a great reputation for buying gold and jewellery for the past two generations. We are experienced jewelers and certified appraisers of jewelry, gold, and precious stones. We treat our customers professionally and courteously, providing top notch services.

Our Services