Convert Gold Ring To Currency Question

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Author	Replies: 6 / Views: 485
mike31093 Valued Member United States 354 Posts	Posted 08/26/2024 11:25 pm Okay, short story... Wife has a white gold wedding band we had to get cut off. Arthritis made wearing the ring painful. Ring was bought long ago, so little info on it. Not sure of the purity (inside band is blank). It weighs 0.22 grams. Any suggestions on how to determine what the gold content is worth given today's market? How does spot pricing factor into the equation? Thanks for any useful suggestions. Relearning guitar after 50+ year hiatus. Check me out. https://m.youtube.com/channel/UCwcJ...aA3hA/videos Report this Post to the Staff

Hondo Boguss Bedrock of the Community United States 15758 Posts	Posted 08/27/2024 12:28 am Mike, 0.22 g seems quite light for a ring. Perhaps 2.2 g? If 2.2 g, the melt value is anywhere from $70 (10K) to $130 (18K). Inordinately fascinated by bits of metal with strange markings and figures Report this Post to the Staff
Hondo Boguss Bedrock of the Community United States 15758 Posts	Posted 08/27/2024 12:32 am You could go down to a pawn shop or a "We Buy Gold!" place and try to sell it. They will determine the gold content with XRF and make you an offer of perhaps 50% melt - no higher than 65%. Inordinately fascinated by bits of metal with strange markings and figures Report this Post to the Staff
Coinfrog Bedrock of the Community United States 94367 Posts	Posted 08/27/2024 08:31 am Any jeweler can tell you. They can also easily increase the ring size so it will fit comfortably. Report this Post to the Staff
Brandmeister Pillar of the Community United States 4065 Posts	Posted 08/27/2024 10:21 am Or convert it into a necklace or bracelet charm. I assume if you're selling it for scrap, it doesn't have much sentimental value? Report this Post to the Staff
mike31093 Valued Member United States 354 Posts	Posted 08/27/2024 1:25 pm Thanks all. First, I was using the wrong scale. Ring weighs 0.22 oz or 6.23g. Second, ring is not her original wedding band so less sentimental value. Still, she wants to hang onto it at least for now. Local jeweler said sealing and resizing would be expensive. So it sits in a plastic bag for awhile. Relearning guitar after 50+ year hiatus. Check me out. https://m.youtube.com/channel/UCwcJ...aA3hA/videos Report this Post to the Staff
glenmorenee Valued Member United States 207 Posts	Posted 08/27/2024 1:46 pm That it is not marked is not a good sign but any gold buyer should be able to test it for you. Could it be platinum? Glad you have the correct weight. This is the typical way to calculate gold content and estimate value. Weight in grams divided by 31.1. Then multiply by .40 (for 10kt) or .60 (for 14kt) or .75 (for 18kt). Then multiply by spot. So for 14kt and $2500 spot, gold content worth is about $300. So the best offer when you are shopping to sell is the guy that offers you the closest to $300. Report this Post to the Staff
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