Scrap Gold Calculator
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Know the true bullion value of your unwanted jewelry before visiting a pawn shop or refinery. Use this Scrap Gold Calculator to compute pure gold weight, calculate exact scrap melt values based on live gold spot prices, and estimate cash offers across 10k, 14k, 18k, and 24k gold items.
The Formula for Scrap Gold Value
Calculating the raw bullion melt value of scrap gold requires converting gross item weight into fine gold weight and multiplying by live spot market prices:
Gold Purity Decimal = Karat Rating / 24
Fine Gold Weight (Grams) = Gross Item Weight (Grams) × (Karat Rating / 24)
Raw Gold Melt Value = Fine Gold Weight (Grams) × (Live Gold Spot Price per Troy Ounce / 31.1035)
Estimated Dealer Offer = Raw Gold Melt Value × Dealer Payout Percentage (75% to 90%)
Where:
- Karat Rating: Gold purity stamp (10k = 41.7%, 14k = 58.3%, 18k = 75.0%, 24k = 99.9%).
- 31.1035: Conversion factor representing exact grams per troy ounce.
- Pennyweight (dwt) Conversion: 1 Pennyweight (dwt) = 1.55517 Grams.
Scrap Gold Value Benchmark Matrix
Refer to the lookup table below for benchmark purity levels and melt values per gram at a sample live gold spot price of $2,350 per troy ounce ($75.55 per pure gram):
| Gold Karat Stamp | Purity % | Pure Gold / Gram | Melt Value ($2,350/oz Spot) | Typical Cash Payout (85% Offer) |
|---|---|---|---|---|
| 10K Scrap Gold | 41.67% | 0.4167 grams | $31.48 / gram | $26.76 / gram |
| 14K Scrap Gold | 58.33% | 0.5833 grams | $44.07 / gram | $37.46 / gram |
| 18K Scrap Gold | 75.00% | 0.7500 grams | $56.66 / gram | $48.16 / gram |
| 22K Scrap Gold | 91.67% | 0.9167 grams | $69.25 / gram | $58.86 / gram |
Step-by-Step Scrap Gold Calculation Example
Suppose you have broken 14k gold jewelry weighing 18 pennyweights (dwt) and the live gold spot price is $2,400 per troy ounce ($77.16/gram pure):
- Convert Pennyweights (dwt) to Grams: 18 dwt × 1.55517 = 27.993 grams gross weight.
- Calculate Fine Gold Weight: 27.993 grams × (14 / 24) = 16.329 grams pure gold.
- Calculate Total Intrinsic Melt Value: 16.329 fine grams × $77.16 per gram = $1,259.95 total melt value.
- Estimate Realistic Cash Payout (85% Refinery Offer): $1,259.95 × 0.85 = $1,070.96 cash payout.
Frequently Asked Questions
What is the difference between scrap gold value and retail jewelry value?
Retail jewelry prices include manufacturing labor, brand markup, retail overhead, and gemstones. Scrap gold value measures strictly the raw metal bullion weight melted down at refinery spot prices.
How do I weigh scrap gold correctly?
Weigh your scrap gold on a digital jewelry scale calibrated in grams or pennyweights (dwt). Ensure non-gold items (such as gemstones, watches, or steel springs) are removed before weighing.
What is a fair cash payout percentage for scrap gold?
Reputable online gold refineries pay between 80% and 90% of melt value. Local pawn shops and jewelry stores typically offer 60% to 75% of melt value to cover local retail overhead.
Is scrap gold sales income taxable?
In the U.S., capital gains on scrap gold sales are subject to IRS collectibles tax rules if sold for a profit above your original cost basis.