A digital precious metal testing apparatus utilizes a probe that generates a galvanic voltage when an electrical circuit is completed with the object being tested being placed between the probe and the meter test pad formed of a copper pour with a gold coating. A microprocessor signals the percentage of precious metal through an indicator bar of LEDs. A calibration system is provided to enhance the accuracy of the testing apparatus by comparing a test reading from a known test specimen with a corresponding theoretical reading for that specimen. The calibration procedure establishes a recalibration curve from the test reading against which all subsequent readings will be compared to determine the content of precious metal. Calibration of the testing apparatus is initiated with the depression of a calibration switch and is undertaken with each power-up of the meter, with each probe replacement and with any substantial change in environmental conditions.