1. What is Scrap Platinum?

Scrap platinum refers to discarded platinum-containing materials that still retain value due to their precious metal content. This can include jewelry, industrial catalysts, dental materials, and electronic components.

2. How Does the Calculator Work?

The calculator uses the platinum value formula:

Where:

• \( Weight \) — Weight in troy ounces (oz)
• \( Purity \) — Purity as a decimal (e.g. 0.95 for 95% pure)
• \( Platinum\ Spot \) — Current platinum price per ounce in USD

Explanation: The formula calculates the actual platinum content value by accounting for both the weight and purity of the material.

3. Importance of Platinum Valuation

Details: Accurate platinum valuation is crucial for fair trade, recycling, insurance purposes, and investment decisions. Platinum prices fluctuate daily based on market conditions.

4. Using the Calculator

Tips: Enter weight in troy ounces, purity as a decimal (e.g., 0.95 for 95% pure), and current platinum spot price. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Where can I find current platinum spot prices?
A: Spot prices are available from commodities exchanges, financial news websites, and precious metal dealers.

Q2: How do I determine the purity of my platinum?
A: Look for hallmarks (e.g., 950Pt, PLAT) or have it tested by a professional assayer or jeweler.

Q3: What's the difference between troy ounces and regular ounces?
A: Troy ounces (31.1 grams) are used for precious metals, while avoirdupois ounces (28.35 grams) are standard for most other goods.

Q4: Does this calculator work for platinum jewelry?
A: Yes, as long as you know the weight and purity. Most platinum jewelry is 90-95% pure.

Q5: How often do platinum prices change?
A: Platinum prices fluctuate continuously during market hours, similar to other commodities.