To determine how much you can get for scrap gold, you first need to know what exactly is scrap gold. Scrap gold can be anything from single earrings, gold teeth fillings, to other random, broken pieces of jewelry. Scrap gold is generally lower quality gold and jewelry pieces, or really anything that has gold in it.
You may have some high-quality items to sell as well, which would not be considered scrap. If you have certified gold bars, certified gold coins, or high-quality antique jewelry, you are going to get a much better deal if you find a dealer or broker for these kinds of items. For you jewelry, you would go to antique jewelry boutiques or antique dealers. For coins, your best bet is finding a coin dealer.
Step 1. Separate Your Scrap Gold into Groups
Some gold pieces may require testing to determine it’s gold content, but it may not be worth the price when you’re selling just scrap gold.
In addition, some gold items may simply be gold-plated and not actually contain gold inside. This is OK, especially if you are selling to a scrap gold buyer. You may not get a lot of money for it, but if you don’t need it you might as well sell it for what you can.
Step 2. Determine the Total Weight of Each Group
You can find a gram scale for about $10 at your local office supply store, or you could buy a digital scale for more accuracy. If you do not have more than a handful of scrap gold to sell, there is no need to spend money on a digital scale.
You want the weight of each group to be in grams, since is the common unit of measurement with metals.
Step 3. Use Our Scrap Gold Price Calculator or do it Yourself!
Now that you have the total weights of the different types of scrap gold, you can use our scrap gold calculator for getting the estimated price for your scrap gold.
To do this by hand, you can get today’s gold price and divide it by 31.1. Gold on the open market is priced by the troy ounce (For example, $950 per troy ounce, and one troy ounce is 31.1 grams)
For each group of gold, multiply the karat by 24, then multiply that number by today’s price per gram. For example, if you have 10KT gold and the current price of gold is $28.94 per gram ($900.00 / 31.1), then the price of your scrap gold is $28.94 x .4167 = $12.06 per gram.
Once you have the per gram price, you can multiply the total weight of each group by the price per gram of each group.
For example, 10 grams of 10 karat gold at $12.00 per gram = $120.00.
It is much easier to use a Scrap Gold Calculator then doing it by hand!
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