If you've recently inherited some gold coins and don't intend on collecting them, you may want to sell them. While the value of gold can change according to the market, it doesn't depreciate too much since it's assumed to have an unlimited useful lifespan. However, you don't want to just sell your gold coins to any buyer. You need to do a little research to make sure you get the best return possible. Here are three tips to get the most money for your gold coin collection.
Know Which Sets You Have and Who'll Take Them
If you are having trouble selling your coins, you may not be approaching the right buyers. There are three basic types of gold coins: bullion, rounds, and numismatic coins. There are different buyers for each type.
Bullion coins, or "sovereign" coins are manufactured by the government, and in general, the gold content of the coin is worth more than the value of the printed coin. Bullion is not considered by to be a collector coin, so you may have trouble finding a buyer if you look solely at coin collectors. You may be able to sell these types of coins to brokerage firms, banks, and precious metal dealers.
Rounds are coins that do not have government backing and are mainly melted down later on for their gold content. If you are seeking out buyers for rounds, consider reaching out to jewelers and precious metal dealers.
Lastly, numismatic coins are coins that are mainly sought after by collectors because of their history. Unlike bullion and rounds, which are worth something because of their gold content, numismatic coins are valuable because of their condition and rarity. A set of Indian Head eagle coins struck in 1907 would be an example of a numismatic coin.
Keep Them in Good Shape in the Interim
A few scratches won't affect the value of bullion and rounds since their values depend on current market prices and weight. However, it's important to keep your coins in good shape since a buyer may not be as interested in your collection versus another similarly priced collection due to aesthetics. It's especially important to keep numismatic coins in good shape since a lot of value comes down to aesthetics, and you don't want to damage their finishes.
Keep your coins in a protective case so they don't rub against one another and cause friction marks. Touch the coins sparingly so that you don't get finger oils on them. You may want to use cotton gloves when handling them. While gold doesn't tarnish or corrode, it shouldn't be stored with silver or other tarnished metal since this can lead to contamination.
Take Them to an Appraiser
Once you find some potential buyers, you'll want to take your coins to an appraiser so that you can make sure you get a fair price for your collection. Some jewelers are happy to appraise gold coins. While you may need to spend a little money for the cost of the appraisal, the coin grading shouldn't be more than your collection's value.
If you know which type of gold coins you have, how to keep them in good condition, and their appraisal values, you'll be better able to find a buyer and get the most money for your collection.
To learn more or sell gold coins, contact a buyer near you.