How Do You Get A Fair Price For Your Coin Collection This Article Gives Tips On How To Value Your Coins And Find The Right Buyer For Them
If youre looking to make some cash by selling gold or silver coins, youll want to make sure you investigate your options and only do business with a legitimate coin dealer. When selling coins, it happens all too often that a pawn shop or scam artist will take advantage of an uninformed private seller, if the seller is unaware of how much the coin is worth. For this reason, it is well worth the time and effort to educate yourself on best practices when selling coins. When you are informed about the value of your coin before heading in to sell to a dealer, you will be more likely to walk away happy with the transaction. Here you will find a comprehensive guide to getting the best price for your coins.
Very Expensive Equipment Is Needed To Test Gold Coins
A reliable gold buyer like reDollar lives on very narrow margins of a certain percentage like a bank. And to have a good business, a buyer of gold coins needs excellent equipment. Every single gold coin you deliver to the reDollar laboratory is opened under video recording then undergoes X-ray testing, ultrasonic testing, and a density investigation. We are even able to detect the tiniest portion of tungsten hidden inside a gold coin thanks to our high-tech equipment worth tens of thousands of dollars. We do this first to know exactly what were buying and second to provide you with a gold coin report showing all testing results and the amount we can offer you. We also include a complete breakdown of the total amount offered so you know exactly how much well pay you for each individual gold coin. See our draft report for a recently sold package of gold coins. The report shows a description of your gold coins including weight, purity, and quantity and a checklist of all tests we performed. Keep your gold coin report for your records or share it with a co-seller in case of an inheritance sale or if you act as a liquidator or lawyer.
Etfs That Own Mining Stocks
Dont want to dig much into individual gold companies? Then buying an ETF could make a lot of sense. Gold miner ETFs will give you exposure to the biggest gold miners in the market. Since these funds are diversified across the sector, you wont be hurt much from the underperformance of any single miner.
The larger funds in this sector include VanEck Vectors Gold Miners ETF , VanEck Vectors Junior Gold Miners ETF and iShares MSCI Global Gold Miners ETF . The expense ratios on those funds are 0.51 percent, 0.52 percent and 0.39 percent, respectively, as of July 2021. These funds offer the advantages of owning individual miners with the safety of diversification.
Risks: While the diversified ETF protects you against any one company doing poorly, it wont protect you against something that affects the whole industry, such as sustained low gold prices. And be careful when youre selecting your fund: not all funds are created equal. Some funds have established miners, while others have junior miners, which are more risky.
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How Much Is 18k Gold Worth
18k gold consists of 75% gold and 25% some other metal. Since it is less pure than 24k gold, youll get less money for an item that is 18k gold than one that is 24k gold.
To find out how much money your 18k gold item is worth, all you need to go is:
- Look of the current spot price of gold in grams
- Weigh your 18k gold and multiply that number by 0.75. This will tell you how much pure gold you have.
- Multiply that number with the current spot price of gold.
Sell Silver Gold And Old Coins Online For Cash
Youve spenttonsof time and energy building up your collection of rare silver and gold coins or bullion. The last thing you want to do is go through the whole rigamarole of websites, trying to figure which is thebest place to sell my coins online.
Say youve got some American Silver Eagles, a Kruggerand, or maybe you just inherited a coin collection from your Mom, Dad, or your grandparents and youre not really sure where to sell, or what to do?Maybe youre wondering where to sell silver near me? Nothings closer than home right? You dont even have to leave your chair to get there! Just sell coins online!Let us make it easy for you.
Weve gone through 5 places to buy and sell coins online and compiled a nice list for you to use. While we definitely have afavorite,we want to provide you with all the facts.
Once you’ve picked a coin selling website to sell your coins, check out our article here onhow to get your coins to sell!
Looking to buy coins? Not sure what to look for? we’ve got an article onrare coins you need to look out for!
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What Is A Gold Spot Price
The spot price is the price that gold will sell today on the spot. The gold spot price is used by gold buyers to set the price they will offer you for your gold today.
Gold spot prices is the value of gold to be delivered immediately after purchase is called the spot price, calculated as the average net value of all currently traded gold futures for the next month.
Sell Gold Online For More Today
Many people sell gold to investors who buy it to hedge against political or economic currency crises. This is because compared to investment vehicles like high-yield bonds or stocks, gold is a relatively safe and easily liquidated asset to possess that often works well as a hedge when the stock market tanks.
People demand and sell gold in different forms. And the demand for physical gold is very strong, providing ample opportunity for individuals looking to sell their gold jewelry. Individuals hoping to sell gold bars or sell gold bullion will find that demand is high as well.
In this article, well look at how much your gold might be worth, the different types of gold that have value and how you can sell your gold.
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Sell Gold Bullion Online
Bullion is usually gold in the form of bars, ingots, or coins. Unlike jewelry or a Hermès hand bag , gold bullion does not have fashion value, but it does have plenty of financial value. Bullion has maintained value throughout the ages – even the Ancient Greeks were using gold coins as far back as 500 B.C.E.
Gold bullion is a physical and timeless asset that can be stored securely, protected and is not subject to the financial loss from inflation in the way money is. Its worth is often preserved unlike conventional currencies. This can make gold bullion useful as an emergency fund as long as you can liquidate it quickly when the time comes. Like other forms of gold and precious metals bullion is a relatively safe and easily liquidated asset that offers some degree of financial stability as it continues to hold value.
Back in the old days, if you wanted to sell gold bullion you most likely either had to find a local collector-buyer-dealer or sell it on a commodity exchange just like one would a stock. Generally this would involve physically relocating the bullion to its new home. But today, online resale can make selling your gold bullion a whole lot easier.
Understanding The Value Of Gold Coins
Historically, gold has always been an official method of payment. Shortly after the barter economy and after shells were used as currency, gold replaced almost all forms of payment for goods and services. Its not only the monetary value of a coin that makes gold so interesting to human beings its also the long history and the fascinating importance gold has had for thousands of years that attracts buyers and sellers every day. Handling gold like money is the only way for a satisfying and fair selling experience. If you travel abroad, do you buy or sell euros or pounds without knowing the official exchange rate? Of course not. Selling a gold coin is pretty much the same business as exchanging dollars for foreign currency. Understand that your gold coins have an indisputable value, and the amount you can expect to be paid is something definite, not dependent on the mood of the buyer. If you sell a gold coin with reDollar, youll get paid the highest possible price on the market and receive a written report on the coins you sold.
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Best Practices To Sell Coins Online
If you plan to sell gold and silver coins online, here a few best practices for getting the best possible price:
- Take a good picture The clearer the image you post, the more appealing and easy to evaluate your coin will be to prospective buyers.
- Determine coin weight and value Take the steps mentioned above to determine AGW if you plan to sell gold coins, to determine a minimum base price.
- Shop around Dont take any one dealers offer until you have collected several different offers to choose from.
Once you understand coin values and align yourself with the best coin dealers who will pay the highest prices, you can sell gold and silver coins with confidence. Give yourself a head start on a successful sale contact Scottsdale Bullion and Coin today!
How To Buy Gold Online
Like many other products buying gold online can be as easy as point-and-click. The best dealers have a well-organized website with easy navigation to find and compare products by category . When you find a product you want, you click on it to review the details. As with any online shop, you can add it to your cart. You can then enter the quantity you want. From there, you can continue to shop or move on to checkout.
Once you start the checkout process with most dealers, your price is locked in for a short period, typically 10 to 15 minutes. You need to complete your purchase before the pricing expires, or you may see the price adjusted up or down based on how the market is moving.
Once you complete checkout, you will receive an email confirmation along with ongoing shipping notifications.
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Best For Gold Coins: Bgasc
As its name implies, BGASC is one of the best sources for gold bullion coins sold at reasonable prices, making it our choice for the best online gold dealer for coins.
Best selection of gold coins
Competitive pricing on gold coins
Excellent customer support
No live chat
Three-day return policy
Although BGASC offers a complete lineup of gold products, its primary focus is on selling gold bullion coins. Their selection of coins is vast, prices are highly competitive, and customer service is excellent, which is why BGASC is our choice for the best online gold dealer for coins.
BGASC is the newest company in this roundup, but they’ve managed to build a solid reputation as a major player, especially as a gold coin dealer. In addition to a great selection of all the essential standbyssuch as American Eagles, Canadian Gold Maples, South African Krugerrands, Pre-1933 U.S. Gold, and Australian Gold Kangaroosthey maintain an extensive inventory of premium and rare numismatics. It also offers silver, platinum, and palladium products. They do offer gold bars in all the standard sizes, yet they tend to focus on one brandPAMP Suisse Fortuna Gold Bars.
The gold bars they do sell are priced competitivelytheir 1 oz. Gold Eagle coin is offered at $1,963.67, one of the lowest in this roundup.
One of the downsides of BGASC is its limited payment options. Currently, they only allow payments with paper checks , PayPal , credit and debit cards , and bank wire transfers .
Is Selling Your Gold A Good Idea
Is now the right time to sell? Should you wait for the price to go up, or will waiting risk losing money if the price goes down?
Selling gold now is a good idea for those who need cash or want to use the gold to reinvest in a newer piece of jewelry, Gizzi said. Outdated jewelry that is broken or single earrings also make great items to sell.
That being said, its possible to have regrets. Always remember that once the piece is gone, you can rarely get it back, Gizzi explained. Just because a piece of jewelry is outdated, doesnt mean that it wont come back.”
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How Much Is 18k White Gold Worth
18k white gold contains 75% gold.
To find out how much your 18k white gold is worth, all you have to do is:
- Look up the current spot price of gold.
- Weight your 18k white gold and multiply that number by 0.75 to determine how much pure gold is in the item.
- Multiply the number above with the current spot price of gold to determine how much it is worth.
How Can I Sell My Coins
The best places to sell coins online
eBay. Its become an unofficial coin marketplace for thousands of sellers from around the world. Its auction and Buy Now features perfectly match the coin sellers needs for e-commerce benefits: broad audience, intuitive rules, small commission what else do you need?
Amazon. The Collectible Coins section is an excellent alternative to eBay. The good thing is that its become a home not only for private sellers but for primary dealers. Amazon has the largest audience of customers in the world. Do you need another reason to start selling coins on Amazon?
Internet Auctions. Usually sponsored by leading off-line dealers, these online marketplaces can be tough to get a listing on, and have extensive deal completion procedures. Online currency auctions have a large flow between sellers and products , so waiting for 30 days to get on their website is average. Plus, they charge large commissions for each closed deal. However, these auctions have a sterling reputation and often attract the wealthiest and most motivated buyers.
Some big platforms to start with: Goldberg Coins, Heritage Auction Galleries, USA Coin Book, David Lawrence.
Selling the coins to a dealer
Doing e-commerce by yourself can be tiresome, especially if you dont love the direct selling process. If you dont want to distribute your coins personally, then delegating this labor to a dealer might be your best bet.
Pros of selling coins to a dealer
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Is Now A Good Time To Sell Gold Is Gold Good To Sell Now
When the economy and stocks are unstable, prices of gold historically rise. In other words: Now is an excellent time to sell your gold!
If you have gold jewelry, coins, gold teeth or other gold items that you do not use, or do not enjoy, then you should absolutely sell your gold now. That money can be used to pay down debt, take a vacation, go towards a downpayment of a house or other useful purposes.
Even selling an old gold chain you haven’t worn for years, or is broken, can mean a nice restaurant meal!
Also, it may make sense to sell your gold, and buy stocks or an index fund to take advantage of the down stock market. You are essentially selling your gold high, and buying stocks or real estate low exactly the best way to invest.
Unknown Gold Coins And Damaged Gold Coins
Some people underestimate the value of unknown or damaged gold coins. Dont make that mistake. Each coin still has value because of its gold content. Check the gold price per pennyweight to find out that even a small gold coin can be valuable. Keep in mind that damaged or scratched coins have to undergo a melting process, but they can still be sold easily.
ABOUT THE AUTHORS
The reDollar experts Alan Jensen and Alex Fordham created the article Sell Gold Online in an effort to provide detailed information about the selling process with a focus on the value of gold coins. Alan and Alex have a keen interest for gold coins, and they have tons of literature available for reference if you deliver really rare gold coins. They are eager to investigate your coins, so dont wait any longer sell your gold coins to reDollar today!
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Other Ways To Sell Gold Or Gold Jewelry
I researched all these options before moving forward with CashforGoldUSA, and found it was the best choice:
While there are many reputable local businesses that can give you an honest gold resale price for your jewelry, coins, gold nuggets, bullion or other items, selling your gold online with a reputable business is usually the best way to sell gold.
Using an online gold buyer is advantageous because:
An online gold buyer will make an offer based on the weight and purity of the metal you send. This includes gold coins as well as jewelry: Youll be paid for the metal value rather than a coins face value.
Online gold buyers can offer high prices, since they dont have the expensive overhead of a retail store, and the competitive nature of the Internet means they are motivated to lower their fees.
Those we considered when deciding on the best included:
- Liberty Gold and Silver
- Goldco Precious Metals
- Gold Geek