You might have gold coins that you would like to sell. Different people choose different reasons to sell bullion and different times to do so too. Investors buy gold as a hedge or safe-haven but a time comes when they need to liquidate their precious metal assets into cash. As much as selling gold is a matter of personal choice, it is usually a decision that should be taken when an investor sees that they could be making a good return if they sell. There are some basic steps that one has to take when selling gold.
Bullion Vs. Numismatic
The first thing you need to do is to determine the type of gold you have. Do you have gold bars or coins? Is your gold numismatic or is it bullion? You would know this if you were involved in the decision to acquire the gold product you have but you may not know if your gold was an inheritance or a gold. All gold is valuable but not all gold is valued the same.
Sovereign Vs. Private Mints
You will know that you have gold bullion if your gold product was made at a government mint also known as sovereign mints. However, these mints are known to produce other types of gold products that aren’t bullion. How do you know if you have gold bullion coins or not? Besides being minted by government mints, gold bullion coins have legal tender in their country of origin but most importantly they are made from 95.9 to 99.99%. Private mints also produce gold coins and sometimes their purity levels are quite high. They are not legal tender and are often regarded as numismatic coins that are valued for their aesthetic, rarity, and purity. In comparing gold bullion coins are more reliable and sell quite quickly because they are always in demand. Numismatic coins can fetch a high price if they are in demand and in good condition otherwise their value is determined by the gold content.
Know the Bid Price Vs. the Ask Price.
There are some terms that you will need to familiarise yourself with when selling gold.
The Bid Price: This is what you can expect to get when you sell bullion. It is the current best price per ounce of gold that a gold dealer can get from a seller.
The Ask Price: This is the minimum amount a bullion dealer can offer.
Popular Gold Coins to Sell
As previously mentioned, “All gold is valuable but not all gold is valued the same”. Some gold bullion coins sell better than others. It pays to know which gold coins are popular. These are some of the top favoured gold coins that you can sell virtually anywhere in the world
American Gold Eagles
American Gold Buffalos
Canadian Gold Maple Leafs
Australian Gold Kangaroos
South African Gold Krugerrands
Chinese Gold Pandas
Austrian Gold Philharmonics
British Gold Brittanias
Find a reputable dealer
Once you know the gold you have then, go online to check what the current prices are. Your gold will be treated as second-hand old, so you cannot expect to get as much money as what the current rates promise. By getting an idea of the retail price of your particular gold coins and knowing the current spot price of gold you will know when you are getting a good price from a gold dealer or not.
As for gold dealers, they are available virtually everywhere. Find one near you that has been in business long enough to build a good reputation. Don’t sell your gold to the first dealer you come across. Shop around and compare prices to find one that is the best.