To get the most money for your gold coin collection, you shouldn’t walk into the nearest gold dealer and sell. To ensure you make the most profit, it will take a little more work.
Coin collections are often started at a young age or inherited. When you’ve decided to sell some of your collection, you should analyze all facets of the collection to calculate its true worth, then find the right place to sell it.
Grading Gold Coins
Before taking your coins to just any dealer, you should have them graded. Grading is an art form and is performed on a 70 point scale. On the 0 to 70 point scale: 0 means the coin may be unrecognizable or severely damaged, while 70 indicates a perfect coin. You should note, however, that a grade of 60 indicates a coin that hasn’t been circulated and has a near-perfect condition.
Determining which is a 60 and which is a 70 on the point scale is an analysis only an expert grader can determine. Experienced collectors will say grading should only be performed by a professional.
After you have had your gold coins graded, you can start looking for the right dealer to buy your gold coins. The following are a few of the top places to sell gold coins once you’ve done your research.
The Coin Dealer
Finding a coin dealer is not difficult as most communities or cities have more than a few. To find a dealer, you can run a Google, Yahoo or Bing search by simply typing in “Gold coin dealer” followed by your location. The results should list several options along with maps and contact information. However, once you contact a dealer, you shouldn’t expect full value for your coins as he will also need to make a profit when he resells the coins.
Advertising on classified websites or newspapers to sell your coins is another option. Place an advertisement looking for collectors for your specific coins. By listing the coins that you have available on Craigslist or in the newspaper, you may attract collectors who are interested in your precise type of gold coin. This gives you better bargaining power with a buyer, because the person who contacts you will have a real interest in the collector value.
The Auction House
Another option could be an auction house. Both online and real coin collection auction houses can often be found online. Consider online sites like eBay or even Amazon as a viable means to advertise your gold coins. If you have a general idea of the value of the coins, you can create a listing with a fixed price instead of allowing the coins to sold by auctioning. You can also choose a reserve auction where you can set a minimum price you would consider taking.
As you are browsing around the web looking for a buyer of your coins, you may realize that there are better places than others for selling your particular gold coins. Some places can result in more money than others.
At Silver and Gold Exchange, we have separated ourselves from other silver and gold buyers, shaping our business model on the requirements of our customers to ensure they feel confident in the selling processs and receive top prices for all their precious metals. By using an independent third party testing facility to evaluate precious metals and working with an exclusive group of private investors, collectors, wholesale buyers, our customers are confident in the price they receive for their items. We also publish our buying prices on our live price chart.
To find out more about Silver and Gold Exchange and our method, please visit us at www.silverandgoldexchange.com.
By Mike Ferreira on August 6th, 2012