What Is A Carat Of Gold
Gold jewellery comes in a variety of purity levels carat of gold. For example, 24k gold is the purest form of gold, while 22k gold is composed of small impurities that make gold ideal for jewellery such as:
22k jewellery is made of standard quality gold, but some of them contain a low carat or level of purity, such as 18-carat, 15-carat, 21-carat, etc. To calculate the value of these types of gold when selling scrap gold, you need a scrap gold price calculator.
The 24-carat gold level is 99% pure and the 22-carat gold is ideal for jewellery. Its formula for calculating the percentage of gold to other metals in the alloy looks like this:
The Historical Value Of The Gold Jewelry
Most pawnshops are willing to buy pieces of gold jewelry with historical value at a higher price. For instance, lets assume you have a 14K gold bracelet that Queen Elizabeth II wore. A pawnbroker will pay more for it than another piece without any heritage.
When selling gold pieces with historical value, have a certificate of origin. This proves that the celebrity you claim wore the bracelet, ring, or chain actually did. Otherwise, the pawnshop might not believe you.
Note that gold jewelry with popular jewelry designers signatures also falls under this category. If yours has one, mention it to get more cash for it.
Is Selling Gold To The Pawnshop Profitable
Yes. You can make a profit from selling your gold at a pawnshop. However, its not as much as what youd get from an online gold dealer.
Most pawnshops will only give you about 40% 60% of your golds actual value. This is because they dont have any guarantee that you obtained the precious metal legally. In addition, your piece could also be a gold-plated metal and not real gold.
Pawnbrokers leverage acid tests to determine the authenticity of your gold. One needs to be experienced to interpret the results accurately. If not, they must perform the test with an expert.
Pawnshops also pay less than online gold buyers because they resell the gold at a lower price.
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Karat Scale To Fineness Scale Approximation
The karat scale purity is rounded to 0.1%. For example, 8K is rounded to 33.3% rather than 33.33% recurring.
We are also using the rounded down fineness, as opposed to the rounded to nearest whole number fineness. See table below for the difference.
For 24K gold, we offer 2 nines , 3 nines , 3 nines 5 , 3 nines 7 , 4 nines , 4 nines 5 , and 5 nines . See nine purity for more information.
Some manufacturers may stamp a particular karat but the fineness may vary slightly .
Know The Weight Of Your Gold
The pawn shop will need your golds weight to calculate its total value. Most of them use pennyweights or grams.
Once you know the weight of your gold, take it to multiple pawnbrokers. Their offers might not be similar, based on the points they consider to calculate the final price. Sell your metal or jewelry piece to the pawnshop offering you the most money.
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How The Pawnshop Calculates The Price Of Gold
The value of gold and its exchange rate keeps changing. Even so, most pawn shops are ready to purchase your gold if youre selling.
A pawnbroker will not buy your gold instantly, though. It doesnt matter if it is a piece of jewelry or in any other form. Theyll always determine its value first.
Below are several factors that pawnshops consider when calculating the price of gold.
Different Types Of Scrap Metal
There are so many different types of scrap metal, and I’m not only talking about unique metal elements here, I’m talking about grades of scrap metal. People who are new to searching for scrap metal prices per pound or per kilo in Canada are usually not even aware what a metal grade is. Without knowing what grade your scrap metal is, you are severely hindered in being able to identify how much money you should get for your metal.
Fortunately, it is not too difficult to begin with, you should first probably do some reading about ferrous and non-ferrous metals. A ferrous metal is one that contains iron and a non-ferrous metal is the opposite. In knowing this, it is easily to then determine that ferrous metals are materials like steel or obviously, iron. Non-ferrous metals are often much more expensive than ferrous metals, however it’s definitely worth taking both of them over to a scrap yard as you can get a great price if your metal is of high quality.
Non-ferrous metals, the most valuable variant, are also found throughout your home. There are many different types of these metals, but the most commonly sold are copper and aluminum. Some other examples include gold, silver, magnesium, zinc, nickel, tin, lead and brass. As I mentioned previously, non-ferrous metals are worth the most and should definitely be sold as you will always get a good price for these materials.
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Find Out Scrap Gold Prices With Canada Golds Calculator
Use our easy online scrap gold calculator to find out how much your gold is worth today. Its fast, easy, reliable, and backed by our 120% best price guarantee.
Simply select your purity level and input the weight of your item to calculate your scrap gold prices at the current live market rates.
If you are unsure about the weight or purity of your item, come to one of our locations and let our highly experienced staff help you find out. We offer free purity tests and complete, 100% transparency, so you always know exactly what you have, and what its worth.
Once you know your purity and weight, simply put your information into the scrap gold calculator above and get an instant quote for how much your gold is worth based on live, up to the minute market rates. Find out your scrap gold prices in seconds!
Canada Gold is one of the nations most trusted and best reviewed gold buyers, and we are here to help you calculate and receive the best possible price for your gold.
But What About Those Other Metals
As we wrote above, 18K gold is about 75% gold and 25% other metals 14K Is about 58% gold and 42% other metals and 10K gold is about 42% gold and 58% other metals.
So, what are those other metals, and dont they affect the value of your ring? Thats a very smart question to ask, because they do. If, for example, copper or zinc are part of the mix, they arent very valuable metals and dont raise the value. If on the other hand silver is part of the mix, that is a precious metal that can add an extra bit of value to your ring. Note too that in many cases, those extra metals have been chosen to impart color to the alloy, resulting in pink gold, white gold, rose gold, etc.
Confused? Dont be. Remember, we are here to offer advice and test your precious metal items to determine their exact content and value. Give us a call at 800-426-2344 to learn more.
And another piece of advice. Avoid the thought that youll just take the ring to a local jewelry store or gold refinery near me and let them tell me what its worth. In most cases, your local resource will only test your ring using a small gold testing kit and will say something like, I will give you $75.00 for it. To get the full value of the gold that is in the ring you own, you need to consult with an expert who will explain the considerations we have written about in our post today. Thats why our consultants are here for you.
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Why Do We Recycle Scrap
It is clear that there are so many different reasons for why we recycle scrap metal currently, for the majority this is a monetary focus. In fact, most people who are visiting this website are solely here because they are aware of the amount of money you can make from scrap in Canada. However, it’s important to recognize that this isn’t the only reason that people recycle metal. Some people are recycling simply because they have accumulated so much scrap metal in their houses that they are sick of having it around. In many areas of Canada, scrap metal pollution is a real risk to health, this is where the metal elements begin to leak out into the local environment and it causes damage to the ecosystem. Some of the most dangerous scrap metals include copper, lead, magnesium and zinc. Removing the scrap from these regions not only prevents this, but it also makes the area look considerably nicer too, allowing nature to flourish.
If you live in a particularly polluted area of Canada, such as Toronto or Calgary, you might be more interested in reducing this pollution. This could be your way of contributing towards a healthier city. Metal extraction, or mining, contribute massively towards air pollution levels. In some areas this is more of a problem than in others, however it seems to impact mines located close to major cities in Canada.
How Much Is Gold Worth At A Pawn Shop
You want to sell your gold jewelry? The first step is comparing its value in different stores. You want to know how much money youll get from other dealers. Like everyone else, your first stop will be at the pawnshop. Is it profitable to sell gold to the pawnshop? What are the benefits of trading gold to pawnbrokers?
How much is gold worth at a pawn shop? At the pawnshop, gold is worth between 25% to 90% of its actual value 24K gold is worth. So, you get $535 to $803 per ounce at a pawn shop, or half what you get in real value.
While pawning gold gives you quick money for the gold, its expensive in the long run. Heres a complete analysis of the value of gold at the pawnshop.
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What Does Karat Mean
Karat is a quantify of the fineness of gold. It can be spelled carat outside the United States, but it is not the same as the unit used to measure weight for gems, also called carat. In gold, one karat is 1/24th of the whole. You can tell how pure it is by the number of parts that are gold. So 16 parts gold and eight other metals make 16-karat gold, and 24 parts gold makes 24-karat gold.
The system used to show the amount of gold in a coin came from a medieval coin called a mark. A mark weighs 24 carats, the same as one seeds weight from a coral tree. Pure gold was too soft to make money, so people mixed it with other metals to form a hard alloy. The purity of the coin was expressed by the percentage of carat weight that came from gold.
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Sell Scrap Gold With Redollar
reDollar.com is designed to provide a great selling experience, and weve worked hard to create the best way possible to sell scrap gold online. Scrap gold has a decent value, and shipping requires a well-thought-out process. While many sellers are not prepared to ship valuables, we offer you free gold-shipping supplies. You can either order a selling kit for your scrap gold or start the process right now. If you order a selling kit, well mail you a solid bubbled envelope or a box, sorting pouches, a gold-selling confirmation sheet, and selling instructions. If you sell your gold online, well provide you with a free and fully insured shipping label by email right away. Selling is easy, safe, and hassle-free.
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How To Work Out What Your Scrap Gold Is Worth
Obviously its a really good idea if you can work out how much your scrap gold is worth prior to approaching a dealer, so this page is going to explain how to calculate the value of any scrap gold that you may have.
What is the Carat Rating of Your Gold?
The purity of gold is measured in carats , but most people dont really understand what a carat actually is.
Pure gold has a rating of 24 carats, and is the rating used in things like gold bullion bars. It is rarely used in jewellery , since it is far too soft. Usually gold has other metals added to it, usually copper or silver, which makes it harder and more durable.
If there was only one part gold to 23 parts copper, then the gold would have a rating of 1 carat , 2 parts gold and 22 parts copper would be 2ct gold, and so on.
The carat rating of any item made from gold then depends on what percentage of other metals are added to the pure gold, the higher the carats the better. In actual use, 22ct, 18ct, 14ct, and 9ct are all quite common.
To try to give this some meaning, 22ct gold has 22/24 parts gold, so is 91.66% pure 18 carat is 18/24 parts gold, so is 75% pure, etc all the way down to 9/24 parts gold which equals 37.5% pure. The more pure your gold is, the more value it has for a given weight.
1 Troy Oz of gold is the equivalent of 31.1 grams, or 20 pennyweight. Make a note of the weight of your scrap gold in grams.Calculating the Value of Your Scrap Gold
Choose The Best Pawnshop
Gold is a valuable metal. You dont want to sell yours to the wrong pawnshop since you may receive an unfair offer or a bad experience.
How can you select the best pawn shop for you? Here are four strategies that could enable you to do that.
- Comprehend how pawnbrokers work to know what to expect. This also helps to avoid pitfalls that may ruin a good deal for you. These include demanding unreasonably high offers or failing to negotiate.
- Confirm that the pawnshop you sell your gold to is licensed. This prevents you from making shady deals that may cause legal complications later.
- Read customer reviews. If multiple people have complained about a particular pawn shop, look for another one.
- Only sell your gold to a pawnbroker youre comfortable with. Should you enter a pawnshop and feel as if somethings off, leave. You should only do business with pawnshops you can trust.
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Where To Find Scrap Gold Sources
Here are some of the most common sources of unwanted gold:
- Old broken gold jewelry like old rings, tangled gold necklaces, broken bracelets
- Gold coins
- Gold bullion scrap
- Expensive pens
- Gold frames
A flea market near you can be a great source of unwanted gold. While it is best to have a gold testing kit and scale, it may not always be practical to do this when hunting for gold in flea markets.
An easier option is to bring a small magnet because real gold will not stick to magnets, as opposed to gold-plated metal which will. Test clasps and actual jewelry separately.
The magnet method will only test if it is real gold or not. To test in terms of karats, a gold testing kit will differentiate them, for example, a 10k vs a 14k gold.
Also, remember to group your unwanted gold according to purity.
Convenient Online Scrap Gold Price Calculator
Welcome to the London Gold Centre online scrap gold price calculator. Thanks to this handy tool, you can easily and quickly calculate the gold price in grams before you sell gold. Our calculator is based on spot gold prices and you can view all rates in London local time. On the London Gold Centre website, you can calculate the price of your scrap gold of any carat:
- 9K Gold Price
- 22K Gold Price
- 24K Gold Price
You will receive the actual value of your gold for the current date and time in pounds sterling. To do this, you do not even need to call and communicate with a specialist from London Gold Centre. The whole procedure is performed automatically to save you time.
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Gold Value Calculations Example
Let’s assume you have done some tidying in your parents’ old house and have found a box of old gold jewelry. After careful inspection, you divided it into two batches the first is 18-karat gold , and the second is 9-karat gold . You want to know how much it’s worth, should you try to sell it.