Sell Your Scrap Gold

Any gold item that is damaged, broken, unfashionable, or simply unwanted is considered scrap. This includes broken chains, odd earrings, scratched coins, dental gold, old watch cases, and even gold-plated items with thick enough plating. If it contains real gold and you want to sell it for metal value rather than as a collectible or piece of jewellery, it is scrap gold.

It is calculated based on the weight of the item, its purity (carat), and the current market spot price of gold. The formula is: weight in grams x purity percentage x spot price per gram = melt value. Dealers will deduct a margin of 5-20% from this melt value for their profit and refining costs. The best dealers pay 92-95% of melt value; avoid anyone offering less than 85%.

UK hallmark numbers indicate the gold purity in parts per thousand. 375 means 9ct (37.5% pure gold), 585 means 14ct (58.5%), 750 means 18ct (75%), and 916 means 22ct (91.6%). You may also see 999 (24ct/99.9% pure) on gold bars and coins. The hallmark is usually found on clasps, inside ring bands, or on small tags attached to chains. Items marked GP (gold plated), GF (gold filled), or RGP (rolled gold plate) contain very little actual gold.

Most dealers accept any quantity, but some have minimum thresholds — typically £50-100 worth of gold — especially for postal services where packaging and insured delivery costs need to be covered. High-street shops usually accept any amount. If you have a very small quantity (under 5 grams), it may be worth collecting more before selling to maximise the rate you receive, as some dealers offer better per-gram rates for larger quantities.

Payment timescales vary by dealer type. High-street gold shops and pawnbrokers typically pay cash on the spot. Online postal services usually issue payment within 24-48 hours of receiving and testing your items, via bank transfer. Some offer same-day payment if items arrive before a cut-off time. Always check the dealer's payment terms before sending your gold, and use insured, tracked postage.