How Can I Get a Fair Price When Trying to Sell Gold Bullion Coins?
As of 2010, gold keeps going up in price, leading many to want to sell bullion. Gold is often held in coin form, and getting a good deal when selling your gold coins involves researching to make sure that you are selling to a reputable source and that you are selling close to the current "spot" price of gold.
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Instructions
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Determine the current spot price of gold. The spot price of gold is the current price, per ounce, at which gold is trading on either the London or New York markets. It is easily found online, updated to the minute.
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Identify the coin you are trying to sell. To get the most for your coin, you first must know what the coin is. First, identify the country, which will be labeled on the coin. There are guidebooks available for both world and United States coins, and they are illustrated, so matching up the photo to your coin will allow you to clearly identify what you have. These books, such as "A Guide Book of United States Coins," are typically available at libraries and large book stores.
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Find a reputable dealer. Armed with the current price of gold, and with the knowledge of what your coin is, find a reputable dealer by using a directory, such as the one put out by the American Numismatic Association, the nation's largest coin collector organization. Call and let them know what you have, and what their current buy-price is. Check with several dealers to compare.
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Sell your coins. Once you've checked several dealers, select the best price and make sure to receive immediate payment.
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Tips & Warnings
Selling to coin dealers generally will provide the best price for your coins.
Be cautious of using mail-order gold firms without a traditional "brick-and-mortar" storefront.
Resources
- Photo Credit gold coin image by Greg Pickens from Fotolia.com
