Advantages To Buy Gold Coins
Gold and other hard metals have always been a time-honored part of traditional investment plans. Heres why:
- Gold tends to go up when other investments decline, providing a stabilizing effect for your portfolio.
- Gold is a bulwark against inflation.
- You dont have to pay capital gains tax until you sell.
- Nobody has to know you have it if that matters to you.
- In worst-case financial scenarios, such as massive currency devaluation, you can use gold and silver to buy and sell. That may sound crazy but it has happened in other countries.
Where To Sell Your Gold Coins And Bullion Safely
i. Sell to Jewelers
A lot of high end jewelry sellers also deal in gold coins so you can approach them and sell to them but make sure you only deal with reputable dealers and not rogue sellers as they could employ deceptive tactics to switch your original gold coins to fake ones without your knowledge and then return them to you. You need to be careful and smart whenever you decide to sell your gold coins in order to avoid situations such as this.
ii. Sell to Pawn Shops
You can choose to sell your gold coin to either a pawn shop or a jeweller. Pawn shops also buy gold coins. It is better to still take your gold to either of them even if you wont sell there so they can assess the value of the gold for you.
After you have gotten an estimated value of the gold, use the information to set a purchase price either online, or to a retailer or even individuals. Do not limit your stops to just one shop. Visit about three to four shops to make sure you are getting the right value or estimation price for your gold.
iii. Sell Online
You can also sell your coins online on platforms like eBay, Craigslist, or other online platforms dedicated to buying and selling gold coins.
iv. Sell to Your Bank
Coin trading is a very profitable investment and if you do it right, you wont regret venturing into buying and selling of coins. To ensure you get the best available bargain for your gold, the following should be put into consideration when trying to sell them off. They include
Can I Buy Coins From My Bank
Depends where you live. If youre in Europe or Asia, check with your bank. Some banks offer gold products to retail customers. I know several people that have done this very thing in Switzerland, for example.
To find out if a bank offers gold coins for sale, just give them a call . One caution: make sure you compare premiums, so that youre not being overcharged. Also, inquire if they offer lower rates to existing customers.
If you live in the US, it is a common misconception that you can buy gold at a bank. Many people expect a bank to issue gold, harkening back to times of old, but today most physical gold is purchased from non-bank distributors. Even the US Mint requires retail customers go through an authorized purchaser .
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History Of The Silver Dollar
The first US dollar coin with a $1 face value was the 1804 silver dollar. It featured a right-profile bust of Liberty on the obverse. Silver dollars, and the $1 denomination, were sparsely minted between 1804 and 1836, with the Gobrecht dollar minted at times during this 32-year period.
The first major issuance of silver dollars started in 1836 and continued through 1873. At that point in history, the US was flooded with silver from mines in the southeastern US, and in Nevada in particular. In response to the influx of silver and the US Mints free coining of silver at this point in time, silver dollars were suspended for five years. Following the end of free silver coining, silver dollars returned in 1878 and remained in production regularly through 1904. During the 20th century, silver dollar coining became more erratic. The Morgan Dollar design was briefly reissued in 1921 and later replaced that same year by Peace Dollars. The Peace Silver Dollar was struck until 1928, suspended, reintroduced in 1934 and 1935, and then halted for good.
Although these silver dollars are no longer issued, they are not impossible to find. In fact, plenty of examples of these coins remain as both graded collectible items and former circulation coins available as affordable investment options due to the purity of the silver contained within.
Why Buy Canadian Gold Coins
The most popular Canadian gold coin is the Maple Leaf. Coin lovers appreciate the striking symbol of Canada – the maple leaf – stamped on the coins reverse and its purity at .9999 fine gold . It is one of the purest gold coins in the world. The Royal Canadian Mint even produces limited mintages of gold coins which are 5 nines pure .
Buyers are guaranteed exact weight and purity by the Canadian government. Each Maple Leaf 1 oz coin has a face value of 50 Canadian dollars , and the coins carry legal tender status.
The one-ounce Maple Leaf was introduced in 1979. Today it is available in a variety of popular sizes ranging from 1 gram to 1 oz. The Royal Canadian Mint has also produced smaller runs of larger gold coins. In 2007 the mint produced 5 coins weighing 100 Kg . Each was denominated at 1 million dollars.
Buyers cannot go wrong buying Canadian bullion. It is very difficult indeed to find better recognized and more finely crafted coins.
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Insider Tips For Selling Your Gold Coins Profitably
Your goal is to make profits from the coins you have purchased so after buying the coins, you have to continue to keep an eye on the value of the coins so that you can know when the values have risen, and then you can sell your coins for profit.
You can continue to keep an eye on the prices on the website of the US mint or check places like www.goldprice.org for the latest prices. It helps to wait a few years after purchasing the coins before selling them because by then the value would have risen considerably and you can earn a sizable profit from selling them.
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Know the value of gold
In buying or selling, it is essential to keep track of golds prices. Several newspapers and websites give updated news on the prices of gold. It is advised that you keep up with those medium. Do not rush to sell your gold unless what you have is doing extremely well in the market. Sell your gold coins when the prices are most favourable or when you really need the income.
- A good site to keep watch of gold value is www.goldprice.org
- Sometimes it is best to wait for years before selling particular coins, no matter how well they are doing in the market.
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Know the value of your countrys currency
Information on this can be gotten online and in newspapers too. Selling your gold coins when your countrys currency drops is advisable because gold and currency of a country tends to have an inverse relationship.
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Sell your coins when the demand is high
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Avoid selling to unsteady buyers
Should You Buy Gold At A Bank
Bank vault full of gold coins
Theres no real risk with buying gold at a bank. Financial institutions, in general, take great pains to make sure any of the assets they handleinstead, they are paper checks or bars of goldare authentic. But that doesnt necessarily mean buying gold through a bank is the best way to go. It may not be the most convenient or cost-effective way to buy gold.
Banks generally dont deal with just anybody in the publicyouve got to be a member to engage in transactions with them. And this can cost you additional money through membership fees. There may also be other bank fees imposed on gold purchases, which can put your total cost above spot value at a significant premium.
You may also have to wait for a period of time for the bank to issue gold to you. This is especially true if the bank is low on inventory or depleted of gold stocks and needs to order more from its source to fulfill your order.
Coins at the bank were traditionally stored in canvas bags
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Where To Buy Gold Coins
There are a number of places where you can buy your gold coins from:
1. Local Coin Shops
There are a lot of local coin shops spread across the US where you can buy and your sell your coins. They are usually .
2. Online Coin Dealers
You can also buy and sell gold coins online although this is not always the best option because apart from the fact that you would also need to pay shipping fees, you may also end up being scammed into buying fake coins. You can find a lot of them on eBay but before you buy from them, make sure you look out for reviews, and gather a lot of information about them online before you do business with them.
3. US Mint
The united states Mint which is responsible for manufacturing gold coins backed and guaranteed by the US government also sells gold coins. You can check the website of the US Mint for a list of its authorized dealers closest to you.
4. Your Bank
Buying from your bank is the best way to buy gold coins. Banks get their coins directly from the US mint, or from authorized dealers. They also employ strict verification procedures to ensure that the coins they trade are original. Your bank would also issue a certificate of originality to guarantee that the coins are genuine.
Investing In Gold In A Modern World
In todays world of fiat currencies, buying gold coins remains a viable investment option for both its profit potential and diversification properties. In a portfolio of dollar denominated classical investments, like stocks and bonds, investing 5-20% of its value in gold bullion coins may significantly reduce the volatility of that portfolio.
Because of a proven ability to store value, investing in gold coins like the popular and widely recognized 24 karat Canadian Maple Leaf or the Vienna Philharmonic not only has profit potential but, for some investors, may serve as a method of wealth protection.With billions of dollars in transaction volume, a sizable buy/sell market and consistently competitive prices, Monex remains one of Americas preferred sources for buying gold coins.
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The Best Places To Buy Gold Coins
Most gold coins are bought in one of two places: at a local coin shop, or online.
Believe it or not, youll likely find better pricing online than at a coin shop, even after factoring in shipping costs. Thats because the overhead at a brick-and-mortar store is higher. But thats just part of the difference between them.
Heres the pros and cons of your two basic options
Oz Gold Maple Leaf Coin Royal Canadian Mint
The Canadian government issues this gold bullion coin every year. The Gold Maple Leaf coin is made by the Royal Canadian Mint using gold entirely mined in Canada. The Royal Canadian Mint is known for its quality and purity, and this pure bullion is no exception.
Since its release in 1979, it has become one of the most popular gold coins for investors and jewelers. The Gold Maple Leaf coin is considered legal tender and has a value of 50 Canadian dollars.
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Susan B Anthony Dollar
Susan B. Anthony was the first woman to be honored by having her likeness appear on a circulating United States coin. In 1978, President Jimmy Carter signed the Susan B. Anthony Dollar Coin Act into law . This law amended the Coinage Act of 1965, changing the size, weight, and design of the one-dollar coin. On July 2, 1979, the U. S. Mint officially released the Susan B. Anthony coin in Rochester, NY, the home of Susan B. Anthony during the most politically active years of her life. In 1979, 757,813,744 coins were produced. Additional coins were dated 1980, 1981 , and 1999. Ultimately, the United States Mint produced 888,842,452 Susan B. Anthony coins for circulation.
In 1997, Congress passed the United States $1 Coin Act , replacing the Susan B. Anthony dollar with the golden dollar coin. The golden color of this new coin, combined with a smoother edge and wider border, helps to more easily differentiate it from a quarter. The act also authorized the Secretary of Treasury to continue to mint Susan B. Anthony coins until such time as the production of new golden coins was ready. In 1999, the final 41,368,000 Susan B. Anthony coins were minted. The coins continue in circulation today.
One Ounce Canadian Maple Leaf
Purity .9999 $50 Canadian face value
Backed by: Commonwealth of Canada
Can also be bought in half, quarter, tenth, and twentieth-ounce denominations
Special Note: Royal Canadian Mints advanced security measures make this the most secure gold coin in the world.
Can also be bought in half, quarter, and tenth-ounce denominations
Special Note: The Perth Mint produces a new depiction of the Kangaroo every year
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Popular Examples Of The Silver Dollar In Us History
There are three major US silver dollar coins you can find when searching for affordable silver for sale. The Seated Liberty Dollar is the longest running of the three, but also the oldest and as a result most difficult to find. The Morgan Silver Dollar and Peace Silver Dollar coins are still commonly discovered in personal collections and available as former circulation pieces. Heres a breakdown of all three major designs:
Oz Gold Kangaroo Perth Mint
This coin has been around since 1986 and is widely known as one of the best gold coins to buy. Its wildlife design is likely the most recognized around the globe. The Perth Mint is unrivaled for beauty and quality, and the 1 oz Gold Kangaroo coin is their flagship product.
If youre an investor looking for a coin that has familiarity and consistent quality, you cant go wrong with the Perth Mints Gold Kangaroo coin. Its made from .9999 fine gold and has a value of 100 Australian dollars.
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Investing In Gold Coins In Other Ways
You can even buy coins with your Individual Retirement Arrangement . You wont be able to take these coins home.
Your IRA administrator will keep them in a vault for you. Coins must meet standards of purity to qualify as IRA investments.
You can always invest in gold without actually bringing home any gold coins.
Other Options For Buying Gold
If youre having trouble finding a bank that will sell you gold, you might decide to pursue other options. And there are many.
Suppose youre looking for special, current-year collectible gold coinage. In that case, you could turn to the United States Mint, which offers collectors a rich array of beautiful proof and other special-finish gold coins, gold commemorative coins, and gold medals.
But what if youre looking for gold bulliongold coins, gold rounds, or gold bars that come with lower premiums and are better suited for investors? In that case, the United States Mint wont be of much help to you. They dont sell gold bullion products directly to the public. Instead, they distribute these and other precious metals items to a small, select group of authorized buyers, who in turn sell these pieces to the public.
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The Best Gold Coins To Buy
There are a lot of gold coins on the market. But they all fall into two basic categories: standard bullion coins, or numismatic coins.
Bullion coins simply refer to gold coins that are made almost exclusively from precious metal, in this case gold. Their attraction is that they consist of highly refined gold and are viewed primarily as an investment. Some bullion coins have an alloy to make the coin more durable, since gold is a soft metal. Bullion coins are not regarded as a collector coin, which is a different class of coin .
You can buy bullion coins from a number of government mints that produce them each year. These are generally referred to as sovereign coins, meaning they are manufactured by that government. They also come with a face value . These face values are mostly symbolic at this point, since the gold content of the coin makes them worth a lot more than the value printed on the coin. But each government guarantees they will always be worth the amount stated.
Private mints also make gold coins, called rounds. While usually of good quality, they dont come with a face value or the same government backing. This makes them less attractive than sovereign gold coins, and thus the popularity of gold rounds is limited not high .
The best rule of thumb on whether to buy numismatic coins is this:
Unless you plan to become a coin collector, avoid numismatics and their higher premiums.
Add it all up and
Canadian Gold Maple Leaf Coins
Only the second gold coin to enter the precious metals market, the Canadian Gold Maple Leaf Coins have a rich history spanning close to four decades . These coins are an annual feature from the Royal Canadian Mint, and are assigned legal tender status in Canada.
As its name suggests, these coins bear the proud maple leaf design on their reverses. This leaf is one of the most iconic and important Canadian symbols and its depiction leaves nothing to be desired. The detailed design captures the most intricate veins and textures, making the leaf look very real.
On the other hand, Queen Elizabeth IIs most recent rendition is featured on the obverse sides. Although these coins dont boast annually changing designs, the design on this side changes when the mint starts using another portrait of the Queen on circulating currency.
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