A question by timetosell J How to sell gold coins for cash and which is the best way to sell gold coins? Where can I sell my gold coins for best price??timetosell
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Best answer by Guru: Coins are good collections especially if they are made up of gold and silver. However, an idea to sell gold coins would eventually cross your mind. This most particularly if you know that it could result to a profitable transaction.
Selling gold coins is a trade that has benefited various groups of people. In fact, gold market has been in existence long before you know it. And due to the its benefits, even the descendants of those who have been related to selling and buying gold coins have stick to doing the same trade.
There are a number of reasons why people would sell gold coins. As you may have guessed it, money is still the major reason why people would give up their gold. But aside from that, it could also be simply because you no longer want to continue with your hobby of collecting gold coins.
For whatever reason that you have decided to sell gold coin, it is essential that you understand the fundamentals of this trade. Most importantly, you must know when is a good time to sell gold coins?
Now, selling gold coin can be quite tricky.
The truth is, you might even make a wrong or bad deal on your first try. For that there are certain things and processes that you must keep in mind. Additionally, there are certain questions that you will have to answer first.
One of these questions is where to sell gold coins. In fact, this is a very common question raised by first time sellers or those who have never been related to this kind of trade.
Another thing that you have to know is when to sell them? Your gold coins could have varying prices. This happens for a number of reasons. Some of them are weight of the coins, their thickness, and the year that they were made.
In some cases, buyers might not accept some of your gold.
This is quite possible because not all gold coins are valuable. Some of them were made simply because money is a very important commodity.
To save yourself from spending unnecessary time, going back and forth to some buyers and auctioneers, then you must first do your homework. This means that you have to be sure that your coins are among those that are accepted in the trade.
Finally, the best way to know when you can sell your coins is by asking gold buyers and gold dealers. If most of them offer interesting deals for your collection, then it is a good sign to sell your possession.
In doing this, always remember that you must consult numerous shops and not just one! Asking multiple groups can give you certain advantages. One of them is the sign that it is already a good time to sell you coins.
Also, you can almost compute how much you would earn out of selling your gold coins. Just by comparing their offers, you can already have an idea on how much you should expect.
Though it is true that you could earn money when you sell gold coins, this doesn’t mean you can just sell them too just about anyone. First, do some research and give credence to people’s comments.Yuan
I have an aunt who’s interested in selling her old gold jewelry and some coins that were her father’s, so she’s looking for a reliable buyer. It’s great that you explained what affects the selling price of a gold coin, so I’ll call my aunt later to tell her about this. I appreciate your insight on how your gold coins’ weight and thickness affect their final price.Eli Richardson
The last purchases I did were indeed roosters and Helvetia and German mark. The spot price was pretty good. And also, I’m originally from Germany so I have a kind of connection to those coins. But you are absolutely right about selling and that is something I didn’t thought about. I have to go back to eagles and Buffalos. I live now Texas, and there is no state reporting required. Of course, every state has the federal reporting requirement for $10k transactions (CTR -which really is not a big deal, unless you are ever investigated, and cannot prove the source of the cash) – And also the required reporting of certain gold bullion products of 25 ounces, 1k ounces of some silver bullion, and $1k face in 90% coins. (All federal requirements)Dani
I sold to Bullion Max a month ago and got the highest price from anywhere for Silver Eagles. It worked out very smoothly and they wire the check to your bank.Bruce
Another way is Facebook Groups, you will need references from buying from others, then you can sell and others can refer you as a good buyer, for selling… There a lot of reputable coin dealers on these groups.. Always ask for Referances from others!Charlie
You may have to call multiple LCS, and be willing to drive 4 hours or more to get a good deal. Many LCS do not offer fair prices (below spot even). My local ones are not great. I am not a fan of LCS – my experience has not been great. They buy from you at or below spot then resell at ridiculous premiums. Heres another option: CraigsList, then meet the buyer at a bank or police parking lot. And yeah always smart to contact a few coin shopsUSA
When selling your gold, research and compare prices offered by different buyers. Ask for quotes from at least three buyers and compare the prices to get an idea of what your gold is worth. Be cautious of buyers who offer significantly higher prices than others, as it could be a sign of a scam.
Before selling your gold, know what you have. Look for markings on your jewelry that indicate the karat weight, such as “10k” or “14k.” If you’re unsure, have the gold appraised by a professional appraiser before selling it.
Read the fine print before signing a contract or agreeing to sell your gold. Make sure you understand the terms and conditions of the sale, including any fees or commissions that will be deducted from the sale price.
Finally, don’t be pressured into selling your gold on the spot. Take your time to make a decision and consider all your options before selling your gold. Remember that you have the right to walk away from a deal if you’re not comfortable with the terms or price offered.ABC
When selling long distance. I use walmart. Walmart to walmart is a cash deal. And ask the buyer if he wants shipping insurance add that cost. NEVER use PayPal. Scammers love it. they just say they never received it and PayPal returns the money without your knowledge or permission. I am, and would highly suggest, making instructions for selling your “collection” and keeping those instructions with your collection. You never know what can happen today or at any time in the future. Don’t burden your loved ones with not knowing the best way to handle what you are leaving behind.Eric
I like how you mentioned that selling your gold might be tricky. My uncle mentioned to me that he is planning to sell some of his gold jewelry for investment purposes and asked if I have any idea what is the best option to do. Thanks to this informative article and I’ll be sure to tell him that he can consult well-known gold buyers in town as they can answer all his inquiries and will surely provide a fair possible price.John Carston
I’ve got some old gold coins, and I’m not sure what to do with them. It makes sense that I would want to consider trading them! I can see how that could end up making me some extra cash.Braden Bills
Selling your jewelry online can be a convenient way to get cash for unwanted items, but it’s important to proceed with caution. The Better Business Bureau warns that some online buyers may offer low prices, fail to return your jewelry if you reject their offer, or fail to send payment for your items. To avoid these pitfalls, it’s important to research potential buyers carefully and read the fine print of their websites before doing business with them.
One way to ensure a fair price for your jewelry is to shop around and compare offers from different online buyers. In one experiment conducted by a master gemologist appraiser, offers for $550 worth of gold ranged from $166 to $406, highlighting the value of declining initial offers and seeking out the best deal.
When considering an online buyer, check their reputation with the Better Business Bureau and review their website’s terms and conditions carefully. Look for details such as how long you have to respond to an offer and how long it will take for the buyer to pay you. Before shipping your jewelry, take photos of it and send it insured with a delivery method that provides proof of delivery.
Another option for selling jewelry online is through a consignment shop. While this may result in a higher sale price, it’s important to factor in any commissions charged by the consignment shop.BBN
Know better? Leave your own answer in the comments! updated 01.04.2023