Gold prices are getting higher and that means that many people who own gold coins and other smaller gold objects are looking for a way to sell them. That’s a simple way to get some cash and use the market forces to turn the gold you’ve been saving for a while into a source of profit.
As is the case with any other commodity gold coins can be sold in a variety of places and there’s a variety in the price that you can get. That’s partly due to the changing value of gold and partly because selling gold coins is somewhat different than selling gold itself.
A difference between selling coins and gold in general
Gold coins aren’t as easy to sell as other pieces of gold. If you have a piece of jewelry, you’ll probably be able to sell it anywhere. Pawnshops and jewelry stores will usually buy jewelry for cash and there’s very little waiting or paperwork involved.
Coins on the other hand aren’t treated the same. Technically speaking they are what’s known as a store of value and not a consumer good. That’s why you’ll need to find a buyer that will take the coins in the first place and the process is a bit more complicated.
How to sell gold coins?
It’s possible to sell a gold coin with a local buyer and there are reputable stores out there that you can work with. However, it’s not always certain that you’ll have one such store near you. That’s why most people sell their gold coins online.
It’s more convenient since you can sell from anywhere in the world. There are also more reviews and verifications and it gives you a chance to make sure that you’ll get a good deal and that the buyer is trustworthy.
Many online buyers also offer an online calculator to help you understand the offers you’re getting.
How does it work?
The process is usually rather simple and consists of 4 steps.
- It starts by filling out an online form in which you state your name, address, and other personal info. This will keep your gold coins safe and provide you a proof of the transaction.
- Receive a mailer that you’ll use to sell the coins.
- Send the gold coin and get a quote by mail or by phone.
- If you accept the offer you’ll get paid via a bank transfer or PayPal
Is this safe?
That’s why it’s important to find reputable sellers. When you’re selling a reputable business, that has reviews and that has been certified by the proper authorities, there’s no reason to worry about the safety of your coins, regardless of whether you plan to sell them or not.
There are also measures that are put in place to secure your gold coins. For instance, there’s insurance for the amount of up to $5.000 in case the coins get lost, stolen, or damaged. You also have an option of tracking the package door to door using a tracking number.
There are other ways to sell that go beyond going to an online seller. It’s best to avoid small brick-and-mortar shops since they are less secure, but if you’re able to verify their security and insurance measures, it’s fine to sell your gold coins there as well.
Other than that, there are gold coins shows and exposes in which collectors meet and where you can sell rare and old coins, and achieve a good price.
These shows are usually held in large metropolitan areas and sometimes there are a few of them a year. It’s also useful to research them online beforehand, but there’s little reason to doubt their safety.
How much is gold worth?
The value of gold depends on the market forces and it changes over time based on the laws of supply and demand. However, gold is more reliable than fiat currencies so its price is much less affected by inflation.
Gold price by GoldBroker.com
It’s important to note that the gold coins aren’t made out of pure gold and that the level of purity affects the price you can get.
How to tell if your gold is real?
There are a few ways to make sure that the gold coin you’re selling is real. First of all, you should look for the marking. It will also tell you how pure the gold is. The markings should be interpreted as follows:
- 999 = 24 karat, 99.9% gold
- 990 = 22 karat, 99% gold
- 916 = 22 karat, 91.6% gold
- 750 = 18 karat, 75% gold
- 585 = 14 karat, 58.5% gold
- 375 = 9 carat, 37.5% gold
There are also other, more practical ways to check if the gold real and it may be useful to try them before making a sale. For instance, you may want to try to bring a magnet close to the coin. Gold shouldn’t be magnetic and if most of the coin is made out of gold, it shouldn’t be drawn to a magnet.
It’s also useful to bring a lighter to your coin. It should turn bright hot after a while, but it won’t darken once it’s cooled. Gold coins won’t float, so you could try letting them sink in water to prove the gold is real.
What gold coins will be used for?
For the most part, gold is used to make jewelry, but there are other purposes for it and especially so if it’s in coin form. For instance, rare coins could be sold to coin collectors and their value also depends on the rarity of the coin itself.
Gold is durable and it’s not affected by heat which makes it a resource in many different industries. It’s used in wiring and data storage, as well as a reflector on glass. Gold also has its purpose in space technology and in medicine.
When is the best time to sell gold?
The price of gold depends on the supply and demand for it. That means that if you follow the price of it as you would for a stock market or the value of a foreign currency, you should be able to spot trends and notice when is the best time to cash in on your investment.
However, since it’s a material commonly used in a variety of industries, there’s always a demand for it, even though the prices may vary. That said, if you need the cash right away, the best time to sell is now, if you want to make a profit out of your coin collection, consult the price of gold on regular basis.
Why is gold valuable?
There are a few reasons why gold is valuable and not all of them are practical. It used to be a valuable commodity and used as currency for centuries. Gold is also beautiful or at least it can be when it’s designed and used properly. All of those reasons aren’t practical, but they play a role in deciding on the value of a gold coin.
On the other hand, there are practical reasons to value gold and that’s a fact that there are always people who are willing to buy it. That’s because it’s used in industry and technology and because many people used it to store value.
How much is gold worth per ounce?
As of June 11, 2021, the price of 1-ounce 24k gold bullion was worth $1886.76 per ounce.
A 1-ounce gold bar is about the size of a military dog tag, and 24mm (0.95 inches) x 42mm (1.65 inches x 2mm (0.08 inches).
How much is a gram of gold worth?
As of June 11, 2021, a gram of pure, 24K gold was worth $61.38 per gram.
To visualize, a 1-gram gold bar is 8mm (0.32 inches)x 15mm (0.59 inches) x 0.4mm (0.02 inches) — or smaller than a thumbtack.
How many grams are in an ounce of gold?
Gold is priced in the Troy ounce, which is 31.1034768 grams — larger than the avoirdupois ounce, which has a mass of 28.35 grams).
Gold coins can be sold to a lot of different buyers both offline and online.
This is a quick and easy way to cash in on your cons and to get a good price on them since the price of gold overall is rather high. Gold is used in different industries and there’s always a need for it.
It’s important to do your diligence and to research the buyer, especially if you’re selling your gold coins online. You want to be able to track your coins, get a quick payment, and make sure that your coins are insured while traveling by mail.
There are also gold coin expos that are held a few times a year and that are mostly used by collectors.
Where did you sell your gold coins and were you happy with the results?