Have you been wondering “how much are my gold coins worth” or “should I sell my gold coins”? Luriya has answers for you! With over 30 years of experience and expert knowledge in this specific field, you can get a much higher price here than if you were to just sell gold coins for their metal value. Keep reading to find out more about how to sell gold coins!
Many gold coins carry what is called numismatic value, also referred to as collector value. This means that the coins hold a worth beyond their metal contents, in terms of craftsmanship, rarity, and history. If this is the case with your coins, you want to sell them to coin buyers who will fully appreciate both their content value and their collector’s value.
1. Remember that knowledge is power – don’t sell gold coins for cash without knowing exactly what you have and who your gold coin buyer truly is.
2. Make sure the appraisal process is done before your eyes. Your gold coins should not be taken to anyplace you can’t see.
3. Don’t feel pressured to sell to the first coin buyer you speak with. Take your time and shop around until you find the best price.
Knowing how to sell gold coins for the best price is all about finding the right buyer and following current market trends. Selling gold coins is extremely lucrative, but only if you make the right decisions. If you want to sell gold coins for cash, you’ll want to go prepared and ready to negotiate.
The right time to sell gold coins really depends why you are selling. If you need cash right away, then any time is a good time. If you’re in no rush, and just think it’s time to finally cash in, then waiting to sell gold coins when the gold market is high is your best option.
When you sell to private gold coin dealers, you are in complete control of the sale. Unlike in an auction (in-person or online), when you sell to a private buyer, you can choose to sell or not after hearing the final price offer. Additionally, private coin buyers conduct the appraisal and examination right before you, so that you can see exactly how your gold coins are being handled and valued. Selling gold coins to private coin buyers simply allows you to sell safely and confidently.
First, check sites like the BBB and other public recommendation pages to find out about the buyer’s experience and credentials. Then, call up (or go in person) and ask about the buyer’s measuring equipment and scales. You only want to sell coins to coin buyers who use certified tools and calibrated scales.
In general, you want to look for gold coin buyers who will give you a holistic offer for your coins. This means that the gold coin buyers take into consideration both the numismatic value and the metal value. Though you can easily sell gold coins online, sell to a smelter, or trade at a pawn shop, selling to a private buyer will most likely give you the highest payout.
First, the coin appraiser will hold the coins and turn them over to make sure they are real. Once the appraiser has confirmed that the coins are indeed real gold, he or she will then weigh them to assess their metal content and purity. When the technical examinations are done, the coin appraiser will ask to see any documents that provide proof of purchase, gold purity, or the like. The appraiser will then put the pieces together and give you an estimated value for your coins.
When calculating the value of gold, coin buyers always begin by testing the coins for real gold metal contents and their purities. This is done through what is called an acid test. This test involves using nitric acid on the gold to see if it causes a chemical reaction- if there is no reaction, your gold is real.
After verifying that the gold is real, coin buyers will then examine the weight of the coins and their collector values. The buyer will consider all this information against the current gold market prices and give you a complete calculated value.
When selling gold coins, it is not necessary to have them certified in advance, but can be helpful. Certifying gold coins through the PCGS or NGC officially determines the coins’ rarity and strike value so that a private coin buyer cannot tell you otherwise. Certifying your coins when selling to a collector can help fetch you a higher price. However, if you plan to simply sell gold coins to a smelter, it is not worth the time and effort to get them certified.
When selling gold coins, you should be familiar with these gold terms:
Coloration = This refers to the way in which the gold may have discolored over the years. The aesthetic look this creates sometimes makes a coin more valuable to a coin collector.
Strike = The strike of a coin relates to how the coin was made. Specifically, it details the type of minting process that was involved in physically creating the coin.
Karat Weight = This means how much the gold metal weighs, and it is used in terms of price per karat.
Before selling your gold coins, be sure your coin buyer is properly certified and uses up-to-date, calibrated scales. For instance, at Luriya, we use NYS certified scales and have memberships with professional sites such as Jewelers of America and New York State Jewelers Association, so you know our methods are all up to code.
To ensure you are selling to honest gold coin dealers when you sell gold coins for cash, look at professional membership sites such as Jewelers’ Security Alliance and Professional Excellence in Jewelry Making and Design. Sites like these will give you an idea of whether your buyer is professionally accredited and affiliated in the Jewelry industry.
If you’ve been struggling with the question, “where to sell my gold coins?” start by researching local options and private buyers. Look into reviews, ratings, and certifications to help you decide the best place for you to sell gold coins.
If you’re looking for a reliable private gold buyer in NYC, Luriya jewelry and appraisal experts are certified and happy to help.
1. Have your I.D with you. Gold buyers must ask to see some sort of government-issued I.D before purchasing from you.
2. Know the Buyer’s Policies. Before you sell gold coins to a buyer, be sure you have read and understood all his or her sales policies. This way, there are no bad surprises later.
3. Be ready to negotiate, but be fair. If you want to do business with the coin buyer again, don’t be overly aggressive in your bargaining. Barter just enough to get you the right price.