A gold medal's value rests on two separate things: its melt value (fineness x weight x the public spot price) and any collectable premium. Since spot is identical for every buyer, what really decides your payout is the buyback rate — the percentage of spot the dealer pays — so compare that figure before you sell.
Three factors set the floor: fineness, weight and the day's spot price. Fineness is the gold purity, usually stamped on the medal or its rim: 24k is 999 thousandths, 22k is 916, 18k is 750, 14k is 585 and 9k is 375. A buyer weighs the piece, multiplies its net gold content by the public spot price, and that gives the raw melt value. Because the spot price is quoted openly and is the same for every dealer on any given day, the melt calculation is not where buyers differ — the difference lies in the rate they pay against it. Watch for baser alloys or a gilt (plated) medal, which contains almost no recoverable gold and is priced as a curio, not as bullion.
A medal can carry a numismatic premium that lifts it well above melt value. Unlike a scrap chain, a struck commemorative or award medal may be collectable: rarity, the issuing mint, the year, the engraver, limited mintage and condition all add a premium a refiner would ignore. A worn, common medal is usually valued for its metal alone; a rare, well-preserved piece in its original case may be worth considerably more to a numismatist than to a gold buyer. If you suspect collectable interest, get a specialist opinion before selling for melt — once it is refined, that premium is gone for good. Keep any certificate, box or paperwork, as documented provenance supports the higher valuation.
The transaction is regulated, and those rules protect you. Payment cannot be made in cash: the buyer must pay by bank transfer or cheque, so the sale is traceable. You must show valid photo ID, and the dealer is required to record the sale in an official police register. On tax, the sale of precious metals falls under a flat-rate levy on the sale price, or you may opt for the capital-gains regime if you hold proof of the original purchase — the latter can reduce or cancel tax on items owned for a long time. Ask which basis applies before you agree. To weigh offers side by side, compare gold buyers in your city.
A fineness mark (999, 916, 750, 585 or 375) is a strong indicator, but plated or fake pieces can be stamped too. A reputable buyer will test the metal, and testing is standard practice rather than a sign of distrust.
If it is common and worn, melt value is usually the realistic option. If it is rare, dated or in fine condition with its original case, seek a numismatic valuation first, because refining destroys any collectable premium permanently.
No. In France, payment for precious metals must be traceable, meaning bank transfer or cheque. Any buyer offering cash is not following the rules, which should make you cautious about the rest of the deal.