If you have gold jewelry, coins or bullion and are in need of cash, you can pawn it or sell it. Gold is always sought after by pawn shops and gold buyers. If you need the money, you may not be able to wait until the market price is high. Still, you there are some steps you can take to get the best price for your gold at the time you need to pawn or sell it.

First, decide whether you’re going to sell or pawn your gold. If the market price of gold is low at the time you need the money, you will want to pawn it. This way, you will be able to recover the gold at the end of your pawn loan period. You can then save it to sell at a time when gold prices are high.

How to Pawn Gold

However, if the market price of gold is high at the time you need to pawn or sell your gold for extra cash, you may want to sell it outright. It really depends upon whether or not you consider your gold an investment or whether it has other value to you, for example, sentimental value.

Whether you decide to pawn or sell, here are a few tips to help you get the best price for your gold jewelry, coins and bullion:

Verify Credentials

Before you decide to pawn or sell your gold, verify the pawn shop or gold buyer’s credentials. Reputable shops and buyers will be licensed to buy gold. You may also want to avoid places that haven’t been in business long. Choose places like Hat City Pawn, who have been in business and have a strong reputation for offering the best gold prices to their customers.

Better Business Bureau

Pawning or selling your gold is a serious decision. Before you pawn or sell your gold, it doesn’t hurt to check with the Better Business Bureau (BBB). A place may look professional and reputable, but in reality it may be a questionable business. You can avoid the pawn shops and gold buyers with a bad reputation by quickly checking with the BBB.

Independent Appraisal

Prior to going to a pawn shop or gold buyer, you may want to get an independent appraisal of your gold jewelry, coins and bullion. It will equip you with the knowledge to make an informed decision when you walk in to pawn or sell your gold. You can’t get the best price for your gold if you don’t know how much it is worth.

An independent appraisal can also help you identify collectible pieces that are worth more than their value in gold. You might have jewelry or coins that are worth a lot of money because they are rare or highly sought after by collectors. In this case, it helps to know what you’re dealing with before you decide to pawn or sell.

Compare Offers

You don’t buy a car without comparing offers, so why would you pawn or sell something as valuable as gold without doing a little comparison shopping. Most pawn shops and gold buyers will gladly give you an offer. In fact, some will even match or beat the prices of their competitors. Comparison shopping will help you get the best price for your gold.

Protected and Secure

Make sure that your gold jewelry, coins and bullion will be protected and secure if you decide to pawn them. The last thing you want to do is get a great pawn loan price for your gold and then lose it to theft or damage. Check with your pawn shop before you sign a pawn loan to ensure that your valuable gold items will be protected and secure for the duration of your pawn loan.

Know the Price of Gold

Gold prices change all of the time. Stay up-to-date on the price of gold. If you’re considering pawning or selling your gold, you’ll need to know what the price is at the time you’re pawning or selling in order to get the best price.

Set Realistic Expectations

Sometimes your gold jewelry will hold more sentimental value than its actual value for the gold it contains. Be realistic and don’t be offended when you get an offer that is lower than what you want to get because its your class ring or the ring your first sweetheart gave to you.