Sell Gold Goins
With the dramatic increase in gold prices in the last few years, people have been turning any gold that they have lying around into cold, hard cash.
You do not need to be a collector or investor to have some gold coins in your home; they may have been passed down to you through the family.
You realise that you want money for your gold sovereign coins, but you don't know who will buy them or how much they are worth. There are a number of steps you can take that will help you to sell your gold coins without being scammed in any way.
I've found that a surprisingly large amount of people have gold coins, but have no interest in them other than how much money they will bring in if they are sold!
Research is Gold
Whenever you decide to sell anything it is very important that you take the time to do extensive research on two aspects of the sale: the product that you are selling and the potential buyer.
The thing about gold coins is that they may be worth far more than the market value of gold. Don't just sell to the first seller. There will always be a high demand for authentic gold coins.
You will need to look at the basic facts such as what carat rating your gold coin is.
As well as discovering what the current market value of the gold coin is, also find out about coin itself. You may be able to find details of the coin online or in a book or magazine, or you might even have to visit a specialist who can tell you detailed information about the coin.
Dealers will not necessarily offer you the best prices, but they will give you more information about the coin. For example, they may be able to tell you when it was made, how many of the same type were made and what sort of demand there is for that type of coin.
Look at how the coin is graded. The finer the grade, the more money you will get.
Not doing this research could result in you selling your gold coin for around the market value, when in reality it was worth significantly more.
You also need to research your buyer. Take that extra couple of hours to research them, whether they are an individual bidding through an auction site or a large company with a website. You won't regret checking that they are legitimate.
Learn what type of buyers will be interested in purchasing your gold coins. Only sell to reputable buyers to save yourself a great deal of potential hassle and even cost.
Where should you sell gold coins?
There is usually more than one right answer to this question. By researching your product and your potential buyers you should have a better idea of where to go.
Coin dealers, jewellers and pawnbrokers are all places where you can sell gold coins. However, because of higher overhead costs than other businesses, you are unlikely to get the best price in these places.
Many people use large auction sites such as ebay. The advantage of doing this is that your items will be exposed to a large number of people. Additionally, ebay have a number of procedures in place to keep fraud to an absolute minimum. Don't forget to take the auction and payment charges into account.
You can also sell your coins online to people or companies that buy and sell gold. Doing extensive research on how to sell gold coins will help you to determine which type of online buyer is likely to give you a good price for your coins. This can be a highly convenient method, and you will have to send your gold coins in an envelope (that is usually pre-paid). The buyer will then examine your gold before sending payment. Always send your gold by Recorded post or Special Delivery.
Timing and other important factors
It is advisable to sell gold coins (or anything else gold that you are thinking of selling), when the market value is at the highest point. You'll need to keep a keen eye on the markets to determine the best time to sell your gold.
Small but distinct differences in the coin may go unnoticed by the untrained eye. However, these are very important, and may completely alter the value of your coin. Unfortunately, further inspection may show that some of the gold coins are fake. This is something that coin dealers should tell you straight away.
After selling a few gold coins, some people decide that they want to do it as a business. Remember that most if not all of the buyers online are experienced and know what they are looking for. You will need to spend a great deal of time learning about the gold industry and the coin industry if you plan on starting a business buying and selling gold coins.