Learning About Finance Topics

4 Tips For Selling Gold Coins

by Laurie Washington

If you have gold coins at home, whether just a few different coins or a collection of them, they might be worth something. You have many options for selling them, but there are some things you need to do first.

Separate the Coins Into Sets

The first thing you need to do is gather all your coins and try to put them into sets. Even if you don't have complete sets, this is a good way to organize them. Once put into sets or categories, it will be easier to have them graded and check the market values. Start by seeing if you have any complete sets. This is ideal since collectors are more likely to buy sets, and dealers make more from complete sets, so they are often higher in demand. Make sure as you gather the coins, you don't clean them; they should remain in their current condition.

Have the Coins Graded

With the coins separated, you can bring them to someone to grade them. While coin dealers will grade coins, you might be better off choosing a coin appraiser who specializes in gold coins specifically. If your coins are antique and potentially valuable, the appraiser will be able to tell right away. The grade of the coins will be based on the type of coin and its condition, such as a grade of very fine or completely fine. Some grades have to do with the type of coin.

Compare the Grade to the Current Market Values

Now that you have the grades, you will be able to look up the market values for these coins. When looking at the value of coins, it is often based on more than just the current metal price. While that is still a factor, you want to look at the type of coins and the grade. Naturally, a coin that is in mint condition is going to be more valuable than the same type of coin just in fine or extremely fine condition. By checking the values on your own, you will know what it is worth and know if a dealer or collector is offering you a fair price.

Decide How to Sell Them

By this point, you are ready to sell the coins. There are a few options available, so it depends on what is available and whether you want to go local or choose an online buyer. Online, you may be able to sell them through collectors, individual coin dealers, or with online auctions. There are also options locally, such as going to a local coin show or coin collecting club, visiting a local dealer, or attending an auction in your neighborhood. Keep in mind that when you sell them online, you will need to ship the coins, so extra security measures must be taken.