Price of Reforgement and how is it determined?

In Terraria, you can choose to reforge an item to change its prefix. How is the reforgement price determined? I noticed that it varies around the same gold price, but the silvers increase or decrease...? What's the formula?

1 Answer

Reforging costs 1/3 of the item's current value. Since modifiers affect an item's value, reforging an item with negative modifiers will be less expensive than reforging an item with positive modifiers.