How Much Is a 14K Gold Chain Worth at a Pawn Shop?

A 14K gold chain is worth its weight in grams, multiplied by 58.3 percent, multiplied by the current price of gold per gram, minus the buyer's margin. There is no flat price for a 14K chain because two chains that look alike can differ by many grams. A thick solid rope chain can hold several times the gold of a hollow chain of the same length, so the scale decides the value, not the style.

In Pennsylvania, you do not have to take that math on faith. The state's precious metals law requires licensed dealers to post the prices they pay for precious metals where customers can see them, and the scales they use must follow rules set by the Pennsylvania Department of Agriculture. County sheriffs list both requirements in the responsibilities they hand to every licensed dealer. So before you hand over a chain in Westmoreland County, you can look for the posted price, watch the chain go on the scale and check the numbers yourself.

How Do You Calculate What a 14K Chain Is Worth?

Melt value is the worth of the pure gold inside a piece. Fourteen karat means 14 parts gold out of 24, or 58.3 percent. Gold is priced by the troy ounce, and one troy ounce equals 31.1 grams. Here is the formula with an example. The gold price below is only for the math, so check the live price on the day you sell.

1. Weigh the chain. Say it weighs 20 grams.

2. Multiply by 0.583 to find the pure gold. 20 grams times 0.583 is 11.66 grams of pure gold.

3. Convert the gold price to grams. If gold were $3,000 per troy ounce, that is about $96.45 per gram.

4. Multiply. 11.66 grams times $96.45 is about $1,125 in melt value.

That figure is the value of the gold content. It is not the offer.

Why Is the Offer Lower Than Melt Value?

A buyer pays less than melt value because the gold still has to be held, refined or resold before the shop sees any return. In Pennsylvania a dealer must keep each precious metal purchase unaltered for five full working days after reporting it, so money is tied up from the first day. Refiners also charge for their work. A fair buyer will show you the weight, the karat and the price per gram or pennyweight they are paying, so you can see how far the offer sits from melt value. If a buyer will not show you those three numbers, get another quote.

What Changes the Value of a Gold Chain?

Weight and karat do most of the work, but a few details move the number:

• Solid or hollow: Hollow chains look heavy and weigh little. The scale tells the truth.

• Tested karat: A stamp is a claim. Buyers test the metal, and a chain that tests under 14K is paid at the karat it tests.

• Clasp and repairs: Some clasps contain steel springs, and old repairs may have been done in a lower karat.

• Resale appeal: A clean, wearable chain in a popular style can be worth more to a shop than its melt value, because it can go in the showcase instead of to a refiner.

• Brand or maker: Signed designer pieces can carry a premium over gold weight.

A broken chain still has full gold value by weight. Our post on selling a broken gold chain in Greensburg covers that case.

Should You Sell the Chain or Pawn It?

Selling gives you cash and ends your ownership. A pawn loan gives you cash and keeps the chain yours as long as you repay the loan and interest by the due date. If the chain was a gift or you plan to wear it again, a loan may fit better. If it has sat in a drawer for years, selling is simpler. Our guide to the difference between a pawn loan and selling walks through both.

How Can You Prepare Before You Go?

• Weigh the chain on a kitchen scale that reads in grams to get a rough number.

• Look up the gold price that morning.

• Find the karat stamp on the clasp or end tab.

• Bring a valid photo ID, which Pennsylvania dealers must record.

• Bring the box or receipt if you still have them, though neither is required.

FAQ

How much is 1 gram of 14K gold worth?

Take the gold price per troy ounce, divide by 31.1, then multiply by 0.583. That is the melt value of one gram of 14K. A buyer's offer will be lower.

Do pawn shops pay by the gram or the pennyweight?

Either one. A pennyweight is 1.555 grams. Ask which unit the posted price uses so you compare offers the same way.

Does a 14K chain sell for more than a 10K chain?

At the same weight, yes. 14K holds 58.3 percent gold and 10K holds 41.7 percent.

Will I get paid the same day?

At The Pawn & Jewelry Exchange, if you accept the offer you are paid in cash on the spot.

Get a Free Quote on Your Gold Chain in Greensburg

The Pawn & Jewelry Exchange has served Greensburg since 2005 and buys gold chains in any condition, including broken ones. Bring your chain and a valid ID to 206 E. Pittsburgh St. for a free verbal appraisal, and we will explain how we reached the offer. No appointment is needed. Learn more on our Sell Your Items page.

Visit The Pawn & Jewelry Exchange or call (724) 836-7296 today. Contact us for more information.