Get the Most Cash for Your Gold Coins

It seems like the value of gold is always going up, so why not take advantage and sell those gold coins that have been sitting in your drawer for years? If you’re a beginner when it comes to gold coins, check out these tips to make sure you’re doing everything right when buying or selling your gold coins.

1.    Know which coins to buy. There are all kinds of coins you can buy or sell, so you need to know what you have or want. Rare collectible (numismatic) coins can sell at a pretty high price, even more than the gold value alone.  There’s a lot of potential here for profit, but you need to know as much about grading and evaluating coins as you possibly can, so this isn’t recommended for newbies.

Fun fact: The standard weight for a gold coin is one troy ounce which is 31.1 grams. There are some coins that weigh a little less than one troy ounce, but they trade less frequently, and you will end up paying a bigger percentage premium to buy them from dealers. This will potentially cut you’re your profits.

2.    Make sure the coins you buy or sell are made from real gold without damaging them. Your best option is to have a third party certified coin dealer make sure they are real. Otherwise you can use a consumer gold tester, such as a gold verification pen, to test without causing any damage.

3.    Plan where you will store the coins. Yes, this will cost you money, but this is really only recommended for investors. You may want to consider a bank safe deposit box, a home safe or a safekeeping program offered by some gold dealers. However, if you’re looking for a quick sell for fast cash you can just keep the coins on hand.

4.    Shop around. There are many ways you can go about purchasing gold coins. Your best bet is to compare prices on whichever coin you’re thinking of buying. You could buy from a government, whose coins usually come with a guarantee of gold content, weight, and purity. Or you could buy from private firms, but stick with ones that have been selling gold for over 30 years, such as monex.com, kitco.com, blanchardonline.com, or apmex.com. You could also check out eBay or an individual dealer, which ultimately is the most risky option. Do your best to get a price guarantee from the dealer if you choose this option.

5.    Keep track of gold value. This won’t be too difficult considering most newspapers report the price of gold every day, but you can also just look online to see what the price of gold is.

6.    Keep track of value of the dollar. There tends to be an inverse relationship between the value of a dollar and the value of gold, so you’ll want to keep up with this also. You can look this up online or read it in papers as well.

7.    Sell your coins at the peak of demand! This is the tricky part – at this point you really need to do your research and depend on intuition. Selling your gold right before the value of gold goes down is exactly what you want to do so that you’re making a profit. Timing is usually fairly difficult, so try selling when gold prices are up and demand is at its highest.

When you sell gold Boca Raton, call us first to learn what the current market value of gold is and we’ll tell you the most you can expect to be paid for your gold.