Gold coins are a profitable investment, the purpose of which is to sell high and earn money on it. The cost of the currency is influenced not only by the sample, but also by its numismatic value (age, condition), which means that the price only grows over the years. Before you sell a valuable sample, you need to determine the value of the coin, then find a place for sale with the most favorable conditions. Finding a buyer for a gold sample will never be a problem, so there is no need to sell it to the first available buyer.
Types of gold coins and how to sell them
Gold coins have been used for 3,200 years. Since then, collectors have learned how to divide precious samples by purpose into several types, depending on which value will be higher or lower. The price of some samples each year increases several times, others cause interest only as a precious raw material for investment. Before you sell a gold coin, you need to understand the issues of collecting. This will help determine the value and understand where to sell gold coins profitably. The cost of well-preserved samples after a year grows by 20%.
Investment coins
Modern gold coins issued by the country’s central bank are at the peak of demand. The reason for the popularity lies in the easy possibility of buying and selling – unlike bars, such instances are not taxed, they are easier to store and easier to find a buyer. The price of gold is growing steadily, and if you sell investment coins at least 5 years later, you can make a substantial profit.
The cost of investment coins is determined in several stages:
- precious metal weight (troy ounce)
- lack of numismatic value (released in large quantities)
- lack of artistic delights (lack of design, simple embossing)
Did you know? Often, investment coins of exactly the same weight (one troy ounce) are sold at different prices. The most famous specimens, such as Golden Eagle ($ 71), Maple Leaf ($ 49) or Krugerrand ($ 48), differ in cost. Important factors are involved in their pricing, including production, distribution, administrative expenses incurred by the Mint in the manufacture of the coin, plus a mark-up that increases the cost of sale. The retailer, in turn, also raises the price in order to cover its own expenses and get a small profit on the sale of the coin in the investor market.
To ensure that the investment coin does not lose in price, it is necessary to store it in a special container and not touch it – any defect will significantly reduce its cost (up to 30%).
Investment gold coins most profitable for sale:
- Australian “Kangaroo”
- Austrian Philharmoniker
- South African Krugerrand
- American “Buffalo”
- Canadian Grizzly
- Chinese “Panda”
The most profitable way to sell investment coins at the maximum price with the lowest risk is to contact the bank. Before the transaction, experts will evaluate – they will examine the coin for defects and damages, confirm its authenticity and determine the condition. After that, they will announce the price at which the bank can buy a coin of the precious metal.
Did you know? The first Krugerrand investment coin was issued in 1967 and is intended for export of South African gold throughout the world. The idea was liked by other countries, and a bit later such specimens began to be minted in the USA, Great Britain, Australia and Canada. To create investment samples each country used their own resources.
Commemorative coins
Collectible coins attract the highest performance. Unlike investment coins, they are minted as a Proof. The issue is limited and dedicated to memorable events, interesting places or famous people / rare animals. Such specimens are characterized by a mirror surface, as well as a complex and clear image of small relief details. Often they can be sold ten times more expensive, since they are available in limited editions and are intended for collectors.
The cost of a collectible coin is determined by the following criteria:
- metal composition and weight
- degree of safety of the coin
- numismatic value
- year of issue, circulation, country
- individual features
Demand for valuable samples is great – they are of interest to coin collectors and gold coin lovers, so it is easy to find a buyer for commemorative coins, just like selling at an attractive price. To do this, just submit a proposal to the forum or visit the collectors club.
Ancient coins
The total value of rare coins of any era is the sum of the precious metal value, historical value and safety. You can find out the exact price in catalogs of gold and silver coins of the world or apply for evaluation of coins online on the forum of coin collectors. To do this, it is enough to make clear photos in macro mode on both sides (or scan).
Did you know? The first official US gold coins appeared in 1795 – two years after the first copper specimens were minted. The delay is due to the fact that mint officials could not receive proper performance bonds that would allow the processing of precious metals. After the bonds were received, the production of gold coins began – the first to be minted were $ USD 5 (Half eagle) and $ USD 10 (Eagle).
If the coin is really interesting – rare and in excellent condition, then you can immediately receive an offer from the buyer or leave an advertisement for sale in the appropriate section of the numismatic forum. If the coin was previously put up for discussion, then you can attach a link to the topic.
To sell a gold coin, you must specify the data:
- denomination
- year of issue
- circulation
- detailed photos
The only minus of numismatic communities in social networks is the need to earn a reputation after registering on the forum. If you want to sell one coin, then this method will take a long time.
Did you know? The production of gold coins with a value of $ USD 10 ceased in 1804 and was not resumed until 1838. In the period from 1795 to 1834. shipments of gold were irregular, so minted $ USD 2.5 and $ USD 5 intermittently at Mints. Some of the greatest rarities of the United States, such as the $ USD 5 (Half eagle) of 1815, 1822, and 1825, were produced just in this period.
More modern and profitable resources, where you can profitably sell old gold coins – auction houses and online auctions. In the first case, the sale may take a long time, since the number of interested people is limited. But the lot can be sold at the maximum rate. The simplest, fastest and safest is the second option, and if you use a few tips from experienced coin collectors, the value of the gold coin may increase.
The rules for selling in both cases are almost the same:
- register
- take some photos
- contact the moderator
- if approved, set a price
- after the sale, contact and negotiate the terms of payment
The seller has the opportunity to sell the coin at the blitz-price – to set the lot at the desired cost and wait for the buyer, who agrees to this price.
Where else can you sell gold coins?
There are less profitable sites for the sale of gold coins. They are suitable for copies that have not been evaluated in banks, at auctions and on numismatic Internet resources.
Pawnshop
If you urgently need to sell gold coins, then buying in a pawnshop will be the best solution. First you need to give a sample for evaluation, and then choose the option of how to get the money – bail or sale.
The advantages of selling at a pawnshop:
- quick purchase
- no queue
- confidentiality
- quick assessment
- minimum documents
The main role in pawnshops is played by the weight of the metal, so the method is not suitable for selling antique coins – the cost can be reduced by 30% relative to the market price.
Antique shop
For a slightly higher price, you can sell old coins in an antique shop. Buyers accept samples from different eras, countries and denominations immediately after the expert free assessment. Such resources earn resale, so the cost of the coin will be lower than desired.
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At the desired price and without commission, you can sell gold coins, leaving an ad in the newspaper or on special Internet resources. You do not have to understand the intricacies of the auction, pay for the work of an appraiser or turn out a rating, but there is a high chance of running into scammers.
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