ANSWERS: 1
  • One of the most popular ways to earn extra cash in the past few years, especially with rising gold prices, is selling scrap gold. Chances are good that you have some scrap gold laying around the house.

    Identification

    Anything that contains gold that you either are no longer able or want to use becomes scrap, reports goldprice.org. Common scrap gold includes bent or cracked jewelry, gold flakes, out-of-style fashion and gold coins.

    Function

    Most people tend to sell scrap gold, reports goldprice.org. Deciding to scrap gold usually means you have gold items collecting dust, or your broken gold products cost too much to fix.

    Types

    Not all scrap gold is alike, reports MSN Money Central. There are three main varieties of gold, 18 karat (75 percent gold), 14 karat (58.3 percent gold) and 10 karat (41.7 percent gold).

    Value

    How much you can sell your scrap for depends on the grade of gold and the current price of gold. While gold prices can fluctuate wildly, they hovered over $1,000 per troy ounce in 2009, reports MSN Money Central.

    Tips

    Goldprice.org suggests people selling scrap gold document every step of the process--from emails and phone records to actual photographs of the scrap. Take off any non-gold parts you wish to keep.

    Source:

    GoldPrice.org; Selling Scrap Gold

    MSN Money Central; How to Sell Your Old Gold Jewelry

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