Scrap Gold Calculator
Work out the melt value of scrap gold from its weight in grams, pennyweights or troy ounces, its karat and today’s gold price, plus what a buyer might pay.
Results
| Item | Value |
|---|
Quick Answer
Scrap gold value = weight in grams × (karat ÷ 24) ÷ 31.1035 × gold price per troy ounce. A 10 g 14K chain holds 5.833 g of pure gold. With gold at $2,400 an ounce, its melt value is about $450.11. Buyers usually pay a share of melt value, so at 80% you might be offered about $360.09.
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Table of Contents
- Scrap Gold Calculator
- Quick Answer
- Related Calculators
- How This Scrap Gold Calculator Works
- How to Use the Scrap Gold Calculator
- Scrap Gold Formulas
- Key Terms
- Worked Example
- Real-Life Examples
- Troy Ounces vs Regular Ounces
- Gold Karat Chart
- Why Buyers Pay Less Than Melt Value
- Common Mistakes to Avoid
- Frequently Asked Questions
- References & Sources
How This Scrap Gold Calculator Works
Enter the weight of your gold item, choose the unit and karat, and type in today’s gold spot price per troy ounce. The calculator works out how much pure gold the item contains and what that gold is worth at the spot price, its melt value. Add the payout percentage a buyer offers to see the cash you might get.
Quick explanation: karat tells you how many parts in 24 are gold.
- 24K is fine gold; 18K is 18/24 = 75% gold.
- 14K is 58.3% gold and 10K is 41.7% gold.
- Gold is priced per troy ounce, which is 31.1035 grams.
How to Use the Scrap Gold Calculator
- Weigh the gold and enter the weight.
- Choose grams, pennyweights or troy ounces.
- Pick the karat from the stamp, such as 14K or 585.
- Enter today’s gold spot price per troy ounce.
- Optionally, enter the buyer’s payout percentage, then press Calculate.
Scrap Gold Formulas
- Purity: karat ÷ 24
- Pure gold (g): weight (g) × karat ÷ 24
- Troy ounces of gold: pure gold (g) ÷ 31.1034768
- Melt value: troy ounces of gold × spot price
- Unit sizes: 1 pennyweight (dwt) = 1.55517 g; 1 troy ounce = 20 dwt = 31.1035 g
Key Terms
- Karat: a measure of gold purity in 24ths; 24K is fine gold.
- Melt value: the value of the pure gold in an item at the spot price.
- Spot price: the current market price for one troy ounce of fine gold.
- Pennyweight (dwt): 1/20 of a troy ounce, about 1.555 grams.
- Payout: the share of melt value a buyer offers you.
Worked Example
You have 20 pennyweights of 10K gold, and gold is $2,400 per troy ounce.
- Weight in grams = 20 × 1.55517 = 31.10 g
- Pure gold = 31.10 × 10 ÷ 24 = 12.960 g
- Troy ounces = 12.960 ÷ 31.1035 = 0.4167 ozt
- Melt value = 0.4167 × $2,400 = $1,000.00
Real-Life Examples
- Broken chain: 10 g of 14K at $2,400 an ounce is worth $450.11 at melt.
- Class ring: 20 dwt of 10K is worth $1,000.00 at melt, or $700.00 at a 70% payout.
- 22K bangle: one troy ounce of 22K holds 28.51 g of gold, worth $2,200.00.
- Comparing offers: on a $450 melt value, a 90% offer is $135 more than a 60% offer.
Troy Ounces vs Regular Ounces
- Troy ounce: 31.1035 g, used for gold, silver and other precious metals.
- Regular (avoirdupois) ounce: 28.3495 g, used for food and everyday weights.
- Watch out: a kitchen scale in ounces reads about 10% more ounces than troy ounces for the same item.
Gold Karat Chart
Stamps show parts per thousand.
| Karat | Gold content | Common stamp | Pure gold in 10 g |
|---|---|---|---|
| 8K | 33.3% | 333 | 3.33 g |
| 9K | 37.5% | 375 | 3.75 g |
| 10K | 41.7% | 417 | 4.17 g |
| 14K | 58.3% | 585 | 5.83 g |
| 18K | 75.0% | 750 | 7.50 g |
| 22K | 91.7% | 916 | 9.17 g |
| 24K | 100.0% | 999 | 10.00 g |
Why Buyers Pay Less Than Melt Value
A refiner has to melt, assay and refine scrap gold, and each dealer in the chain takes a margin, so offers are below melt value. Pawn shops and mail-in buyers often pay much less than local jewelers or refiners, so get several quotes. Ask each buyer for their payout as a percentage of melt value and for the spot price they are using, then check the numbers here.
Also weigh the items yourself. Gold buyers often use pennyweights, and a scale that shows dwt or grams lets you check their weighing. Remove gemstones where possible, and remember that gold-filled and gold-plated items contain very little gold.
Common Mistakes to Avoid
- Using regular ounces. Gold prices are per troy ounce, 31.1035 g.
- Weighing stones with the gold. Stones add weight but no gold value.
- Treating gold-filled as solid. GF or plated items hold very little gold.
- Using an old price. Gold prices move every day; use today’s spot price.
- Taking the first offer. Payouts vary a lot between buyers.
Frequently Asked Questions
Multiply the weight in grams by karat ÷ 24, divide by 31.1035, and multiply by the spot price per troy ounce.
14K is 14/24 = 58.3% gold.
31.1034768 grams.
1/20 of a troy ounce, or about 1.555 grams, often used by gold buyers.
It varies widely by buyer. Get several quotes and compare them as a percentage of melt value.
Parts per thousand: 585 is 14K and 750 is 18K.
24K is fine gold, often stamped 999 or 9999.
Yes, but dental alloys vary in gold content, so a buyer will assay it.
Retail jewelry prices include design, labor and markup, not just gold.
References & Sources
| Source | Used For | Link |
|---|---|---|
| NIST, Guide to the SI, Appendix B.8 | Troy ounce and pennyweight in grams. | https://www.nist.gov/pml/special-publication-811/nist-guide-si-appendix-b-conversion-factors/nist-guide-si-appendix-b8 |
| FTC Jewelry Guides, 16 CFR 23.3: Misrepresentation as to gold content | Fine gold is 24 karat; karat fineness designations. | https://www.ecfr.gov/current/title-16/chapter-I/subchapter-B/part-23/section-23.3 |