Are you curious to know the value of precious metals or jewelry in your possession? The value of these items can depend on various factors, such as the metal type, purity, grade, and weight. If you want to understand selling jewelry or precious metal, read on to learn more about the process and determine how much your items could be worth.
Know the Type of Metal You Have
When determining the value of your precious metal or jewelry, the first step is understanding what metal is used to make the item. Common metals in jewelry and other pieces include gold, silver, platinum, and palladium.
Why are these four precious metals used in jewelry? These metals are considered more valuable because they are rare, strong and durable, and have a higher market value.
How Do You Identify the Value of Precious Metals?
When determining the worth of your precious metals and jewelry, you should consider the amount of the precious metal that exists within the piece. Most pieces composed of authentic precious metals will bear a hallmark or stamp, which allows you to determine the amount of pure metal it contains.
It’s important to note that purity ratings for gold, silver, and other precious metals can vary between countries and sources. Gold is usually marked as 10K, 14K, 18K, or 24K. Silver is typically stamped 925, indicating that it is 92.5% pure silver. Platinum will be stamped with PT and is measured with 850, 900, 950, or 999 – indicating the amount of pure platinum within the piece. Palladium is stamped with PD and is typically marked with 500, 950, or 999, indicating it’s composed of 50%, 95% or 99% pure palladium.
The metal’s grade is used to classify its quality and determine its value. Generally, higher-grade pieces are more valuable than lower-grade items.
When it comes to precious metals, several different grades can be used to evaluate the worth of a piece. These grades can range from fine (used to describe high-quality pieces) to low (generally associated with items of lower quality).
By understanding the different grades used to evaluate precious metals, you can understand what your piece is worth when selling jewelry or precious metal.
Determining the value of your precious metals and jewelry starts with knowing the weight. This is important as metal prices are based on a per-ounce rate. There are several ways to measure the weight of your metal or jewelry. The most accurate way is to use a specialized jewelry scale. In most cases, you can estimate the value of your jewelry based on a quarter (which is equivalent to .2 ounces). There are also quite affordable small-sized scales you can purchase online to get a more accurate understanding of the weight of your pieces – you don’t necessarily need a jewelry scale – even a kitchen scale works!
While gold, silver, platinum, and palladium are all considered rare, they can still vary in terms of rarity. The less overall mined metal there is in circulation and the higher the purity of the alloy of your piece, the rarer it is. When considering the value of a piece of jewelry or metal, it’s important to keep in mind its type, purity, grade, and weight.
Alloy Can Help Determine the Payout Value of Precious Metals
By considering the rarity, weight, size, and other aspects of a piece of precious metal or jewelry, you can accurately determine its worth. If you’re unsure about what your precious metals are really worth – open up the Alloy app today and let us help you determine how much cash you can get for your precious metal and jewelry.