If you’re trying to sell gold in Houston, you’re trying to get the best price for your metal. But how do you know that’s the case when so many buyers advertise “Top Dollar” or “Guaranteed Highest Payouts?” The truth is you have to do some research and you have to do your homework.
If you choose to sell gold to a merchant and they give you the offer in pennyweight. The symbol for pennyweight is (dwt), so if you see that they have given you a pennyweight value, ask them for grams. Using pennyweight with the general public is often used as a way to confuse customers. Measuring in grams is the standard, measuring in pennyweight is non-standard and usually only used by refiners and jewelers, not gold buyers.
Unscrupulous gold buyers often use pennyweight measurements to distract a buyer or confuse them. Truth be told, grams work fine and there’s no real reason to use pennyweight. But if you do get a dealer offering you pennyweight, you can convert. A gram multiplied times 1.555 is a pennyweight.
So for example if someone says they’ll give you a price of $27 per pennyweight for your 14K gold, that’s actually a very low price. You can convert it to grams by dividing the total dollars offered or the per pennyweight by one and a half. The reverse is also true, of course. You can figure pennyweight to grams by multiplying by one and a half.
(dwt) X (1.555)=grams
(grams) / 1.555=pennyweight
The main thing to remember is there’s no reason for anyone to quote you, the general public, in pennyweight. That’s a measure that’s used almost exclusively by refiners and jewelers and has no place in a gold buyer’s store.
So if you’re going to sell gold in Houston, remember – don’t get fooled by pennyweight. Ask for it in grams. You’ll get more money for your gold.