If you want to pawn your gold in Chicago, know that shops vary greatly in terms of experience and pay outs. Not every one has the expertise to evaluate gold jewelry and coins. If they don’t have equal years in buying and selling, they may low ball a customer, or otherwise mess up on the most important part of the transaction: giving you money. So it pays to come to the right place.
The next question is, How Do You Know What Your Gold is Worth?
Many people who own gold jewelry, coins or bars are not sure what purity or value they hold. At our shop, we will gladly go over whatever you bring in, and correctly identify it for you. Most gold ranges from 10k to 24k, and it is important to know the difference.
Gold that is 24k (karat) is known to be 99.9 percent pure. Since the measure of gold purity has a 24-parts basis, there is no higher form of gold than 24k. It is bright yellow in color.
Most gold jewelry is made of 14k gold, and 18k is also common. What is their purity? Remember, Karats measure the parts per 24, so that 18 karat = 18/24 = 75% and 14 karat gold is considered 58% gold. I will put a list of percentages below.*
Not only does purity vary among different pieces of jewelry. It also varies between different gold coins. For example, Canada’s 1-ounce Gold Maple Leaf offers .9999 fine gold. It is nearly 24k with a minute amount of filler added for hardness. In contrast, the American Eagle 1-Ounce Gold Coin is only 22k. You can tell the difference by what is printed on the coin, referring either to karats or fineness, as in “.9999 fine gold.”
To have your gold tested and appraised, you can turn to a pawnbroker in Chicago who specializes in buying and selling Gold, Silver, Jewelry and Coins. We have been appraising our customers’ jewelry, coins and bars for five generations. You should only appraise your valuables with people you can trust.
You can call us at 773-942-6556, or drop by our Rogers Park shop.
7048 N. Clark St.
Chicago, IL 60626
*24 karat = 100% gold or Pure gold
22 karat = 91.7 % gold
18 karat = 75.0 % gold
14 karat = 58.3 % gold
12 karat = 50.0 % gold
10 karat = 41.7 % gold
Next step? If you’re going to pawn, you should know who you’re dealing with. You can check our Google Reviews.