Three Things You Should Know If You Want To Sell Your Old Gold Coins

Posted on: 28 June 2019

If you have gold coins that you are thinking about selling, you need to understand a few things about collectible coins as well as selling gold in general. You want to get the maximum value for your gold coins, and this begins with understanding a little bit about coin collecting and the value of gold. The following are a few things that should help you.

Your coins may not be worth as much as you think

If your coins are old, it doesn't mean they are valuable. Coins are like any other collectible item. Their value begins with scarcity. The rarer the coin, the greater its worth. But the condition is extremely important as well. Coins in poor condition may not be worth anything to a coin collector. Conditions of coins are well defined by collectors, so you can familiarize yourself with these standards from coin publications. However, it should be noted that a coin expert should be used for a professional determination of the grade of the coin.

You need to have your coins appraised by a coin dealer

You should avoid taking your coins to a business that buys gold because they may not appreciate the value of your gold coins. The same is true with a business that claims to be a coin dealer but also buys gold. They may even have some coins for sale, but you can get an idea of what the focus of their business is by looking at their product offering. Coin dealers place great emphasis on the buying and selling of collectible coins. They may be willing to buy coins simply for their content, but this is not the primary means of doing business.

The coin's value may lie in the gold

It is possible that your coins are only worth the content of their gold. Modern gold coins are also referred to as gold bullion. This is because they have no value beyond the value of gold. It is entirely possible that your old coins are not worth any more than their gold content, especially if they are not rare, are worn down or both. Of course, given the price of gold, this still may mean a significant value, but you need to have your coins appraised first. If they have no collectible value, you can shop around for the best price from a gold buyer. This type of business simply sells the gold to a foundry. You won't get the full price of gold because they have to make a profit, but there will be different quotes for your gold.

After having your gold coins appraised, you can decide to sell or keep your coins. Collectible gold coins usually increase in value over time. But this may be true with the value of gold as well. Contact a local coin buyer for more information if you're ready to sell your coin collection