Use our handy free scrap gold calculator below to make sure you don’t get ripped off when selling your scrap or unwanted gold pieces. First weigh your gold using digitals scales. If you don’t have scales you can buy this American Weigh Signature Series for just $8. Once you know how much your gold weighs look for the tag or marking to figure out what karat gold you have 1 oz of 24 karat is worth $1232.55 (price is live) while 1oz of 22 k at just 91.7% pure is worth $1141.67. Next use our scrap gold calculator below to figure out the true gold scrap price. Then read this article to learn how, when, and why you should sell your scrap gold. Make sure you are informed. Please share and like this article.
Current Gold Price: $1245.00/oz
Help Selling Scrap Gold
When it comes to selling scrap gold, people can get confused about a lot of things which means not only are they concerned about getting the real value for their scrap, but also about what can be sold and even where to sell it. Knowledge is your friend here and knowing about gold, scrap, how to sell it and where to sell it can give you the confidence you need to turn that scrap gold into real money.
Scrap gold, unlike gold bars, bullion coins or even mined or panned gold is more common than you think. It usually comes in the form of broken or junk jewelry that accumulates in drawers and jewelry boxes. Old gold rings with missing settings, broken bracelets and bent and tangled necklaces can be turned into money you can use for whatever you want. However, with a pile of scrap gold in front of you, how do you do that?
First Things First
First, you’ll want to find a reputable dealer to work with. Finding a dealer who has been in business for year and has a good reputation with the Better Business Bureau will give you the best return on your scrap gold value. Pawn shops and places that have a less than professional atmosphere have a tendency to not give you as much as you deserve.
Difference Between Scrap & Jewelry
Next, understand this is jewelry. When you buy it, you’re paying for the “artistic value”, the labor for the workmanship, stones such as diamonds, rubies or even garnets as well as the value of the gold. Also, keep in mind that jewelry isn’t actually “solid gold”. Gold is a very soft metal. This means, since jewelry is designed to be worn, the gold is mixed with other metals to make it more durable. Somewhere on the jewelry should be a tag or hallmark that states the “amount” of gold in each item.
- 24k stands for 24 karat gold. This shows the piece of jewelry is “pure gold”, or contains the most gold a piece of jewelry will have.
- 18k – 18 karat gold. This means the jewelry is 75% gold and 25% other metals such as copper for added strength.
- 14k – 14 karat gold. For jewelry marked 14k, it contains 58.3% gold and 41.6% other metals.
- 10k – 10 karat gold. This is the lowest level of “gold jewelry” manufactured. It is 41.6% gold and 58.3% other metals. It still looks like gold jewelry and contains a good amount of gold, but as it is less than half gold, it is also significantly less valuable.
What to Exptect
When you go to a dealer to sell your scrap gold, the jewelry will be divided into its different karats for weighing. Once a weight (in grams) is determined for the amount of gold in each group (weight times the percentage of gold), the dealer will then use the current gold spot value to determine the amount he will give you for your scrap gold. Breaking down the process and understanding gold scrap evaluation makes it a lot easier to feel confident when you want to turn your scrap jewelry into cash.
All Karats Per Todays Prices USD (gram)
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