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Selling Gold for the Best Price: Grams Vs Pennyweights

When you are selling your unwanted or scrap gold, it can be difficult to choose a gold buyer, as nearly all will claim to have the best prices. To figure out who is really making you the best offer, you need to pay close attention to what unit is being used to weigh your gold.

There are three units of measurement that are commonly used for weighing gold: the troy ounce (ozt), the gram (g), and the pennyweight (dwt). A troy ounce is equal to 20 pennyweights, or about 31.1 grams.

When you’re selling your gold, the two units you need to worry about are grams and pennyweights. A pennyweight is equal to approximately 1.555 grams. The actual mass and value of your gold does not change based on what unit is used to measure its weight, but some buyers will still manipulate these numbers to try to trick you into giving up your gold for a lower price.

One problem lies in the different buying rates for the different units. Let’s say that Buyer A is offering $10 per gram for 10K gold, and Buyer B is offering $13 per pennyweight. At first glance, $13 seems like a better deal. However, since a pennyweight is equal to about 1.555 grams, the price per pennyweight should also be about 1.555 times the price per gram. So, if 10K gold is going for $10 per gram, it should sell for $15.55 per pennyweight – meaning that Buyer B’s rate wasn’t so good after all.

One way a buyer can use these different measurements against you is by weighing your gold in pennyweights but charging the gram rate. Remember, 1 pennyweight is equal to about 1.555 grams. So if you have 12 grams of gold to sell, that’s about 7.7 pennyweights. If the buyer is offering $13.50 per gram of 14K gold, you should get get $162 dollars from an honest gold buyer. However, if the buyer tries to offer you the gram rater per pennyweight, that would only be $103.95 – nearly sixty dollars less! This is one reason why it is a good idea to have your gold weighed and valued by multiple gold buyers before you make a decision.

Source by Jonathan Sommers

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