Scrap Gold Calculator
Report Bug Selling old jewelry can feel like walking into a trap. Dealers often quote prices in "Pennyweights" (dwt) or lump different karats together to confuse sellers. The Scrap Gold Calculator is your shield against being underpaid. It calculates the "Melt Value"—the theoretical maximum value of the pure gold inside your items—based on the current live Spot Price.
Whether you have a broken 14k chain or a heavy 10k class ring, knowing the mathematical value before you walk into the pawn shop gives you the upper hand in negotiations.
⚖️ The Refiner's Formula (Purity Math)
Gold is traded globally in "Troy Ounces" (31.1 grams), but jewelry is often an alloy. To find the value, we must first isolate the pure gold content:
US Karat Standards:
- 24k (100%): Pure Bullion / Coins.
- 18k (75.0%): High-end Jewelry (Luxury).
- 14k (58.3%): The US Standard (Most common).
- 10k (41.7%): The US Minimum for "Gold" (Class rings).
💍 Scenario: The "Cash for Gold" Offer
Let's calculate the value of a Heavy 14k Gold Chain weighing 20 Grams, assuming a Spot Gold Price of $2,500 per ounce.
| OFFICIAL VALUATION ESTIMATE | |
|---|---|
| Item Weight | 20.00 Grams |
| Purity (14k) | 58.33% Pure |
| Pure Gold Content | 11.66 Grams |
| FULL MARKET MELT VALUE | $937.50 |
|
⚠️ Typical Dealer Offer (70%-80%): $650 - $750 (They need margin for refining and profit) |
|
Strategic Insight: Never accept the first offer. If you know the melt value is $937, and they offer $400, you know it's a lowball. Aim to get at least 80-85% of the melt value from reputable refiners.
US Market Nuances: Don't Get Confused
- Troy Oz vs. Kitchen Oz: Gold is weighed in "Troy Ounces" (31.1g). Your kitchen scale measures "Avoirdupois Ounces" (28.3g). If you use a kitchen scale, you are underestimating the weight by nearly 10%!
- The "Pennyweight" (dwt) Trick: Many US dealers quote prices in "Pennyweight" because the number sounds lower/different.
Conversion: 1 Troy Oz = 20 dwt = 31.1 grams. - Gemstones: The melt value is for the gold only. Most scrap dealers will subtract weight for gemstones or offer $0 for them unless they are large diamonds.
Frequently Asked Questions (FAQs)
Is White Gold worth the same as Yellow Gold?
Yes. 14k White Gold contains the exact same amount of pure gold (58.3%) as 14k Yellow Gold. The color difference comes from the other alloy metals (Nickel/Zinc vs. Copper), but the gold value is identical.
What does "GF" or "GP" mean on my jewelry?
If you see stamps like 1/20 14k GF (Gold Filled) or 14k GP (Gold Plated), the item is virtually worthless as scrap. It is base metal with a microscopic layer of gold. Refiners typically do not buy these.
Can I sell Dental Gold?
Yes. Dental gold is usually high quality, often 16k to 20k. However, because it is difficult to test quickly without melting, some pawn shops may offer a lower rate or refuse it. Specialist refiners are the best place to sell it.
Why do dealers pay less than the Spot Price?
The "Spot Price" is the stock market price for pure 24k bullion delivered in large bars. Scrap gold is "dirty"—it needs to be melted, refined, assayed, and re-casted. Dealers deduct 10% to 30% to cover these refining costs and their business overhead.
What is "Plumb Gold" (14kp)?
If you see 14kp, it stands for "Karat Plumb." This is a good thing! It means the gold is guaranteed to be exactly 14k (58.3%) or higher. In the past, US law allowed "14k" to be slightly under karat (e.g., 13.5k), but "Plumb" meant exact.
