How to Sell Gold in Pennsylvania
If you have invested in gold bullion or rare coins and the time has come for you to sell, the first question is: How to find a buyer? This is also the case if you have raw (unrefined) or scrap gold to sell. You have several options if you want to sell gold in Pennsylvania. Some people market their gold to an online dealer or auction it on a site like eBay. Others would rather do business face-to-face with a local dealer. This guide explains how to go about selling your gold in Pennsylvania and gives suggestions for dealers you can contact.
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Things You'll Need
- Current spot gold prices
- Price listings of rare or collectible gold coins
Instructions
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Get an idea of how much your gold Is worth before you start contacting possible buyers. If you have raw or scrap gold to sell and you have some idea of its purity, weigh the scrap or ore and figure out how much actual gold it contains. Then check the daily (spot) price of gold on world markets (see the link below). A buyer will deduct the cost of refining, so you can expect about 80 percent 85 percent of the market value. For gold bullion or investment coins, you just need the spot price. Collectible coins have to be priced individually, so you need a good numismatic price list (see link below).
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Find companies that purchase and refine gold scrap or raw gold. There are several refiners in Pennsylvania. Two of the best known are Northern Refining, Inc. in Pittsburgh (1-800-882-7729) and Garfield Refining of Philadelphia (215-743-4653).
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Locate a dealer to buy gold bullion or rare coins. The majority of dealers buy and sell both forms of gold. In Pittsburgh, check with Coin Exchange, Inc. (412-216-9000). If you live in Erie, try Dempsey and Baxter Rare Coins (814-825-7690). In Lancaster, call Security Rare Coins (1-800-345-6481). Philly Stamp and Coin is a well-known dealer in Philadelphia (215-563-7431).
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Make an appointment with the firm you choose to sell your gold in Pennsylvania. Many buyers prefer to purchase by appointment, especially if they have collectible coins to sell, since these require individual inspection and pricing. You can also find out the dealer’s policies and payment procedures when you call.
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Maintain a full record of the transaction. Selling gold usually involves significant sums of money, so good record-keeping is important (especially when tax time comes around!).
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Tips & Warnings
There are many other good companies in Pennsylvania you can do business with. You can find a partial list by using the US Mint dealer locater (link below). Just choose Pennsylvania from the drop-down menu. A list of over a dozen dealers will be displayed.
