[on2wheels52]

I placed the Morgan $ there to give an indication of size, I have another market for coins. Today I offered a gent eight fairly nice ones @ $15 a piece, he offers 12. "Junk' silver coins go for $11.50 X face value at today's silver price. I kept them.
Mo, I have the acid bottles to test for karet but normally just use it on unmarked jewelry, I wouldn't have total faith in the results on your chunk. Calling it 12 kt might be close if he was working on jewelry.
The pennyweight thing can cause some head scratching; a Troy oz is different than an avor. oz. If I remember correctly 24 grains (from your reloading scale) is one pennyweight (dwt). 20 dwt equals one Troy oz (480 grains).
The formula my buyer uses is: spot gold price X % gold X 99% devided by 20. This gives the price per dwt of whatever karet gold you have.

For example, you have a 14kt chain that weighs 23 dwt. Its scrap value with gold at $760 is
$760 X 58% X 99% /20 X 23 equals $502.
Before you ask this company's address I should add they charge a $35 refining fee and any amounts of metal less than 200 dwt (5 troy oz) will be paid at a rate less than 99%.
I don't have tv, I'm curious what the ads offer.
Jim