Scrap Gold Calculator

If you have broken jewelry, old coins, or dental gold, you might be sitting on a surprising amount of cash. A scrap gold calculator helps you estimate the melt value of your items before you sell, so you can walk into any transaction with confidence. Here’s how it works and what you need to know to get the best price.

How the Scrap Gold Value Is Calculated

The calculator above uses the current live spot price of gold and lets you adjust for weight, karat, and any processing fees or deductions. It returns an instant estimate of your gold’s melt value based on these inputs. The underlying formula is straightforward:

Value = Weight × (Karat / 24) × Spot Price per unit weight

For example, suppose you have 10 grams of 14K gold and the spot price is $60 per gram. The purity of 14K gold is 14/24 = 0.5833 (58.33% pure gold). Multiply: 10 × 0.5833 × $60 = $349.98. That’s the theoretical melt value before any buyer discounts.

Understanding Gold Purity: Karats and Fineness

Gold purity is measured in karats (K or kt) or millesimal fineness. The higher the karat number, the more pure gold the item contains. Here are the most common hallmarks and their gold content:

• 24K (999 fineness) – 99.9% pure gold
• 22K (916) – 91.67% gold
• 18K (750) – 75.0% gold
• 14K (585) – 58.33% gold
• 10K (417) – 41.67% gold

If your gold is not hallmarked, or the mark is worn, a jeweler can test it with acid or an electronic tester.

Factors That Affect Your Scrap Gold Price

Even with an accurate melt value from the calculator, the actual amount a buyer pays will differ. Several factors influence the final offer:

• Spot price volatility: Gold prices change throughout the day. The calculator updates the price automatically, but an offer may be based on a slightly different spot price if there’s a time lag.
• Refining and processing fees: Refiners typically deduct 5% to 20% from the melt value to cover their costs and profit. Online refiners often quote a higher percentage of the melt value than local pawn shops or jewelers.
• Weight accuracy: Jewelry scales that weigh to 0.1g or 0.01g give the most reliable reading. Even small errors can shift the dollar value noticeably.
• Condition and impurities: Gold items that contain solder, springs, or other non-gold parts will assay at a lower purity. The refiner discounts accordingly.

How to Weigh and Test Your Gold

To get a precise estimate from the calculator, follow these steps:

1. Remove non-gold components. Take out gemstones, clasps, or steel parts. Weigh only the metal.
2. Use a digital scale. A kitchen scale with 0.1g or 0.01g resolution works well for most items. For very small pieces, use a jeweler’s scale.
3. Verify the purity. Look for a karat stamp. If none exists, have the item tested with an electronic gold tester or acid kit. Never rely on a visual guess; the difference between 14K and 18K is hundreds of dollars per ounce.

Where to Sell Your Scrap Gold

Once you know the melt value, you can compare offers from different buyers:

• Online gold refiners: Often pay 80%–90% of the spot melt value. They have higher volumes and lower overhead, but you need to mail your items.
• Local jewelers and coin shops: Typically offer 50%–70% of melt value. They may pay more if you are trading in for new jewelry.
• Pawn shops: Usually the lowest payouts–sometimes as little as 30%–50% of melt value–because they factor in resale risk and storage costs.

Call around or check websites for their current scrap gold buy prices, expressed as a percentage of spot, and compare with your calculator estimate to ensure you aren’t leaving money on the table.

This article is for informational purposes only. Gold prices are volatile, and actual offers may differ from the calculated estimate. Always verify the current spot price and consult with a professional before selling.