If you have scrap gold, you may be considering selling it, but how do you determine its worth? Gold prices typically increase during economic downturns or in times of uncertainty such as war or inflation. However, before taking your gold jewelry, dental crowns, dentures, or other gold items to a buyer, you should accurately understand the value of your scrap to ensure you receive a fair price. Most gold buyers keep the value calculations under wraps, but this guide will inform you how to assess the worth of your scrap gold.

Sort Your Gold by Karats (Purity)

Step 1. Use a Loupe to Determine the Karat (Purity) Mark on Each Item.

Step 1

  • If you’re having trouble, you can ask a reputable gold buyer to check your gold. There is also a possibility that some items may be gold-plated; a buyer can identify this through chemical tests.
  • If you find a karat mark but still have doubts, be prepared to investigate further.

Step 2. Conduct Your Own Test on Items You're Unsure About.

Step 2

  • Acid Test: Purchase nitric acid and a file (or any material that can scrape off a layer of metal).
  • To test 14k (585) gold items, gently file a small area and apply a drop of acid. If it's real gold, the metal's color won’t change.
  • If it’s 10k gold, the metal will darken, and if it’s not gold at all, the acid will corrode the metal.

Step 3. Skey Test

Purchase a gold tester or a special pen that employs the Skey method. These testers are designed for 1000 tests and are reasonably priced. This test is a safe alternative to acid and can accurately verify the authenticity of metals like white gold.

  • Slowly draw a 5mm line on all suspected jewelry and make four strokes without lifting the pen from the metal.
  • Immediately draw the line on a piece of white paper. If the gold is less than 10k, the line will be light brown and will turn green within seconds.
  • If it’s 10k gold, the line will be light brown.
  • If it’s 14k (585), the line will be dark brown.
  • If it’s 18k, the line will be orange.
  • If it’s 22k, the line will be yellow.
  • If it’s 24k, the line will be red.
  • If there are no lines, it’s not gold.

Step 4. Store Gold Coins Separately from Other Gold.

Step 4

Keep gold coins separate from the rest of your gold. If you have gold coins, they may possess numismatic value that exceeds the value of the metal they contain. This usually depends on the coin's age, rarity, and overall condition. In this case, it’s best to have the coins appraised by a specialist. It’s certainly worth doing, as you may get more money this way.

  • If you have experience selling on online auctions, you could sell the coin online, but you might need a certificate of authenticity to convince buyers to pay a decent price. It also makes sense to offer secure payment conditions to allow customers to feel safe in the transaction. The advantage of an auction is that you could potentially get a much higher price (provided you know the true value of the coin) if multiple buyers are interested.

Determine the Weight of Your Gold

Step 1. Get a Scale for Weighing Scrap Gold.

Step 1

  • Purchase a jewelry scale. These scales can be bought online. They are the best option for accurately weighing gold, as they are designed for more precise measurements than regular scales.
  • Use regular kitchen scales if you cannot buy jewelry scales. If you have such scales at home, you can use them, but be aware that their accuracy may not reflect the actual weight of the gold.
  • Take your scrap gold to a jeweler for weighing.

Step 2. Weigh Your Scrap Gold.

Step 2

Weigh your scrap gold. Before weighing, ensure that the gold is sorted by karat. Place the items on the scale and allow it to stabilize before reading the value. It may be indicated by a needle on the scale, but more expensive models come with digital displays for quick and easy reading.

Step 3. Convert Ounces to Grams if Your Scale Shows Ounces.

Step 3

Convert ounces to grams if your scale shows ounces. 1 ounce = 28.3495231 grams.

  • Keep your calculations in one weight unit to simplify the process.

Determine the Value of Your Gold

Step 1. Find Out the Current Gold Price.

Step 1

Check the current price of gold. You can find this online or in your local newspaper. Gold is priced per troy ounce, which is equal to 31.1 grams. Gold prices fluctuate hourly based on supply and demand, so the price in the afternoon can differ significantly from what you saw in the morning.

  • It’s best to use the internet for the most current data. This can even be done with specialized mobile applications.

Step 2. Divide the Current Gold Price (per ounce in USD) by 31.1 to Calculate the Current Price of Gold per Gram.

Step 2

Divide the current gold price (per ounce in USD) by 31.1 to find out the current price of gold per gram. For example, if the current price per ounce is $1600, then the current price per gram will be $51.45 ($1600 / 31.1).

Step 3. Divide the Karat Number by 24, then Multiply the Result by the Current Price of Gold per Gram.

Step 3

Divide the karat number by 24, and then multiply the result by the current price of gold per gram. For instance, if you have 10k gold and its current price is $1600 per ounce, or $51.45 per gram ($1600 / 31.1), then your scrap gold's value will be USD $51.45 x 0.4167 = USD $21.44 per gram.

  • 10k = 10/24 = 0.4167
  • 14k = 14/24 = 0.5833
  • 18k = 18/24 = 0.750
  • 22k = 22/24 = 0.9167

Step 4. Keep in Mind that This Calculation is for Demonstration Purposes Only, and You Still Need to Determine the Actual Percentage of Pure Gold in the Items First.

  • When refining gold, the weight of the items decreases due to the loss of alloys used during the manufacturing process.[1] X Source

Step 5. Multiply the Price per Gram by the Weight in Grams.

Step 5

Multiply the price per gram by the weight in grams. If you have 10 grams of gold and calculated the price as $21.44 per gram, then your gold scrap is worth 10 x $21.44 = $214.40. Here are some examples:

  • If you have 5 grams of 14K gold scrap and the current price is $1,600, then $1600 divided by 31.1 equals USD $51.45. Multiply that number by 0.5833 (14K) to get $30.01 per gram. $30.01 multiplied by 5 grams equals $150.05.
  • If you have 15.3 grams of 10K gold scrap, $1600 divided by 31.1 equals $51.45, and that number multiplied by 0.4167 (10K) equals $21.44 per gram. $21.44 multiplied by 15.3 grams equals $328.02.
  • Most people use grams for these calculations, but some gold buyers use Pennyweight (DWT) instead of grams.