Sell Gold Coins

Gold coins can be either numismatic coins or bullion coins made mostly of gold or alloyed with silver (to impart green color), copper (to impart red color) and 50-50 Cu-Ag (for the common yellow color that we are used to seeing in marketplace). Gold bullion is generally made of pure gold, 999 parts out of 1000. The reason being pure gold is easier to sell away. The lesser the impurities, more will be the resale value of gold; nearing its melt down value.

As I am writing this current gold price is $1790.00 per troy ounce and it is on its constant way up, tending to cross the magical $2000 mark by the end of this month. Thanks to the depreciating currency, gold is ruling the charts once again. Its implication is, decreasing purchasing power of the American dollar such that now lesser commodities can be bought for the same amount. Same is for gold, now it’s costlier to buy that old 1 ounce Pamp Suisse bar. But what is relieving is that gold keeps its worth. As a legal tender it can buy same valued stuff even 10 years from now. This will happen because, gold price will rise and so will other goods’. And this is the reason gold is kept as a hedge against inflation.

 

Gold coins are easier to sell because of increased liquidity attached to them. These also make for a better scrap, as no matter how spoiled your coins are there is still much gold intact in them. It is better to take some precautions while buying coins too, to avoid an after-mess. For instance if your gold coins are real and not plated it you can claim good money in return. Also, if you have bought your bullion through retirement funds or have held them in IRA accounts, they are subject to higher long-term federal capital gains tax rate (28%, as against the 15% for stocks and other securities) at the time of selling and thus make for more returns as compared to shares of gold.

How to sell your coins?

There are some ways in which you can efficiently sell off your gold stock. But before that you have to take care of some things, your coins should be easily identifiable (for type and gold content), they must be in demand, not to forget the purity and its better if they bear a government mint certification. Apart from physical requirements your coins must also fulfill season requirements. You have to keep a constant eye on the market and that how is bullion moving. It is beneficial to choose that time of the year when demand is high and gold is fairing brilliant in the market.

What can be the probable places to sell gold coins? Start with jewelers. Although they readily buy even small quantity of gold, they rarely pay for the true worth of your gold. They are easiest to drop into if you want to exchange your coins for cash. Second can be bullion dealers. These are people who specialize in gold bullion, are avid market followers and have right information about bullion type and kinds. But they have high tax rates and will also deduct coin premium. Third can be companies or refineries that pay cash for your gold and they absorb gold in any form, even if it is damaged or alloyed. Fourth can be individual buyers or retailers. You can exhibit in coin shows and can make a deal with coin lovers. But it is less likely that you may come across a real enthusiast willing to purchase from you. You can go to auction houses or gold clubs. They can put up your coins for auction. But it is worthwhile only if you have an antique collection. Fifth place can be the internet. You must be aware of eBay. Of course this is how our world has got compact and close. Anything you want is just a click away. So browse over gold sites and find out how you can make a deal with them. Some great options are; eBay, CashforGoldUSA.com and BullionVault.com. You may never know when you can strike an excellent deal.

Most importantly, you must be an honest seller. This is reflected by the way you propose to sell your stock and by your feedback to the interested buyers. Don’t seem too desperate to barter your coins if you know your collection is worth the best money in market. Also, avoid advertising a lot. Your proposal must sound simple, with attached insurance papers and with a proper feedback channel.

Should you really sell?

Answer to this is relative to your situation and it depends on the fact that if you need money for a bigger investment coming up, and you have no other way out. Also, if you want your stock replaced with a fresh one you have to make this treat. While capitalizing on gold prices is not that big deal since gold will always grow higher and watching your coins increase in value over some time will give you internal satisfaction.

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