UK sellers have four main routes: specialist bullion dealers (in person in London’s Hatton Garden or Birmingham’s Jewellery Quarter, or online), postal gold-buying services, high-street pawnbrokers, and auction houses for items with collector value. Bullion dealers almost always pay the highest percentage of melt value for standard scrap and coins, because they can resell or refine efficiently.
Postal services are convenient but vary enormously — independent tests have found offers ranging from under 60% to over 90% of melt value for identical items. Always use a service that quotes a price per gram upfront, insures your items in transit, and returns them free if you decline. Read the small print on “valuation fees” and never send anything to a service that pressures you to accept within a short window.
Pawnbrokers are fast but typically pay the least, because their business model assumes you may redeem the item rather than sell it outright. They are a last resort for quick cash, not the best route for maximising value. Auction houses suit antique or designer pieces where craftsmanship, age or provenance adds value beyond the metal — expect to pay seller’s commission of 10–20% and a longer wait for payment.
Whatever the route: know your melt value first, get multiple quotes, check the buyer is a member of the National Association of Jewellers or has verifiable reviews, and never sell at a venue that won’t let you walk away and think. A reputable buyer will explain their offer and how they calculated it; an evasive one is a red flag.
For coins specifically — Sovereigns, Britannias and the like — a bullion dealer will usually pay closer to spot than a general jeweller or pawnbroker, because they have a ready market of buyers. Use our Sovereign and Britannia calculators to know the live melt value before you approach any buyer, so you can judge whether an offer is fair or simply convenient.