How to Calculate the Value of Scrap Gold

Have you seen all the ads on TV for scrap gold? They promise that if you send in your scrap gold they will send you cash for it. It sounds like a great way to make some quick money but it is important you know how much your gold it worth before sending it off. Make sure you do not get scammed and make sure you get compensated correctly for your scrap gold.

Difficulty: Easy

Instructions

Things You'll Need:

• scrap gold
• calculator
• maybe a magnifying glass
• scale

1. 
    

   The first thing you need to do is separate your scrap gold into the different karats you have. Make a pile of 14k, 10k, 24k, etc. Make a separate pile for anything that is gold plated. If you are not sure what karat your scrap gold is use a magnifying glass to look underneath or on the inside.

2. 
    

   Next you will want to weigh each pile of scrap gold that you have and record the number in grams. Do this for each pile you made in step 1 depending on the karat of your scrap gold.

3. 
    

   Find out the price of gold. You can usually find this in the local newspaper or by going to a website like goldprice.org. The price of gold the day of this article was $958 per 31.1 grams.

4. 
    

   Now that you have the price of gold, divide it by 31.1 to find out the price per gram. For instance, if gold is $958 for 31.1 grams, $958 divided by 31.1 is $30.80 per gram.

5. 
    

   Go back to the list you created in step 2 where you weighed each different type of scrap gold. Depending on the quality of the gold (amount of karats) the scrap gold will be worth more of less. Generally, you can use these numbers: 10KT = 10/24 = .4167, 14KT = 14/24 = .5833, 18KT = 18/24 = .750. Multiply the price per gram ($30.80 on the day of our article, see step 4) by the type of gold you have. If it is 24K then use the price per gram you calculated in step 4. For example if you were looking at your 14 karat scrap gold, you would multiple $30.80 by .5833 and you would get $17.97. The is what your 14 karat gold is worth per gram. The multiple that by the number of grams you have you you know how much your scrap gold is worth.

Tips & Warnings

• You can convert ounces to grams by multiplying by 28.35 if you don't have a scale in grams.
• Knowing what your scrap gold is worth will ensure you do not get scammed!
• If you have any gold coins get them appraised because historic value may exist!
• If you are selling your scrap gold remember the person buying it will want to make money so they probably won't pay full price. Expect to get between 10-30% less than the full value.
• Gold fluctuates daily so check for the right price of gold before calculating the value of your scrap gold.

[vallain]

on 3/14/2009 Very helpful about weighing the gold and checking the carets. Thanks.

[3CMom]

on 3/8/2009 Always wanted to know how much all my old gold is worth, thanks for sharing! Great article *****

[scubatim]

on 2/20/2009 This is a great article if someone is looking for a few extra bucks! 5*

[TheGlamSquad]

on 2/18/2009 Very interesting! Thanks for sharing! 5*****

[WordWhizKid]

on 2/17/2009 Thanks for the very useful formulas, this would be hard to figure out on one's own. 5*s!