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Tips for Selling Gold Coins That'll End Up Making You a Fortune

Medha Godbole Apr 17, 2019
Selling gold coins will become easy if some research is done on the same. Hopefully the article to follow will help you with the golden touch for dealing with these coins.
Gold coins have always been a classic form of investment, with its liquidity being the best and easiest. Selling gold is the easiest way to get some quick money when you are short of cash. Still, as easy as it may seem, selling gold, especially in the form of coins, is not that simple.
A person cannot just go in and put the coins in front of the gold dealer and get the money. There has to be a cautious decision and a good amount of research before you finally settle for selling your gold coins.

Selling Gold Coins for Cash

Numismatists would normally never sell gold coins, as they collect them. Otherwise, for laymen, selling gold coins is quite common and sometimes even becomes a necessity for the want of cash.

Understand Your Possession

If you are not well versed with the value of the gold coins you have, then you will not realize if the dealer has not evaluated coins accurately, and paid you the wrong amount. Hence, it is very crucial to understand the worth of the gold coins and bullion in your possession.
Understanding how rare the gold coins are, the gold content in the coins, and how much will they approximately sell for in the market are a couple of questions which will have to be tackled.
An easy way to understand the value of your gold coins is to see the gold content that is engraved on it. Then check the spot price of gold per ounce the day you sell it to the dealer. The dealer has to offer you that spot price or thereabouts, for American bullion, especially.

Dig at Gold

Research the current rate of gold. That itself will get half your job done. Once you do that, it would be a good idea to get an evaluation and appraisal of your booty (read treasure) by a numismatist or any other third person who knows about gold coins.
This will further help you when you actually go to sell gold coins. Gold eagle coins are perhaps the most commonly possessed 'breed' of gold bullion coins and seem like a safe bet for selling.

The Market Speak

Now is the time to hit the market. Inquire with your local gold dealers and see what their estimates are. It is no top secret that some dealers will immediately plunge into luring you to sell gold coins. But here is a very important thing.
Never ever think of selling your gold coins before making sure that the dealer is a reputable one. Even if you find a credible dealer who is paying you the money you had estimated for your gold coins and bullion, explore as many as shops as you can before selling. This will get you the best deal possible.

Other Options

There are other options like scrap gold dealers, pawn shops, and a few others. But if you are selling rare gold coins and want to make sure that their aesthetic and rare value is also considered while you sell them, a certified gold coin dealer is a better option than scrap gold dealers or pawn shops.
Scrap gold dealers will only pay you after determining the gold content of the coins, even if their value, aesthetically and availability wise, are great.
Online auctions, too, are a viable option. But again, just as you would make sure the dealer is a credible one while physically going and selling coins, you have to ensure that here too. In online transactions, you will have to send the coins and then you will get money for them.
Last, but not the least, avoid going for advertisements saying 'cash for gold' and the likes, and also avoid small local dealers. Most importantly, keep those dealers who do not have any website, phone number, or any listing of their business, at bay.