What is junk gold?
Junk gold is an informal name for gold valued only for its metal: broken chains, single earrings, worn rings and other unwanted jewellery, plus common worn coins with no collector value. It is worth its pure gold content at the spot price. A 10 gram 9 carat item, for example, contains 3.75 grams of pure gold.
"Junk" sounds worthless, but it is not. The word simply means nobody is paying for the design, the brand or the history, only for the gold inside.
What counts as junk gold?
APMEX describes junk gold as "an informal term that often refers to scrap or unwanted gold jewelry sold mainly for its metal value", adding that coin dealers also use it for "low-premium gold coins valued close to melt". In practice it covers:
- Snapped chains, tangled necklaces and bracelets
- Single or damaged earrings
- Worn, bent or out-of-fashion rings
- Clasps, charms, dental gold and odd bits
- Worn, common-date gold coins that no collector would pay extra for
The coin meaning borrows from "junk silver", the long-standing US term for old silver coins bought for their metal. Our page on bullion vs numismatic coins explains when a coin is worth more than its gold.
What is not junk gold, because it is not really gold?
A lot of gold-coloured jewellery contains almost no gold. Check the stamps before you get your hopes up:
| Stamp | Meaning | Worth selling as gold? |
|---|---|---|
| 375 or 9ct / 9K | 37.5% gold | Yes |
| 416 or 417 / 10K | About 41.7% gold (common in the US and Canada) | Yes |
| 585 / 14K | 58.5% gold | Yes |
| 750 / 18K | 75% gold | Yes |
| 916 / 22K | 91.6% gold | Yes |
| GP, HGE, GEP, EP | Gold-plated: a microscopic gold layer on base metal | No |
| GF, RGP, 1/20 12K | Gold-filled or rolled gold: a thicker gold layer bonded to base metal | Small amounts only |
| No stamp | Unknown; could be gold, could be plated | Needs testing |
Decimal karat equivalents from Canada's Competition Bureau and UK assay office standards. In the UK, gold items over 1 gram must also carry an assay office hallmark; see gold hallmarks explained.
How is junk gold valued?
Every serious buyer starts from the same three numbers:
- Weight in grams (or pennyweight, dwt, in some US shops; 1 dwt = 1.555 grams).
- Purity, from the karat stamp or a test.
- The live spot price per gram.
Weight x purity x spot price per gram = melt value. The buyer then offers a percentage of melt value. How big that percentage is varies a lot between buyers, which is why getting two or three quotes matters.
Live melt value of junk gold per gram
| Karat | USD/g | GBP/g | CAD/g | AUD/g |
|---|---|---|---|---|
| 9ct (375) | ... | ... | ... | ... |
| 10K (417) | ... | ... | ... | ... |
| 14K (585) | ... | ... | ... | ... |
| 18K (750) | ... | ... | ... | ... |
| 22K (916) | ... | ... | ... | ... |
Spot-based melt values, not dealer prices. Buyers pay less than these figures. Try our scrap gold calculator for a whole bag of pieces.
Examples: working out what junk gold is worth
| Item | Weight | Purity | Pure gold | Melt value now (USD) |
|---|---|---|---|---|
| Broken 9ct chain | 10 g | 375 | 3.75 g | ... |
| Worn 14K wedding band | 4 g | 585 | 2.34 g | ... |
| Single 18ct earring | 1.5 g | 750 | 1.125 g | ... |
| 22ct bangle | 20 g | 916 | 18.32 g | ... |
Illustrative weights. Melt values use the live spot price and are not offers.
Why it matters if you are buying gold
Junk gold is a useful reminder of the difference between jewellery and bullion. When jewellery is new, you pay for design, labour, the retailer's margin and, in the UK, 20% VAT. When you sell, you get only the gold. Bullion coins and bars are priced much closer to their gold value at both ends, which is why buyers who want gold as an asset usually choose bullion. Our how to buy gold guide explains the costs, and the dealer comparisons for the US, the UK, Canada and Australia show what bullion actually costs above spot.
What to do with junk gold
Sort pieces by karat, weigh them on a kitchen scale, work out the melt value, then get at least two quotes, ideally including a mail-in buyer and a local dealer who tests in front of you. Step-by-step advice is in how to sell scrap gold, and more definitions are in Learn.
Frequently asked questions
Is junk gold worth anything?
Yes. Broken or unfashionable jewellery still contains gold, and that gold is worth its weight at the spot price, adjusted for purity. A 10 gram 9 carat chain holds 3.75 grams of pure gold. Buyers pay a percentage of that melt value, keeping the rest for testing, refining and profit.
What is the difference between junk gold and scrap gold?
Very little. Scrap gold is the trade term for any gold sold to be melted down. Junk gold is an informal, mainly American, word for the same thing, and some coin dealers also use it for worn, common gold coins that sell for close to their gold value rather than as collectibles.
What does 'junk' mean when used for coins?
It means a coin with no collector premium: common dates in worn condition that trade at or near their gold content. It is the gold version of the better-known term junk silver, which describes pre-1965 US silver coins bought for their metal.
How do I know if my old jewellery is real gold?
Look for a purity stamp such as 375, 585, 750, 9ct, 14K or 18K, and in the UK an assay office hallmark. Stamps like GP, GF, HGE or RGP mean gold-plated or gold-filled, which is mostly base metal and worth little. A jeweller or dealer can test pieces you are unsure about.
Should I sell gemstones with my junk gold?
Scrap buyers usually ignore small stones and pay only for the gold. If a piece has a significant diamond or other gem, ask a jeweller to value or remove it before selling, as the stone may be worth more than the scrap price.
Do I pay tax on selling junk gold?
Usually not on small amounts, but it depends where you live. In the UK, personal possessions sold for £6,000 or less are normally free of Capital Gains Tax. In the US, gains on collectibles including gold can be taxed at up to 28%. See our guide to selling scrap gold.
Sources
We checked these primary and official sources when writing and fact-checking this page.
- APMEX: How to sell junk gold (definition, valuation, GP and HGE stamps)
- Competition Bureau Canada: Precious metal quality marks (9K to 24K, decimal equivalents)
- Assay Office London: Hallmarking guidance (UK gold standards)
- GOV.UK: Capital Gains Tax on personal possessions (£6,000 rule)
- IRS Topic 409: Capital gains and losses (28% collectibles rate)
- FTC Jewelry Guides, 16 CFR Part 23 (gold plate and gold filled descriptions)
Not financial advice. GoldVetted provides general information to help you compare options. It is not personal financial, tax or legal advice. Gold prices go down as well as up, and you may get back less than you pay. Check tax rules with the official source or a qualified adviser before you act.