Selling Gold Coins
They might be worth more than you realize. Perhaps your grandparents want you to help them sell their old coins. In any case, you need to find the right place to sell gold coins.
Departing with items that have sentimental value isn’t always easy. It depends on who gave them to you. You have to think about what’s more important. Letting go of items with sentimental value is hard. But if the rent is due and you have no cash, selling those gold coins might be your only option.
The first step is to get your collection appraised. Just because coins are gold, doesn’t mean they’re worth a million dollars. On the other hand, your coins just might be worth a million dollars. You need to know one way or the other.
Researching the value of your gold coins is fun. You get to dig through your collection and examine each coin. It’s kind of like a treasure hunt. You might discover a lot of interesting things about your coin collection.
Once you start researching your coins, you’ll find out what type you have. Gold bullion coins are special edition coins not used for currency. They are usually made to commemorate a special event or person. Only a certain amount is sold before the coins are no longer available. You might also have gold antique coins that are collectible. Or perhaps your coins are only worth their weight in gold.
Searching online is probably the easiest way to find out about your gold coins. You can find out how much a particular coin is worth. Find out if there are different versions of the same coin.
The entire process can be quite fun if you enjoy looking at old money. Check with local coin dealers after you know the value of your coins.
Take your collection and see what they have to offer. You might get lucky and sell your collection on the spot. Since you have an idea what your coins are worth, you’ll know if the offer is good. If you think you can get more money elsewhere, hold out and visit a few other dealers. You might receive an offer that’s much better than the first one.
There are alternatives to selling to a local dealer. Some companies buy gold through the mail. These places are usually good for selling gold jewelry. The reason is because they are not concerned about whether or not a coin is an antique. They just want the gold for gold scrap meltdown.
For gold coins, you might want to stick with a collector or dealer. They care about the actual value of the coin, and not just its gold content.
Selling gold coins for cash is an adventure. The excitement of discovering the value of your collection is fun. And the anticipation of what you’ll receive is exciting.
Sell Gold Coins
If you want to sell gold coins, you need to learn all you can about them. There’s more to selling gold coins than simply dropping them off somewhere. You could do that, but you wouldn’t get your money’s worth. Collectors love gold coins. They’ll pay top dollar for any coin they want bad enough. But you have to also know the value of your own collection.
Are your coins valuable because they are rare? Or are your coins only worth their weight in gold? You need to answer those questions before you try to sell your gold. Being uninformed leaves you open to scammer who might try to rip you off.
Examine your collection carefully. Take the coins out and look at each one. Use identifying marks and dates to search for information online.
For example, do you have an 1850 gold coin missing the words “In God We Trust”? It could possibly be a rare coin known as a Type One Double Eagle.
Do you have another version of the coin with “In God We Trust” included, but the value of the coin is listed as “Twenty D”? That sounds like a Type Two Double Eagle coin, one of which sold at auction for more than $200,000.
As you can see, it pays to know what your collection is worth. You could end up accepting $5,000 for a $50,000 coin.
Gold coins in general are highly prized by dealers and collectors. The coins were used just like any other form of money up until 1933. During that time, the American government decided to take the gold coins out of circulation.
They were then melted down into gold bars. That’s why gold coins from this time period are so valuable. Since most of them were melted down, it’s very difficult to find any. And people who own them hold on to them tight.
If you have a rare coin, you definitely want to get all you can for it. Once again, you’ll only know it’s rare if you do your research. You might actually decide you don’t want to sell. Your coin will only increase in value as it gets older.
If you decide to sell your gold coin, search for a collector or a dealer who sells to collectors. You could also consider a pawn shop, but they will not be willing to pay as much as a dealer or collector. What you need is someone who recognizes the true value of what you have.
A dealer or collector will pay an amount closer to the true value of your collection. For them, it’s more about the true value of the coin and not just the scrap gold.
A collector won’t be thinking about how they are going to turn around and sell the coin for profit. A dealer will know they can get a fair asking price from a collector.
There’s a lot more to learn about how to sell gold coins. Do your research before you let a good thing get away.