- What is scrap gold melt value, and why does it matter?
- Melt value is the intrinsic metal worth of a gold, silver, or platinum item — the dollar amount you would get if the piece were refined into pure metal at today's market spot price. It matters because it sets the ceiling for what any dealer can pay. A reputable pawnshop or refiner will offer a percentage of melt value (typically 60–90%), so knowing the melt value tells you whether an offer is fair. Items with significant gemstone or collector value may sell above melt, but plain scrap jewelry is almost always valued at or below it.
- How do I find the karat of my gold jewelry?
- Look for a small hallmark stamped inside a ring band or on the clasp of a necklace. Common US marks are 10K, 14K, 18K, and 24K. European pieces often use millesimal fineness stamps: 417 (10k), 585 (14k), 750 (18k), 999 (24k). If there is no hallmark, a professional acid test or XRF (X-ray fluorescence) analyzer — available at most coin and jewelry shops — will give you the exact purity. When in doubt, enter a custom purity percentage using the "% Purity" mode.
- Where do I get today's spot price?
- Spot prices change by the second during trading hours. Reliable free sources include Kitco (kitco.com), APMEX, or the London Bullion Market Association (lbma.org.uk). For a scrap estimate that will hold up in a dealer negotiation, pull the spot price at the time of your meeting rather than the day before — gold can move $20–$50 in a single session. Spot is quoted in USD per troy ounce; this calculator accepts that directly.
- How do I calculate silver scrap value — is it different from gold?
- The formula is identical: melt value = weight × purity × (spot / 31.1035). For sterling silver (marked 925 or .925), purity is 92.5%. For fine silver (999), purity is 99.9%. Coin silver (marked 900) is 90.0%. Silver spot price is also quoted per troy ounce, so just enter it in the Silver field and the same arithmetic applies.
- What about platinum — how do I calculate its scrap value?
- Enter the platinum spot price in the Platinum field. Common platinum purities are Pt950 (95%), Pt900 (90%), and Pt850 (85%). Platinum is denser than gold (21.45 g/cm³ vs 19.3 g/cm³), so a platinum ring often weighs noticeably more than a gold ring of the same size — meaning the weight matters even more. Use "% Purity" mode and enter the exact fineness if your piece has a Pt950 or Pt900 stamp.
- Why is the offer from a scrap buyer lower than the melt value?
- Scrap dealers buy below melt value for several reasons: refining is not free (chemical or fire assay plus smelting costs typically run $30–$80 per lot), the dealer needs a profit margin, and the buyer carries price-risk while holding the metal. Typical buy percentages range from 60% (walk-in pawnshop) to 85–92% (specialized precious metal refiners or mail-in services). Knowing the melt value gives you a hard floor so you can reject lowball offers.