DECATUR LOCATION

(217) 875-6625

Monday-Friday 10:00 a.m. – 5:30 p.m
Saturday 10:00 a.m. – 4:00 p.m

MT. ZION LOCATION

(217) 864-3741

Monday-Friday 10:00 a.m. – 5:30 p.m
Saturday Closed

Cash For Gold

We buy silver & gold coins, silver & gold jewelry & paper money

In Decatur & Central Illinois, there are a lot of choices to choose from to sell your gold or silver. Who should you choose? Decatur Jewelry & Pawn has been actively buying and selling precious metals for over two decades now. We opened 24 years ago and have been the leader in the pawn and precious metal industries since then. With a staff of 21 experts, we can evaluate your items, usually within minutes.

How much will you get for your gold or silver when you offer it for sale? Here is a chart of a few things you should know first. When you see or hear in the news, or google gold on your phone or tablet, you will get the price for one ounce PURE gold, or .999 fine quality.

All gold jewelry is is a combination of pure gold and a mixture of “metal alloys.” Jewelry is usually made in either 10k, 14k, 18k or 22k. Rarely is gold ever made in pure 24k. It is just too soft. Below are the percentages of pure gold in each karat.

10k gold = 41.7% gold

14k gold = 58.5% gold

18k gold = 75.0% gold

21k gold = 87.5% gold

24k gold = 99.9% gold

So, now that you have a better understanding of how gold is less pure the farther it gets from 24 karat, you should get a clearer picture of how gold is priced based on the “daily spot price.”

Let’s say today, gold is $1,300 per ounce. That price is for pure 24k gold, one ounce of the precious metal. Using the above chart, you can see the gold purity of each different karat.

Please call our experts to get a better understanding of these facts before you sell to anyone. We will explain it to you so you know you’re getting the best price possible for your gold and or silver.

We hope that you have a more clear understanding of how gold is priced. There are a couple of other factors to understand. First, no one gets paid these prices, not even us! We must pay precious metal refiners a processing fee to melt and retrieve the gold we send them. These fees usually are 2% to 5%. Also, refiners will pay a percentage of the gold retrieved, mostly around 98%. This is how they make their money and pay their staff. Second, a lot of gold is under-karated. Sometimes, manufacturers will make 14k jewelry that is supposed to be exactly 58.5% gold, but sometimes the lot of rings are actually 56 or 57% gold. This is very hard to tell. Then, most importantly, we have to make a small percentage of the transaction in order for us to stay in business and pay our staff and expenses also. Hopefully, with this information, you will be able to do research yourself and will know if the offer you are getting by shopping around is fair and competitive. Let our staff help you before you visit any CASH FOR GOLD operation. To find out what we are paying today, pick up the phone and call the certified experts at 217-875-6625.

We will loan you cash for your gold & silver. Do you want to buy gold or silver for investment? We can help with that too. Check us out. You’ll be glad you did.

 
Call Now Services Directions