May 14 2009
Selling Gold Coins
One of the oldest forms of currency, gold coins are still valuable today. Gold coins go all the way back to around 500 BC and even though most gold coins have stopped being used as currency since 1933 they are still legal tender in the countries in which they were forged.
Most people who own gold coins are those who wish to make a safe investment. Gold coins possess a small allowance over the current gold price when you compare them to other types of gold you can invest in. Another great thing about gold coins is that if you buy one of the commonly recognized gold bullion coins (The American Gold Eagle, Canadian Maple Leaf, Australian Nugget, South African Krugerrand) you can easily sell them to almost any dealer since they are easily verified, unlike gold bars or nuggets where the dealer will have to check the gold content to be sure it is legitimate.
Gold coins can be produced in less than one once and are usually a half ounce, quarter ounce, or one-tenth ounce and sometimes even one twentieth of an ounce. The face value of gold coins are not generally useful as the value of this coins are based on the gold content and the current price of gold in the market. The face value is really just for show since it is almost always much lower than the actual value of the coin.
What determines the price of a gold coins? Well it depends on a few factors such as the rarity, the age, how many were minted, and the condition of the coin. Very rare, well kept, old coins can actually sell for millions of dollars. For example a few years ago an American Double Eagle coin from 1850 sold for $7.5 million. But if you’re just looking into non collectible gold bullion coins well their value is determined by the gold content and the price of gold at the time.
How To Sell Gold Coins
If your looking to sell your gold coin collection and you are only looking to sell a few or your collection is small you should try a gold dealer or gold refiner. You will get the value of your coin(s) based on the gold content of the coin and the current price of gold.
Now if you have a large collection of coins you should probably get it appraised before looking for a buyer. Many dealers will give you an appraisal if you ask or you can pay for a private appraisal from an expert. Just remember to get a second opinion.
When you have a ballpark figure you will have to decide who to sell to. A private collector may be willing to buy part or all of your collection if it contains rare or valuable coins. You can also try using the internet to sell your gold coins. There are sites all over the place that will buy your gold coins if you just look for them. You can also try online auctions to try to make a sell on sites such as eBay. Another option would be to use online classifieds such as Craigslist or your local paper’s classifieds.
Which ever way you choose to sell gold coins, if you want results you’re going to have to follow certain rules. Research and and selling gold will be profitable for you. This industry is already well established. Find out how other seller’s strategies. This will allow you sell your coins more competently.
