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Business and Trade

How to Sell Various Types of Gold Coins

How to Sell Various Types of Gold Coins

You’re running a bit short on cash for your bills. If you don’t come up with the difference in a few days, you’re going to be in trouble. A great way to get some extra cash is to sell the different types of gold coins you have around your house.

The question is, where do you begin with selling? Can you take your coins to the local pawn shop or is it better to hand them off to an online buyer?

We’ve got all the answers you need right here. Check out this guide for tips on how to get rid of your gold.

General Selling Tips

Before we talk about where you can sell your gold coin, we’re going to give you a couple of tips that will help you go about it. Find out the value of what you have ahead of time, decide on how you want to get paid for your coins, and stay away from pawn shops if you can help it.

Know the Value of What You Have

If you don’t know the value of what you’re selling, it can be easy for you to get swindled. Certain pieces are worth a lot more than others.

One of the best ways to go about calculating gold value is to look it up. You won’t be able to get the full amount that you see in your research, but you’ll have a roundabout number to work with.

If you have coins from another country, you’ll need to look up conversion tables to find out what they’re worth in the area you call home. Values vary from place to place.

Avoid Pawnshops

Do you need to sell your coins in a hurry? Local pawnshops might be able to help you in that regard, but you should still avoid them if you can. They won’t give you a fair price for your gold due to a couple of reasons.

For one, the shops need to turn a profit. They have to pay to keep the lights on, after all. That means they might not be able to give you the full amount of what the gold is worth.

The other reason is that the staff isn’t perfect. It’s possible that they will lowball you simply because they don’t know the actual value of what you have.

Decide How You Want to Get Paid

The other benefit of pawnshops besides speed is the method of payment. Nine times out of ten, they’ll give you cash for your gold coin.

If you don’t care about getting paid in cash, that benefit will be lost on you, however. You might be better off selling online where you can use Paypal and ACH transfers.

Where to Sell

You can learn more about this product and how and why people buy it, but that still won’t help you if you choose the wrong place to put your gold up for sale.

There might be a few good local dealers around your area, but if you can’t find one, you’ll be better off turning to the world wide web. There are tons of internet auctions to try. Not to mention, social media exists.

Social Media

There are tons of pages on social media sites like Facebook that will allow you to buy gold and sell it. You can go to specific forums or stick to the general marketplaces. Either way, you should get a few hits.

Something to keep in mind is that most of these special pages are private. You won’t be able to post in them unless you get permission from the admins to join.

Online Shops

The safest way to sell your gold coins is by finding a reputable online dealer. Most of them will ask you to fill out a form to get started. After they get your information, they’ll send you an envelope to ship your coins to them.

When the gold arrives, they’ll look over it and give you a price quote. If you don’t like the quote, they’ll send your coins back to you without asking for a fee.

Local Dealers

If you live in a large city, there are most likely a few local dealers near you. They’ll be able to look at your coins and know exactly how much they’re worth.

Before you sell your coins to the dealer, make sure that they’re part of trusted organizations. If they’re not, they might not be as reputable as they say.

Internet Auctions

Let’s say that no matter how much research you do, you can’t find out the value of your coins. The best way to maximize your earnings in this case is by looking into an internet auction.

You can go to sites like eBay to post your gold, but it’s better to go to online stores that deal in the metal specifically. If you don’t, you may end up getting ripped off.

Coin Shows

This is another good option for those who live in large cities. Coin shows come to metropolitan areas all the time. You can take your collection to one to find out the price of gold coins you have.

You might even get a few suggestions on where you can take your coins to get rid of them.

Selling the Different Types of Gold Coins

Are you short on your bills? You might be able to make up the difference by selling some of the different types of gold coins you have on hand. Depending on where you go, you can get quite a bit for them.

Put them up for sale today and for more tips that will help you stay on top of your finances, check out the rest of our blog.

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