Scrap gold is a term often used, but it’s something not all people understand or are confused about. Therefore, before you try to sell scrap gold, you should be informed what items are categorized as scrap gold and how much it’s actually worth.
Scrap gold refers to gold that has no other use for a buyer and it’s just sent to a refinery to be melted down and recycled. Any items that contains gold sent to be melted and reprocessed is considered to be scrap gold. It can happen to any item, no matter how expensive it was when you first purchased it. If the gold is too damaged, or not pure enough, it will be melted because a buyer has no other use for it. Scrap gold items can be old jewelry, broken jewelry or any other items made of gold.
Scrap gold weight and measurement
Scrap gold is often weighed in troy ounces, not in grams. A troy ounce is equal to 31.1 grams, so 1 gram of gold has 0.032 troy ounces. The difference between troy ounces and regular ounces is important, because one regular ounce is equal to 28.3 grams, so 1 gram is equal to 0.035 grams. Making the difference between regular ounces and troy ounces is often what makes people confused, because a difference of almost 3 grams for weighed jewelry will make a big price difference.
Another way to measure scrap gold is using pennyweights (dwt for short). 1 pennyweight is approximately equal to 1.56 grams, so 1 gram is equal to 0.64 pennyweights.
As stated above, purity plays an important part in deciding how much scrap gold is worth. Purity is measured in karats. The maximum number o karats for gold is 24. But what does karat gold tell you about the percentage of pure gold contained by an item? To make the conversion, you have to divide the karat number by 24. 24 karat gold is the purest gold, because it contains almost 100% gold (every gold items is made of gold and other metals, because gold on its on is not as durable), while a 14 karat item, for example contains approximately 58% gold, if you divide 14 by 24.
Setting the value for gold
The value depend on weight and purity, so after you know how much your gold weights and you determine the purity, you have a pretty close idea of how much money a gold item is worth. You will receive money only for the actual weight of gold, so if you have a 14 karat gold item which weights 100 grams, the actual gold content is only approximately 58 grams. Then, you check the current price of gold per gram and you will have an estimate of much money you should receive when you sell gold.
How to sell scrap gold
Keep in mind that no buyer will pay you the retail value for gold, because scrap gold buyers don’t care about the design, only about the gold contained in your items. Also, remember that even after you calculate the market value for gold, a buyer will pay you less, because they need to make a profit. The trick is finding a buyer who is willing to pay you the highest number.
In conclusion, if you want to sell scrap gold, all you need to do is to make some simple calculations and then ask around until you find the most convenient price.
If you don’t have the possibility to weight your gold, or if you are not able to determine its purity, look for buyers who are skilled and experienced enough to make a proper estimation.
Best NYC Buyers has some of the best jewelry analysts in the state and will make you correct estimations for scrap gold, gold jewelry or any kind of gold items you would like to sell. We take pride in offering the highest possible price for gold, so it’s well worth to require our assistance.