how to price Scrap gold and silver

Basic pricing of scrap gold and silver is relatively simple. First, one needs to be educated on what the demical values of the commond gold karat alloys, and silver alloys.

Fine gold or fine silver is most often expressed as .999, which means it is 99.9% pure.

18K is 75% gold. On European jewelry this will often be stamped as 750 instead of, or in addition to the 18K stamp.

14K gold is 58.5% gold. Similar to the 18K, European 14K jewelry will often be marked with 585.

10K gold is 41.7% gold. It is uncommon to see a 417 mark however.

8K gold is uncommon in the United States. It is more likely to be marked as 333 as it is native to Europe. The percentage is 33.3%.

Sterling silver is 92.5% silver. The other 7.5% is copper. It will be marked as “Sterling” or 925. Other hallmark stamps can be common and identify individual makers, artisans, country of origin, and other indications. These old hallmarks were often required by local governments.

Silver does have some other alloys as well that are somewhat less common than Sterling;
.900 silver or 90%
.800 silver, or 80%
.720 silver, or 72%

To calculate a price, you weigh the specific piece in question. We find it easiest to break things down in pennyweights (dwt), but will demonstrate grams (g) as well. Bear in mind, it is a common practice to round up or down to the nearest penny when calculating prices.

Do not forget that the gemstones in jewelry do have value as well. This section however is focused on the basics of just the metal components.

We have a bracelet that is 14K gold, and weighs 9.3dwt. This is equal to 14.463g.
The gold price at the time of writing (September 17th, 2023) is $1924 per ouce of 24K, or pure gold. This was obtained from kitco.

$1924 x .585 = $1125.54
This means it is $1125.54 per ounce of 14K gold.

$1125.54 / 20 = $56.28
This is how much a pennyweight (dwt) of 14K gold is worth at current spot price.

9.3dwt x $56.28 = $523.40.
So the full gold value of our bracelet is $523.40, based on current spot price.

Or….

$1125.54 / 31.1 = $36.19
This is how much a gram (g) of 14K gold is worth at current spot price.

$36.19 x 14.463 = $523.41

Silver works effectively the same way.

We have a 7.32 ounce sterling teapot. Current silver spot at the time of writing is $23.04.

$23.04 x .925 = $21.31
This means $23.32 is the current price per ouce of sterling. Fine silver (.999) is the spot price.

$21.31 x 7.32 = $155.98
This means the full value of the sterling teapot is $155.98

Things can be broken down more with pennyweights or grams. Just keep in mind that;

20dwt = 1 Troy Ounce

31.1g = 1 Troy Ounce

1dwt = .643015g

*NOTE: Non-scrap jewelry which will be resold should fetch a price higher that the bare component value that is figured with scrap jewelry. It is more difficult to price, and can often be based around what current trends are and what sorts of diamonds and jewelry people have been buying. A good deal should leave both parties feeling a fair compromise has been reached. We strive to offer you the best prices for your non-scrap jewelry, while still being able to offer competitive prices to our customers who are buying. We keep our overhead low, allowing us to work with smaller profit margins.*