Awwww man! According to this - if I'm doing it right. The silver ring I found a couple weeks ago 925 weighs 4 gm and is only worth 2 dollars? RATS! I WANT GOLD!
Awwww man! According to this - if I'm doing it right. The silver ring I found a couple weeks ago 925 weighs 4 gm and is only worth 2 dollars? RATS! I WANT GOLD!
haha, yeah, we all need a wake up sometimes. One of my first finds was a silver ring. Being verrrrrry new at this hobby, I was really floating until I found the same ring on e-bay.....$10 new! Hmmmmmmm. Was a great rush for a while anyway! The way your hitting the beaches though, it's only a matter of time until you hit the big ticket! Keep it up. We all enjoy your posts.
TO FIND GOLD CONTENT AND DOLLAR VAULE USE THE FOLLOWING FORMULA:
KARAT DIVIDED BY 24, MULTIPLIED BY SPOT PRICE, AND DIVIDED BY 20 EQUALS THE PRICE PER PENNYWEIGHT. (or 31.1 for grams)
EXAMPLE: 14K DIVIDED BY 24 EQUALS .583
.583 MULTIPLIED BY $363 (SPOT PRICE) EQUALS $212.80
$212.80 DIVIDED BY 20 EQUALS $10.64 (PRICE PER PENNYWEIGHT)
PRICE PER PENNYWEIGHT MULTIPLIED BY RING'S WEIGHT (MINUS STONES) IS THE SCRAP GOLD PRICE FOR THE RING