If you are planning to sell gold coins, you should make sure that you understand your options. Pawnshops and scammers might take advantage of private sellers if you don’t know what your coins are worth.
Gold coins generally hold their value well for resale. Since government coins guarantee purity and content, they usually sell at a higher price, especially those that are from rounds or bars. Moreover, there is almost always a buyer for gold coins due to its retail market.
Here are some tips for selling your gold coins for the best price:
Understand Your Coins’ Values
Price and value are different things. Price is what you would pay a dealer for a coin, while value is the amount you would get when selling it yourself. The date, mintmark, and condition of your coins are telltale signs to know their value. You can also weigh your gold coins to see their AGW (Absolute Gold Weight). Multiply that value with the current gold value to get the melt or scrap value. This will provide the lowest price that you can accept. You should also consider the coin’s rarity to get your best price. Gold buyers use the purity of the metal and the weight of an object to determine the price of items they are eyeing. The closer the coin gets to 24 karats, the heavier it is.
If you don’t know what you’re selling, you might get ripped off by a buyer. An appraisal from a local jeweler might help. The National Association of Jewelry Appraisers and the Appraisers Association of America are the major organizations in this area. In addition, there’s an organization for retailers called the American Gem Society.
How much is a gold coin worth? Your coin’s value will depend on these factors:
Purity
Weight
The current spot price for gold
Collectible value
Where to Sell Your Coins
Once you determine the value of your coins, you can now think about where and how to sell them.
Local dealers. We are not talking about pawnshops here. Look for coin specialists who are members of the NGC (Numismatic Guaranty Company) or PCGS (Professional Coin Grading Service).
Coin shows. You can find well-informed dealers who recognize coin values at coin shows.
Rare coin auctions. Auctions can deal with your rare coins to sell to serious coin collectors. Competition in auctions is fierce. Coin prices can go up to millions in these events.
Direct selling. Coin collectors know what they are looking for. They will know the value of your coins and will not hesitate to give you an offer.
eBay. It might be convenient to go on eBay and sell your coins, but some buyers might be new to the business and might not offer you the right price. There is also a seller’s fee that you need to add.
Online coin dealers. Companies like Blackwell Auctions are experts in selling gold coins. They value the coins and perform reasonable, well-organized transactions.
Avoid selling your gold coins to pawnshops. They rarely pay higher than 50% of the resale value of any pawned items. You lose a lot of money when you sell your gold coins to them. If you need cash fast, you can look for online gold buyers who can process your sale quickly.
Do not pay for shipping. Some online gold buyers will ask you to send your coins to them for evaluation. Look for a buyer who will pay for shipping instead of taking it out of your pocket.
Finding a Coin Dealer
Here are some qualities that a local or online coin dealer should have:
Reputation. Ask around for reviews from sellers. Perform an internet search in forums for an online seller.
Knowledge. Are they educating their clientele about coin dealing? Do they provide helpful documentation for client research?
Guarantees. Are there any guarantees that they can provide in your transaction with them?
Value. They should provide a fair value for your coins instead of just the melt value.
Can value rare coins. Not all dealers have the necessary equipment to evaluate the true value of rare coins. Choose a company that specializes in buying and selling gold coins, like Blackwell Auctions.
Best Practices in Selling Coins Online
Here are some tips for getting the best possible price:
Take good pictures. Have a professional take a picture of your coins. The clearer the image, the easier your potential clients can evaluate the value of your coins.
Coin weight and value. Determine AGW to know the minimum base price.
Shop around. Collect several offers before you decide to sell. This way, you will understand the average price you can expect.
Get a good receipt. It should include all the transaction details, name and address of the buyer, date of sale and weight, fineness, prices, and names of metals.
Perform due diligence. You can check with the Better Business Bureau to find out if there are grievances against a business you’re considering. Weigh your coins before taking them to a buyer. Pay attention when it’s time for the buyer to weigh them.
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