When some one states they are selling something for scrap value most of the time it is not correct. I do not want to offend any one but most people misunderstand what "scrap value" is. I buy gold & silver on Ebay and see this everyday. The biggest scam is the weight!!!!!!!!!!!

Three easy steps

You must KNOW EXACTLY what you are bidding on. Auctions listing Precious Metals for sale as "SCRAP" will include the weight 99% of the time. They list most weights in grams. But you will also see listings in ounces (oz), postal ounces, pounds (lb.), or even grains.

2. You need to know the ACTUAL % of content of Precious Metals.

3. You need the current spot of value of the precious metal.

If you search ebay for scrap silver you will see many listings with weights in ounces. If you assume it is troy you will come up short by about 9%. It is an advantage to the seller that you will think that this is the amount of silver or gold that they have for sale. They boost the perceived value by 9% when they list it this way.

Ounces, oz, or postal ounces. Take the listed amount and multiply by .91 to convert to TROY Ounces (t.oz.) 11 ounces x .91 = 10.01 troy ounces

Grams. Take the listed weight and divide by 31.103 to convert to TROY ounces (t.oz) 111 grams / 31.103 = 3.569 troy ounces.

Grains. Take the listed weight and divide by 480 to convert to TROY ounces (t.oz) 444 grains / 480 = .925 troy ounces.

Pounds (lb.). Take the listed weight and multiply by 16 to convert to ounces (t.oz) 11 pounds x 16 = 176 ounces. Now convert this to troy ounces by multiply by .91 176 x .91 = 160.16 TROY Ounces

Silver. Most silver for sale on Ebay is STERLING (.925) 92.5%, 925/1000. There are others such as "Coin" silver 90% (US pre 65 silver coins), 800 or 80%, 835, or 83.5% and a very few items that are PURE SILVER .999 or 99.9%. Just so you understand PURE silver is always listed as .999

Gold. The most common gold is the USA is 14k. PURE Gold is 24k. Gold content is measured in "k". To get 14k they mix 14 parts of PURE gold with 10 parts other metals, as copper.

9k. 37.5% pure gold (Typically found in Europe)

10k. 41.66% pure gold

12k. Probably only gold plated. .001% or less gold

14k. 58.33% pure gold

16k. 66.66% Pure gold (Old Dental Gold, always treat this gold as 14k)

18k. 75% pure gold

22k. 91.66% Pure gold (Asian and Middle Eastern) Some of this 22k gold is marked .999 but will not test as 24k.

24k. 100% Pure gold (Only in certified) if not certified do not buy as 24k.

This price changes while the markets are open. You will need to locate you a website that you can check. Just search "Precious Metals spot price". I like kitco's

Today gold spot closed at $670.90 and silver $13.06 per TROY ounce

So lets bring everything together,

This is a current listing, 16k 14k 10k scrap lot 20.1 GMS?? 16K dental gold. 3.0 grams of 14K & 1.9 grams 10K for a total of 20.1 grams.

15.2 grams of 16k = 15.2 / 31.103 = .488 t.oz (14k) x .583 = .285 t.oz. Pure gold

3. Grams of 14k = 3 / 31.103 = .096 t.oz, (14k) x .583 = .056 t.oz. Pure gold

1.9 grams of 10k = 1.9 / 31.103 = .061 t.oz. (10k) X .416 = .025 t.oz. Pure gold

Now to total, .285 + .056 + .025 = .366 troy ounces of pure gold (spot gold)

This would be "scrap value", but this is not what you will get for it when you sell it for scrap to a smelter.

I sold silver on Friday 4-20-2007 at my smelter and the spot at time of sale was $13.72t.oz.

For marked .900 silver plates and was paid $11.10 per troy ounce

For marked Sterling hollowware and flat ware I was paid $11.24 per troy ounce

For Sterling marked jewelry I was paid $10.98 per troy ounce.

So this is what I consider "scrap value" and it is less than the above-calculated amount. I will explain, smelters grade the silver for potential/past average percent values. For Sterling we used a value of .925 but they use .91, this is based on there past purchases and averaged. When I sold Sterling in the 80's they used .925, but now they have allot more history to know that when they melt Sterling it will only assay to about .91. They also know that Sterling jewelry typically is of lower quality and only value it at .977 of the .91. Now if I sell Sterling coins, like Franklin Mint, I will get .925 and not the .91 because the smelter stated that Franklin Mint and other coin makers use virgin silver. This would mean that not all Sterling is the same? Again you have to know what you are bidding on. Also the smelter and all buyers will only pay you a certain amount of "spot" mine pays 90% for silver and on gold and Platinum 97% (This is there margin)

The information provided is from my years of experience buying and selling silver and gold many years of research, if you have any questions or comments please contact me.

Good luck and enjoy Ebay,

Thank You, AesDavid