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There is always a market for selling gold in any form it may take, whether it is gold coins, gold bullion, gold jewellery, scrap gold, or other gold objects. The best way for you to determine how much gold your jewellery or coins might be worth is to find out how much they might be worth before trying to sell them. By doing so, you will be able to judge whether you are getting a fair price for your gold and avoid gold buyers who may attempt to take advantage of you.
It can be tricky to determine the exact value of gold because there are other factors other than the market price of gold that determines the value of an object. Regardless of the type of gold object you own, you can be sure that it is at least worth the market value of the gold from which it is crafted. Before attempting to sell your gold jewellery, coins, and scrap gold, use this guide to determine their value.
HOW TO DETERMINE THE KARAT OF YOUR GOLD ITEMS
For two reasons, you should determine the karat of your gold items before buying them. To determine the value of your items based on their karat number, you need to sort your items by karat. It is also important to ensure the gold jewellery and items you are buying are real gold. There are a few things to keep in mind when determining the karat of your gold items:
If your item has no karat number or is unreadable, a trusted jewellery buyer can test it for you and determine its karat value. It is possible that the items are gold plated, which can be determined easily via testing.
You might find that your gold jewellery has a lower karat number than the one marked on it if it was made before 1980. Gold rings made before 1980 usually have a gold content of 13 karats instead of 14 karats. As a result of the changes in laws concerning the purity of gold jewellery in 1980, the markings on gold jewellery are more accurate. It is possible to test your gold jewellery yourself to determine its karat if you cannot tell its karat for whatever reason. For a reasonable price, you can purchase the following gold testing kits.
Acid Tests. In an acid test, a gold sample is placed in a bottle of acid, typically nitric acid, along with a bottle of acid. The different karats are measured using different types of acids. The best way to test a piece of gold jewellery is to rub it against a tested stone and then put a drop of acid on the mark that is left by the stone. The piece is the karat of the acid if it doesn't change colour. When the acid turns brown, it indicates the piece is lower in karat than the testing acid.
Skey Tests. Skey tests are a safer and easier alternative to acid tests. The prices of gold testing kits for the Skey test vary, but they are still affordable when compared with gold testing kits for the acid test. The gold can be tested with this method by placing an item on the testing plate and touching it with the probe. Tests like this will give you an immediate reading of what karat range the item belongs to, or if it even is real gold.
HOW TO DETERMINE THE VALUE OF GOLD COINS
Gold coins are not valued quite the same as gold jewellery. The value of coins is determined by their numismatic value which factors in the quality of the gold as well as other characteristics such as physical condition, age, and rarity. There are several ways you can get an idea of the value of your gold coins:
Look Online for Similar Coins: One of the quickest ways to check the value of your gold coins is to do an online search for your type of coin. You can compare what these similar coins have sold for to give you an idea of what you can expect for your coin.
GOLD PRICE EQUATION
To get a better idea of the dollar value of your gold items, you can use the gold price equation. Make sure you follow these steps to get an accurate assessment using this equation:
Start by looking up the current market price for gold. The market price is constantly changing, so make sure you look online for the current price. The price is given per troy ounce which contains 31.1 grams. Therefore, you can get the current price per gram by dividing the price per troy ounce by 31.1.
To determine the price estimate for an individual piece, you will need to factor in the karat. Divide the karat number by 24 and multiply this number by the price of gold per gram that you determined in the previous step. This number will give you the cost of gold per gram for that specific karat number.
Next, you need to multiply the cost of gold per gram for that specific karat by the weight of the gold piece in grams. Weigh your gold piece using a jeweller’s scale, or food scale if you cannot get a jeweller’s scale. Multiply its weight in grams with the cost per gram for its karat number that you determined in the previous step.
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