How to Sell Gold Certificates
The issuance of gold certificates was authorized by Congress through enactment of the Currency Act of March 3, 1863. The bills were issued in several series from 1865 to 1934. Until the U.S.Treasury Department ordered their surrender by the public and banks, gold certificates were redeemable in gold coin. If you are fortunate enough to own any, they are highly sought after by both currency collectors and dealers. If they are high denomination bills and are in uncirculated condition, they may be worth thousands.
Things You'll Need
- Telephone and/or Internet access
- One or more U.S. gold certificates
- Digital camera or digital scanner
- Pen and paper
Instructions
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Using your digital camera or digital scanner, take photos or make scans of both sides of your gold certificates. Using the pen and paper, note the bill series, such as "SERIES OF 1922". Also make careful notations describing any defects, wrinkles, small tears, or fold marks the currency may have. Also note the bill's serial number.
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Using the telephone and/or the Internet contact several coin/currency dealers. Explain that you have gold certificates you wish to sell. During this initial contact, indicate to each that you can forward digital images to them. Also be prepared to discuss any defects or flaws the bill may have. If the dealer(s) seem interested, forward the digital images to them.
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Request that each dealer make an initial purchase offer based solely upon the information you have provided. You may wish to mention that you are contacting several dealers and are searching for the best purchase price you can find. Given the scarcity of gold certificates and the competition between dealers, this may result in higher initial offers.
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Reject any offers you deem unacceptable. If you receive offers that interest you, consider shipping the notes to the dealer for further examination. However, if they are higher denomination notes, such as a $5,000 certificate from the series of 1882, request that the dealer come to you to examine the bill(s). Furthermore, as gold certificates are still legal currency, demand that any dealer be prepared to pay you in cash. You're providing cash to the dealer and it is reasonable for you to expect to be paid in kind.
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Accept the highest purchase offer you receive and consummate the sale.
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Tips & Warnings
If your local area has several currency dealers, visit them and let them examine the bills in person. You'll avoid the headaches of shipping, insurance, and waiting for a purchase offer. Many gold certificates are quite rare and extremely valuable. Thus, you need to maintain complete control of the purchasing environment and surroundings. If your bills are high denomination large bills issued during the 1800's, do not let them out of your sight. Most currency dealers are extremely honest and trustworthy, but this is not a time to take chances.
