FAQ on Selling Gold Coins
Gold, in all its various forms, from jewelry to coins to bullion, retains its value even through tough economic times. If you're a coin collector, investor, or have inherited some gold coins and want to turn a profit by selling them, avoid parting with your treasures until you do your homework. Professional organizations, coin collectors clubs and similar sources can provide leads on potential buyers and current gold prices.
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How Can I Determine the Value of My Gold Coins?
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If you have an extensive collection or a rare coin such as the $20 Liberty gold coin from the 1890s, contact a certified appraiser from the NGC (Numismatic Guaranty Corporation), the grading service of the American Numismatic Association. This will give you proof of your coins' worth in case buyers have any questions about authenticity. Always check the qualification of any dealer who offers appraisal services. Owners of gold coins, bullion or jewelry can fall victims to swindlers if they're not vigilant.
If you need to sell your gold coins quickly to make extra cash, take a few minutes to check guidebook prices or lists before selling to the first customer. You don't want to offload your gold without knowing the true value, and then find out you sold a rare coin for hundreds or thousands of dollars less than its market price. You can sell gold coins to a bullion dealer if you prefer to avoid dealing with coin histories and value.
Can I Get a Good Price Selling Gold Coins on Auction Sites?
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Yes, provided you've checked the current rates for the coins you're selling. Set your starting bid slightly below the going market price. Avoid cleaning gold coins unless absolutely necessary; it may strip the piece of its luster and make it look fake. Before selling coins on eBay or other Internet auction sites, you'll need high-quality photographs of both sides of the coin. Include a succinct but thorough description of the coin on your listing, and make it easy for bidders to contact you with any questions.
You can make more by selling coins individually than in bulk. This requires more time compiling separate auctions, but it's worth the effort in the long run. To be safe, require instant payment via Paypal or credit card, and mail valuables by registered insured mail.
To reach seasoned coin collectors and dealers, place a listing on Heritage Auction Galleries. They'll do the work, and you'll receive a commission when your gold coins sell.
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Should I Sell to a Dealer or Directly to a Collector?
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Since dealers resell coins to other collectors and investors, they'll only pay wholesale for most gold pieces. It's better to deal with individual collectors, but be prepared to haggle over price. If you insist on selling your gold coins at a higher price than the ones quoted in price guides like NumisMedia or the U.S. Coins Red Book, prospective buyers may balk and get you to lower your amount to match listed prices. Find buyers through your local coin collectors club or numismatic events.
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- Photo Credit gold coins image by OMKAR A.V from Fotolia.com
