Selling your gold: what to expect
Selling gold or silver is usually simple. Knowing what your items are worth and what buyers pay helps you get a fair deal.
Know what you have
Find the weight (in grams) and purity (stamps such as 999, 916, 750, 585, 925). Use our melt value calculator to see the metal value at today's spot price.
What buyers usually pay
| Item | Typical offer |
|---|---|
| Common bullion coins and bars | Close to spot, often a little under it |
| Scrap jewelry and broken items | Often about 70-90% of melt value |
| Rare or collectible coins | Can be more than melt. Get an expert opinion first. |
These are general ranges, not promises. Offers vary by buyer, item and market.
Tips for a fair price
- Get at least two or three offers. Local coin shops, jewelers and online dealers all buy.
- Check the spot price the same day, and ask how the offer was calculated.
- Watch the item being weighed, and make sure the scale reads in grams or troy ounces.
- Be careful with "cash for gold" mail-in kits and hotel buying events. Some pay well below fair value.
- Don't clean old coins. Cleaning can lower a collector's value.
Paperwork and taxes
- Expect to show a photo ID. Many states require dealers to record sellers, especially for jewelry and scrap.
- Dealers must report some large sales to the IRS, for example selling 1 kilo or more of gold bars, or 25 or more 1 oz Krugerrands or Maple Leafs in one sale.
- In the U.S., profit from selling precious metals is usually taxable. Metals held more than a year are taxed as "collectibles," at up to 28% on the gain. Keep your receipts and ask a tax professional about your situation.
Selling online yourself
Sites like eBay and Whatnot can bring higher prices, but they charge fees and you handle shipping and insurance. Turn on "I'm selling" in the calculator to see your break-even price after fees.
Not financial advice. This guide is general information. For tax or investment decisions, talk to a qualified professional.
More guides
What is spot price?A plain-English explanation of the gold and silver spot price, troy ounces, and why you pay more than spot.Coins vs. bars vs. shotThe differences between bullion coins, bars, shot, nuggets and crystals, and which may suit you.How to spot fake gold and silverSimple at-home checks and professional tests to help you avoid counterfeit gold and silver.What premiums are and how to pay lessWhy gold and silver cost more than spot, and practical ways to pay a smaller premium.