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How to Sell Gold Coins

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Gold is a great investment. You'll always find buyers who are interested in your gold bullion or collector coins. Gold bullion coins are minted by many countries. Gold collector coins have a value that's above their gold content. Know where and when to sell coins to get the highest price.

When Is the Best Time to Sell Gold?

Many investors buy gold to protect their financial well-being from either an economic crisis or inflation. Therefore, the price of gold is high when the economy is not healthy. The price of an ounce of gold hit a record high of $1,895 in 2011, in response to fears that the United States would default on its debt. If you don't need to sell your gold immediately, then consider holding on to your investment until the national, or global, economic situation allows you to get the highest possible price.

Know the Value of Your Gold

Be sure you know the value of your coins before you try to sell them. First, weigh the coins to determine their Actual Gold Weight. Then, multiply that figure by the present price of gold per ounce to get their scrap or melt value. You can find the price of gold online through precious metals retailers like APMEX and JM Bullion. Your calculated number is the lowest price you should accept for your coins. Remember that your collector coins are worth what someone is willing to pay for them.

Grading Services

You can get a professional appraisal of the value of your gold coins. Numismatic Guaranty Corporation is the world's biggest third-party grading service for coins as well as tokens and medals. You can find a list of NGC Authorized Dealers on the company's website. Professional Coin Grading Service representatives grade coins at PCGS Public Friday events and trade shows, or you can find an authorized dealer in your area. Independent Coin Graders and America's Oldest Third Party Grading Service are additional credible resources.

Sell to Dealers

You can sell your coins to a local dealer who advertises himself as a coin specialist or to a local auctioneer who will keep a percentage of the bid price. If you have rare coins to sell, consider a rare coin auction, which will attract serious collectors. Numerous online precious metals retailers buy gold coins. These companies are professionals at valuing coins, and they make fair transactions easy and convenient. You can also use other auction sites like eBay.

Sell to Collectors

Selling directly to collectors will probably get you the highest price for your gold coins. Keep in mind that you may be able to find collectors by traditional methods, such as advertising in your local newspaper. Most likely, there are coin collector clubs in your area, and you can search the American Numismatic Association online directory to find them. Listen to coin collecting podcasts, do some networking at coin shows and brainstorm other think-outside-the-box solutions to finding collectors. You may find that you are well rewarded for your effort.