Scrap Gold Calculator
Estimate the value of your scrap gold based on weight, purity, and current gold price.
How the Scrap Gold Calculator Works
This calculator estimates the cash value of scrap gold by applying a straightforward formula: weight × purity × current gold price. The result reflects the melt value of the gold content, not the retail or jewelry value. This is the baseline figure most scrap buyers use when making an offer.
The calculation assumes the gold is unalloyed base metal at the stated karat purity. For example, 14K gold is 58.3% pure gold by weight, 18K is 75%, and 24K is 99.9% pure. The tool applies these standard purity fractions automatically based on your selection.
How to Use the Calculator
- Enter the weight of your scrap gold. Choose the correct unit (grams, ounces, or pennyweight).
- Select the purity from the karat options (10K, 14K, 18K, 22K, 24K). If you are unsure of the karat, check for hallmarks or have the item tested.
- Review the current gold price. The calculator uses a live or manually entered price per troy ounce. You can adjust this if you have a different reference price.
- Read the estimated value. The result shows the melt value based on your inputs.
Understanding Your Results
The displayed value is the intrinsic gold melt value. This is the amount a refiner or scrap buyer would typically pay before deducting their processing fees and profit margin. Actual offers from buyers are almost always lower than the melt value, often by 5% to 30%, depending on the buyer and the condition of the scrap.
The calculator does not account for:
- Gemstones or other materials attached to the gold
- Collectible or antique value above the gold content
- Manufacturing or design value
- Buyer-specific deductions or fees
Common Mistakes When Valuing Scrap Gold
- Using the wrong weight unit. Mixing grams and troy ounces will produce a significantly incorrect result. Always confirm the unit before calculating.
- Assuming all gold is 24K. Most jewelry is 10K, 14K, or 18K. Overestimating purity inflates the value.
- Including non-gold components. Clasps, fillings, and settings may not be solid gold. Weigh only the gold portions.
- Confusing melt value with payout. The calculator shows the theoretical maximum. Expect a lower actual offer from a buyer.
Practical Use Cases
- Selling unwanted jewelry: Get a baseline estimate before visiting a pawn shop, jeweler, or mail-in refiner.
- Comparing buyer offers: Use the melt value as a reference point to evaluate how much a buyer is deducting.
- Estate valuation: Quickly estimate the gold content value of inherited items before a formal appraisal.
- Inventory management: Jewelers and small refiners can estimate the value of accumulated scrap batches.
Limitations of the Calculator
This tool provides an estimate only. The actual value you receive depends on the buyer's pricing model, market conditions at the time of sale, and the specific characteristics of your scrap. Gold prices fluctuate throughout the trading day, so the value can change between when you calculate and when you sell. For a firm offer, have the gold physically inspected and weighed by a professional buyer.
FAQ
What does "melt value" mean?
Melt value is the worth of the pure gold content in your scrap if it were melted down into raw bullion. It is calculated using the current market price of gold and the exact weight and purity of the gold. This is the highest theoretical value before any buyer deductions.
Why is the buyer's offer lower than the calculator result?
Buyers deduct costs for refining, assaying, overhead, and profit. These deductions typically range from 5% to 30% of the melt value. The exact percentage varies by buyer, the volume of scrap, and the purity of the gold.
Can I use this calculator for gold coins or bullion?
Yes, but with caution. Bullion and coins often carry a premium above melt value due to rarity, condition, or collectibility. This calculator only estimates the base gold content value. For numismatic or collectible items, a professional appraisal is recommended.
What if my gold has a different karat than the options listed?
Select the closest standard karat. Most gold jewelry is marked with a standard karat (10K, 14K, 18K). If you have an unusual purity, such as 9K or 21K, you can manually adjust the purity percentage in the calculator if the option is available, or use a custom purity value.
Does the calculator account for gold plating?
No. Gold-plated items have a very thin layer of gold over a base metal. The gold content is negligible and cannot be accurately calculated with this tool. Plated items are generally not considered scrap gold by refiners.