This has probably been discussed before, but.....

[SouthArk]

..... can someone give me an idea of what dollar amount say an average sized men's 10K Class ring would bring from a refiner. My detecting partner and I have begun using water detectors in the old country swimming holes on the nearby streams and rivers here in south Arkansas. We have found a few class rings and I was wondering if there was a close estimate of what they may be worth. What about a woman's class ring as well? Or, any other approximations on pieces of gold jewelry that you folks may have experience with.

Thanks!

 

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[cdltpx]

10K gold is about 41.667% actual gold/ gold current market value is $1155.30 24K~ 481.37 10K per ounce or troy 31.5 grams per ounce. 481.37/31.5=$15.28 per gram is the max you could expect if you got market rates and you will not get that. I sold last year and only got $9 for 14k and 10k. A jewerler should pay more than most people they will purchase it as scrap gold you could call around to places and ask what is their rate to buy scrap gold.

 

[cyberdan]

Can you post the weight in grams? That will really help.

 

[SouthArk]

I'm sorry folks. I guess I wasn't plain enough in my post above. All I wanted was a "ballpark" figure. I thought that there would be enough folks on here that have sold enough, that they could just give a close dollar amount as to what we might expect. I was thinking that if someone had sold say 8 or 10 Men's 10K Class rings, that they'd have an idea as to an average amount that they were receiving from the refiners. Same as for the ladies class rings. I apologize for not being plain enough above. ........................... Thanks!

 

[cyberdan]

A class ring is something I have never melted.

But if a 10K weighed 8gr (just guessing for women's) it is worth $124
A man's 14K that weighs 16gr = $347.20

no one gets that there are always fees, shipping costs and the fact that a jewelry maker most likely makes a 13.5K ring and stamps it 14K

 

[SouthArk]

Thanks, cyberdan! That's closer to what I was asking for. I appreciate it.

 

[cyberdan]

Thanks, cyberdan! That's closer to what I was asking for. I appreciate it.

If you are thinking about selling gold here are some basic hints:

* invest in a $10 gram scale from ebay.

* learn the math on how to figure out the value

* always discount what ever the gold is marked by at least one half karat

* watch out for fakes

* never sell to any company that says "we buy gold" (including mine)

* send to a legimitate refinery

 

[SouthArk]

Thanks again, cyberdan.

I have a gram scale that I've owned for a couple of years for classifying Civil War bullets ( along with digital calipers) My relic hunting partner currently has both borrowed.

The math isn't that tough. (I'm a Math major and teach math at the local H.S.)

Discounting by 1/2 K from the stamped K weight.... that I've learned recently from you guys.... Thanks

Fakes would be tough for me to identify, and I may have to invest in a test kit

The only company I have sold to was Midwest..... twice..... but still think I got ripped off the second time. So I'm seriously considering ARA this next time. I think that's the initials I remember. Do I remember they're in the Dallas area?

Thanks for all the information you've helped me with!

 

[cyberdan]

I have a gram scale......I'm a Math major and teach math at the local H.S.

I'm seriously considering ARA this next time. Do I remember they're in the Dallas area?

For a math whiz (or not) it is just a formula that takes several key strokes on your calculator.

(remember 1 troy ounce weighs 31.1 grams & pure gold is 24 karat)

there are two steps to this calculation.

step 1: take the days spot price $1172.10 divide by 31.1 & divide by 24 this gives you $1.57 (does not sound like much but see step 2)

step 2: (you have a 14K ring that weighs 15gr) take $1.57 times 14 times 15 gives you $329.70 (the actual value of the pure gold in the ring)

Yes ARA is in the DFW area. I have used them many times. Check your PM for their address.

 

[SouthArk]

Thanks again, Dan. I got your PM with the ARA address.

On your last post, and the hypothetical $329.70 for the 14K ring. Is this what ARA would pay 98% on, or are there other deductions?

Sorry, I'm asking so many questions..... just trying to get a good idea on things before I do get to send some stuff in.

 

[cyberdan]

It's much easier to calculate the value in troy oz's.

It is just how you learned to do the math. Both will get you the same answer. To me yours looked too complicated.

Now ARA does it even differently. They weigh in dwt (pennyweight) 20dwt = 1 troy ounce.