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Old 06-20-2019, 06:35 AM
vintagetoppsguy vintagetoppsguy is offline
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Quote:
Originally Posted by barrysloate View Post
Here is how I calculated it, so if you think I made a mistake please tell me:

First I weighed it on my O'Haus gram scale, and it weighed between 25 and 26 grams, so I called it .9 of an ounce for convenience. I multiplied that by the price of gold, which was around $1300 at that time. Then since it was 14K, I multiplied that by .583, since it is 14/24 pure. So I got:

.9 x 1300 x .583= $682 worth of gold. And I offered it for $625.

I also have a gold testing kit, with the acid bottles and the black stone, so I know how to test it too. Were my calculations right?
Keep in mind that an ounce of gold isn't measured in regular ounces, it's measured in troy ounces. There are 28.35 grams in a regular ounce, 31.10 in a troy ounce. So, let's say you had 25 grams of gold, really that's only .8 of a troy ounce, not .9.

When I do the math on my calculator, I get $609.24. When I use this scrap value calculator, I get $609.52, so very close.

http://coinapps.com/gold/14k/calculator/
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