Please Be realistic.
When you walk into a “Cash For Gold” shop, that old class ring might provide you with some extra walking-around cash, but it won’t make you rich.
Scrap dealers will only pay you for the amount of gold in your jewelry, and “very few things are made of solid gold,”
For example, a 14-karat ring is only 58% gold; the rest is just base metals.
Oh, that class ring… 99 out of 100 times I’ll bet it’s only 10K gold, or only 41.3% pure.
Before making an offer, a buyer may perform what’s known as a “karat fineness” test — which involves scratching the metal — and applying acid to the gold dust to determine the actual gold content.