I'm a coin guy, is my math correct? Need a little help

hchcoin

My parents have a sterling silver cup that weighs approximately 2400 grains as weighed on a scale used for reloading rifle shells.

2400 grains X 0.0020833333 troy ounces per grain = 5 troy ounces of sterling silver at 92.5%

5 troy ounces X .925 = 4.625 troy ounces of silver

4.625 troy ounces X $38.45 per ounce = $177.83

How much can they expect to sell this item for based on my calculations if they go to a coin shop that buys sterling silver? Do they offer a set discount percent from the bid spot price?

How about 14kt gold jewelry? If they have 100 grains of 14kt jewelry is it:

100 grains X 0.0020833333 = .20833333 troy ounces of 14kt gold

.20833333X14/24 = .1215277758333333 troy ounces of gold

.1215277758333333 X $1516.10 per ounce = $184.25

What type of offer would they get for the gold?

Thanks for the help

calleocho

figure about 70% to 85% ...but you have very small amounts of gold and silver so figure on the low side...

CoinCrazyPA

Someone on the BST was paying 80% on sterling.

RedHerring

A $300 offer would be a good one. Roughly $150 for each.

Depending on where you go, I would expect a $250 offer though.

AUandAG

80% of you figures sounds about right. In my area the coin shops are not taking sterling.

Scrap gold, maybe but at a pretty good discount. If the gold is marked 14kt and not 14ktp
then it could be anywhere from 12 to 14kt. The "p" stands for pure and its really 14kt.

Sterling is not always .925 fine. I've seen it as low as .850 and have heard that some is
as low as .800 so be aware that even though they are marked it takes an assay to make sure.

good luck.
bob

yellowkid

<< <i>Someone on the BST was paying 80% on sterling. >>





I think a value based on 80% of the weight should be close, if it isn't, go elsewhere.