How Can I Sell a Gold Coin?

The state of the economy has many people scrambling to make ends meet, whether they are hosting more yard sales, using coupons or shopping at thrift stores. Those who collect gold coins, however, may find that they can make a high profit by selling their items since the value of gold is so high. The current price of gold makes it possible to get through a week or two from the sale of a single item, but only if you do it right. While many people own only one or two coins, and some even have entire collections, few of them know how to go about selling them.

Inspect Your Coins' Condition

Even if you know nothing about collecting coins, hopefully you have kept them in good condition and have not handled them any more than necessary. Because oils from your fingers may damage the gold or the items may become scratched during travel or inspection, it is best to keep all of your collectibles in presentation cases. This allows you to look at the coins, but not actually touch them. Any papers or certificates of authenticity that came with the pieces should be stored either inside or on top of the case. Make sure you keep the paperwork and coin holders in mint condition as well.

Get an Appraisal

Before you sell any coins, get an appraisal from an experienced gold estimator. It is not as simple as looking up the current price of gold because each piece and each era have their own specific values. Find a dealer that is a member of the American Numismatic Association who will be able to tell you if your item is worth more than its gold content. Most gold coins are not pure gold. Instead, they are mixed with another metal to make them harder and easier to mint. Gold bullion coins will have their gold content stamped directly on them, whereas collectible pieces have their gold content listed on their certificate. Certain coins will never be worth less than their gold value but they may bring you considerably more money if they are rare. After you receive an appraisal, get a second opinion just to be on the safe side.

Private Collectors

Now that you know the value of your coin, begin trying to sell it. If it is a rare item, try private collectors. The dealers who gave the appraisals may be able to give you the contact information for a collector who is interested. Again, it is best to talk with at least two different people. Unless you are extremely comfortable with your negotiating skills and your ability to appraise your own coins, you do not want to jump at the first offer unless it is very high.

Sell Online

You no longer have to rely strictly on local collectors. Use the internet to your advantage. Post the coin on a few websites for buyers who are interested in rare or collectible items. Start with a price higher than the appraised value and see what kind of bids you receive. You may want to consider an auction site like eBay. You can set a minimum opening bid so you are not selling your coin for less than you want to receive.

If your coin is only worth its gold content, it will be easier and faster to sell it for its true value. You do not have to look for a dealer or private collector; you just want to find the person that will pay you the most. It is highly unlikely you are going to get the exact amount of money that your coin is worth, so while you waste your time trying to find a buyer for this price, your coin may be depreciating.

Research Media Outlets

You should search advertisements for gold buyers in your local newspaper and online, and pay attention to commercials on television. Contact a few of businesses and describe the size, era and style of your coin, as well as the information you received from the appraiser, and compare the offers. Many times local pawnshops will buy gold coins for their gold content, so you may benefit by visiting a few places to get additional bids.

Cash for Gold Companies

You can also sell your gold without leaving your home. Internet-based businesses will send you a prepaid envelope for you to mail your coins back to them. After they receive your pieces, they will have contracted appraisers determine their value and send a check back to you. While some people may think that these companies are not legitimate, many gold coin collectors have received the highest offers for their items through these businesses.

Getting the most money for your gold may take more than a day or two, but in the end you will be glad you did the research and legwork. Unless you absolutely, positively have to have the money today, a few extra days could mean a significant difference in the amount you receive.