FAQS

Common Questions About Selling Gold

• Q: Will my gold and jewellery be safe with you?

  Each location of Common Exchange has the highest standards of safety and security. Your gold and jewellery go directly into one of our fire rated safes and is not handled, touched or even looked at again until you come back to claim it.

• Q: How much is my gold worth?

  Every item we see is unique. Even gold that has been classified can be very unique. The only way we can know what any item is truly worth, is to see it in person. We can often estimate by phone, but the only way to be sure is to take a look. We always pay the highest dollar values of anyone in BC for your gold.

• Q: What does “Karat” of gold mean?

  "Karat" refers to the purity of the gold alloy rather than a measure of weight, it is a measure of purity, and therefore of quality. Other alloys are added to lower quality gold to make it go further but also reduce the quality of the gold at the same time:
  Pure gold is 24k gold.
  22kt gold is 91.6% pure and 8.4% other alloy.
  18kt gold is 75% pure and 25% other alloys.
  14kt gold is 58.5% pure and and 41.5% other alloy.
  10kt gold is 41.7% pure and 58.3% other alloy.
  6kt gold is 25% pure and 75% other alloy.

• Q: Do I need a job to pawn my gold or jewellery?

  All you need to pawn an item is a valid form of ID and an item of value. We don't do credit checks, we don't do employment verification, we don't even need a pay stub. Just your ID and your item. That's it. Really!

• Q: Will you do a credit check before I can pawn my gold or jewellery?

  We never do credit checks. Pawning an item is a "secured loan" meaning, you're leaving the item of value against the money you need now. So your personal credit is irrelevant to pawning. No credit checks, no employment verification. All we need is your ID and your item.

• Q: Can I pawn my gold and then decide to sell it instead?

  We understand that circumstances in life change. If you pawned an item with us and now wish to sell it instead, all you need to do is come in with your claim ticket, pay the outstanding interest, and we will be happy to discuss purchasing the item instead.

• Q: What do I do if I lose my claim ticket?

  When you pawn your item we start a file on you and your item that includes your phone number. This is for your protection. If you lose your claim ticket (and it happens a lot) all you need to do is call us, and we'll put a note on our system to check ID when claiming your item. That way, we know it's you when you come in.

• Q: How long can I pawn an item for?

  A typical pawn is 90 days or three months. Pawning an item is intended to be a short term fix to a temporary financial situation. We work with our clients to avoid getting themselves into the PayDay Loan cycle of servicing debt. Instead our goal is to be a reliable source for short term cash flow assistance.

• Q: What happens if I want to pawn it for longer than 90 days?

  No problem. Just visit the location you pawned your item with, bring your claim ticket, pay your interest to date, and we'll give you a new claim ticket for another 90 days.

• Q: What happens if I don’t claim my gold or jewellery after 90 days?

  Our goal is to work with you to get your item back. Contrary to what many believe; we don't want to claim your item, we want to get it back to you! So we will proactively call you and do our best to get hold of you to return your item to you. If you need more time, no problem we can work with you to give you more time or start a new pawn term.

• Q: What are the fees to pawn my gold?

  We strive to be transparent in our fees and costs. There is a one-time $2 fee when you pawn your item, and then 10% per month. So for example, if you pawned jewellery for $100, your fees will be:
  Month 1: $12 ($10 in interest plus your $2 fee)
  Month 2: $10
  Month 3: $10
  That's it. Pretty straight forward and transparent.

• Q: What is the interest rate for pawning my gold or jewellery?

  Our interest rates are 10% per month for the value of the pawn. In addition there is a one-time $2 fee when you pawn your item. For example, if you pawned gold for $100, your fees will be:
  Month 1: $12 ($10 in interest plus your $2 fee)
  Month 2: $10
  Month 3: $10