6 things you need to know about selling gold coins

6 things you need to know about selling gold coins

What is a Gold Coin?

Gold coins are highly refined gold made into coins produced to meet specific prescription set by various governments. They are often created in large quantities. They come in various sizes that are convenient for storage and trading. Gold coins come in different weights and they can also come in different levels of purity.

There is a difference between gold bullion and a gold coin. Gold bullion might look like gold coins, but they aren’t. Coins are monetized – they are regarded as legal tender in their countries of origin. Gold bullion on the other hand might look like a coin and could even have a value engraved on it, but it is not “real” money.

The value of gold coins depends on more than just the quality of gold but on their history. The older the coins the higher its value is on the market. Gold coins are bought by gold buyers Melbourne, banks, wholesalers, brokerage firms and coin collectors.

If you have gold coins you are thinking of selling, then you should do the following:  

#1. Handle coins with care

You need to be careful when handling gold coins. Every imperfection like little dings and scratches can affect the price. The value of gold coins goes beyond the quality or quantity of gold.  

#2. Identify the country of origin

Most coins have a country of origin engraved on their surface. It is important to know whether you have a U.S, UK, South African or Australian gold coin. Collectors are often looking for specific coins from specific countries. Gold buyers who sell to collectors will also consider this. Not all gold coins are equal.

#3. Find out the date of minting

The year a coin was minted is also engraved on the surface. Some coins that have been minted in the Middle East and Asia use a different dating system that is different from the Western calendar. For instance, coins minted in Japan have dates based on the year of an emperor’s reign.

#4. Find the denomination

There are coins with specific denominations engraved on them. This might not be their tradable value. For instance, a U.S. gold coin engraved with $20 does not necessarily mean it is equivalent to a 20 dollar note. The coin could turn out to be worth over $1000.

#5. Determine the condition of the coin

Take a look at the coin. An uncirculated gold coin should not have any surface imperfections. While looks may be considered subjective, collectors will pay top dollar for a coin that looks like it is just fresh off the minting press.

#6. Watch gold charts

You should watch the gold coin charts to determine the price you should expect when selling your coins.

Who should you sell to?

You can sell your gold coins to a collector or any gold buyers Melbourne and get good money for them. The best way to get the cash you need. To test the market, show your gold to different buyers. You will find that collectors offer better prices than the typical cash-for-gold buyer. You can list your coins on eBay and watch as the price goes up when people start bidding on them. If you are uncomfortable with selling on eBay, find a local gold broker who can offer you a fair market value for your gold coins.

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