So you’ve just inherited a gold coin collection or need some quick cash and have decided to sell your own. How exactly do you sell gold coins for cash? Well it will require some work but not to worry you came to the right place.
Gold coins are from all over the world – Canadian Maple Leafs, Australian and UK sovereigns, South African Krugerrand, Chinese Pandas, and the American Eagles are all examples of some of the most popular types. Most collections will contain some American Eagles or UK Gold Sovereigns since they are the easiest to obtain.
There is no consistent size for gold coins. In fact that is how their value is measured. That value changes in accordance to the gold coin’s size and weight. Gold coins are measured in grams but previously it was evaluated in troy ounces or as part of an ounce. The finest form of gold is measured as 999 parts of 1,000. But most gold coins are usually only 917 parts per 1,000 (or 22k), as they have been mixed with other metal to make them harder which in turn makes them easier to mint.
Where To Sell Gold Coins
If your gold coin selection is small and not of much value, you can try to sell them to a scrap gold dealer. They will pay you the value of your coins based on weight and gold content. However if you have a large valuable collection containing older or rarer coins, you should get it appraised. Actually even if you only have a few rare or older coins you should still get them appraised. How do you know if your coins are rare? Well things to look for are the age of the coin and its mint location. Also the condition of the coin(s) plays a major role in how much you can sell them for. If you are uncertain just take them to a coin dealer.
Coin dealers who are members of the American Numismatic Association subscribe to a code of ethics which generally makes them more trustworthy. A member should be able to examine your gold coins and tell you whether they have more value as coins or bullion. To be safe you should get a second opinion if you can.
Private collectors may be willing to buy the whole collection or you can try to sell the coins off individually. Both are viable options.
Some sellers choose to utilize the Internet to make their sales. Gold buying sites are all over the net. Just search for gold coins in Google and see how many thousands of results pop up. Of course choosing one site out of all those can be difficult. That’s why good research is so important. You should see how long the company has been in business and check if they are accredited dealers. The Better Business Bureau is a great place to check to find out that information. They also have a rating system and a place for customer complaints.
You can also utilize sites like eBay and other online auctions to try to sell your collection. Gold refiners and gold scrap dealers also have sites online that you can try if you want to go that route.
However you decide to sell gold coins, you have to follow specific rules if you want to see results. If you’re knowledgeable in the industry, you will have a much easier time. Do your due diligence and selling gold coins can be a profitable venture for you. This industry is already well established and people make a living doing just that.