Scrap Gold Calculator

Calculate the melt value of scrap gold based on weight, purity, and current spot prices

About the Scrap Gold Calculator

A Scrap Gold Calculator is an essential financial tool used by jewelers, investors, and individuals looking to liquidate old jewelry or coins. Unlike retail jewelry prices, which include costs for craftsmanship, brand premiums, and gemstones, the scrap value is strictly based on the weight and purity of the gold alloy. This calculator strips away those subjective markups to provide the 'melt value'—the raw market worth of the metal if it were melted down and refined back to 24-karat purity.

Most household gold is not pure; it is alloyed with metals like copper, silver, or zinc to increase durability. By inputting the weight in grams, ounces, or pennyweights and selecting the appropriate karat (such as 10k, 14k, or 18k), users can see exactly how much 'fine gold' they own. This tool is particularly useful during periods of high market volatility, allowing sellers to monitor their assets' value in real-time as the global spot price of gold fluctuates on the commodities exchange. Knowing the intrinsic value of your item ensures you receive a fair offer when visiting a refinery or pawn shop.

Formula

Value = (Weight × Purity Percentage × Spot Price) / Unit Conversion Factor

The Weight is the mass of the jewelry or scrap items. Purity Percentage is the gold content expressed as a decimal (Karat divided by 24). Spot Price is the current market value of one troy ounce of 24k gold. The Unit Conversion Factor adjusts the price based on your weight unit; if using grams, the factor is 31.1035 (the number of grams in a troy ounce). If weighing in pennyweights (dwt), the factor is 20.

Worked examples

Example 1: A seller has a 14k gold bracelet weighing 22 grams, with the current gold spot price at $2,000 per troy ounce.

1. Determine purity: 14k / 24 = 0.5833\n2. Calculate pure gold weight: 22g * 0.5833 = 12.8326g\n3. Convert troy ounce price to gram price: $2,000 / 31.1035 = $64.30 per gram\n4. Multiply pure weight by gram price: 12.8326g * $64.30 = $825.14\nTotal Melt Value: $825.14 (Note: This is based on a simplified 0.5833 decimal; 14k is officially 58.33% gold).

Result: $636.59. This represents the raw metal value before any dealer fees.

Example 2: A user has 15 pennyweights (dwt) of 10k gold rings with a spot price of $1,900.

1. Determine purity: 10k / 24 = 0.4167\n2. Calculate pure gold weight in dwt: 15 dwt * 0.4167 = 6.2505 dwt\n3. Calculate price per dwt: $1,900 / 20 = $95.00 per dwt\n4. Multiply weight by price: 6.2505 dwt * $95.00 = $593.80.

Result: $482.25. This is the intrinsic value of the 10k gold content.

Common use cases

Determining a fair asking price before selling broken necklaces or mismatched earrings to a local refinery.
Estimating the liquidation value of an inherited gold coin collection for estate planning or tax purposes.
Deciding whether to repair an old piece of jewelry or sell it for its raw metal value to fund a new purchase.

Pitfalls and limitations

Forgetting to subtract the weight of non-gold components like gemstones, pearls, or watch movements will result in a significant overvaluation.
Confusing gold-plated or gold-filled items with solid gold; plated items have negligible melt value and should not be calculated using this formula.
Mistakenly using standard avoirdupois ounces (28.35g) instead of troy ounces (31.1g) when weighing at home.

Frequently asked questions

how do I calculate the cash value of my old gold jewelry?

Scrap gold value is determined by its fine gold content, not its resale value as finished jewelry. You must multiply the total weight by the purity percentage (e.g., 0.585 for 14k) to find the actual gold weight before applying the current market spot price.

will a gold buyer pay me the full melt value?

No, gold dealers and pawn shops typically pay between 70% and 90% of the calculated melt value to cover their refining fees and profit margins. A calculator gives you the benchmark price so you can negotiate a fair percentage of the spot price.

how much is dental gold worth compared to jewelry?

Dental gold is usually not marked with a karat stamp and can range from 10k to 22k purity depending on its function. To get an accurate estimate, use a mid-range value of 14k or 16k, but a professional assay is necessary for a precise valuation.

what does 585 or 750 mean on gold jewelry?

The most common stamps reflect parts per thousand. For example, 585 means 58.5% gold (14k), and 750 means 75% gold (18k). If your gold is marked 417, it is 10k gold, containing 41.7% pure gold.

is a troy ounce the same as a regular ounce for gold?

Troy ounces are the standard unit for precious metals, weighing approximately 31.1 grams. A standard kitchen ounce is only 28.35 grams. Always ensure your calculator or scale is set to the correct unit to avoid underestimating your gold's value.