You’ve probably heard accounts of gold’s skyrocketing price. The gold market has been very strong over the past few years, and with the current economy, it shows no sign of slowing anytime soon. As with any market though, no one has a crystal ball to tell where the top of the market is. If you have gold coins and need to raise cash, now may be the time to take advantage of these strong gold prices and unlock the value in your old gold coins and turn it into something else that is new and useful. But you may be wondering, how to sell my gold?
7Â Ways to Sell Your Gold
Gold Selling Method #1- Â Consignment
One of the easiest ways to sell your gold coins is through a dealer that takes them on consignment. Many dealers welcome this type of sale; it gives them new coins to show customers without tying up their own money in inventory. Ask the dealer what percentage he charges as a commission when your coins sell — expect to pay at least 5%, but consider other alternatives if the percentage is closer to 10%. A drawback of the consignment method is the lack of predictability in terms of how long it will take for the shop to find a buyer for your coin. This method also relies on the dealer’s integrity so be sure to check him out carefully before giving him you gold.
Gold Selling Method #2- Auctions
Online auctions could be the right option to sell gold coins, depending on the details of your specific coins. Auction sites such as eBay work well for rare coins as long as thy have been graded and certified by one of the “big three” coin grading companies. They are PCGS, ANACS, and NGC. These three are highly reliable while others consistently overgrade coins so they aren’t trusted by ebayers. And ungraded coins will not sell for much over melt price because it is difficult to tell their authenticity and grade online without a reliable grading service. So if you have a coin in excellent condition it may be worth the fee to get it graded . If you have a common date coin grading will be of little benefit but you will probably get very close to “melt” price because bidders can cut out the middle man. However, you may also need to pay fees for listing your coins, and many auction sites take a percentage of the final selling price. Overall fees could work out to 15% or higher. A good auction company that will either buy your coins outright or put them in their coin auction for you is Heritage Auctions. You can also use their site to determine how rare your coins are and get a good idea of what they are worth and whether it pays to get them graded. They are the world’s largest auction house dealing not only with coins but also with art, antiques, comics, books, jewelry, movie posters, sports, and wine.
Gold Selling Method #3- Online Dealers
Online coin dealers are easy to find, but hard to trust. Many people have been burned, especially by dealers selling people over-graded coins through their website. If an online dealer sells shady coins, these same dealers will have no problem trying to give you a rock-bottom price offer just to see if they can get away with it. Not all online coin dealers are bad, of course, but proceed with caution and have an estimate in mind for the value of your coins. It is easy to determine the gold content of your coins. Simply go to Coinflation.com and use their handy How much is my coin worth calculator for Silver Coins and Gold Coins. It will tell you how much the gold or silver in your coin is worth based on current “melt” values. This is just how much the metal is worth. It doesn’t figure in the collectable value. If metal prices are changing rapidly this will give you a good base value for your coin. Heritages’ prices tend to lag metals prices a bit but are based more on collector value.  Do not trust any online coin dealer if they have just started doing business, and do not base your opinion of their trustworthiness on how slick their website looks. Look at their inventory for sale — is it made up of high-end gold coins or are they selling low-quality coins? Reputable coin buyers and sellers want to buy high-quality coins in their original, aged condition. A shiny coin means it has most likely been cleaned, which can reduce the value. Look for a dealer that buys and sells certified gold coins. Reputable online coin dealers have been around for years because they have conducted an honest business. They typically also have extensive resources and should offer you a fair price.
 Gold Selling Method #4- Pawn Shops
Pawn shops have been around in one form or another for literally thousands of years. They provide an important consumer service of making short-term loans in a hurry. Pawn shops usually lend money or buy items based on a certain degree of knowledge about the value of the item and the pawnbroker’s potential ability to resell it for a profit. The problem is that such a wide variety of items make their way into a pawn shop that the staff would be hard-pressed to be expert in valuing everything, especially having the ability to accurately assess the value of your gold coins and pay you top dollar. They should be able to give you an estimate of the melt value but may still try to get your coins for a much reduced price to the official melt value.
Gold Selling Method #5- Jewelers
To many people, selling their gold usually means selling jewelry, not coins. You might consider approaching a jeweler if you have jewelry to sell, since you would think that an expert jeweler would pay you not only for the value of the gold but also any stones and also for any historic or aesthetic value. Since a jeweler specializes in jewelry, he might be a good choice but some jewelers are restricted by law from selling used items, so be sure to talk to one that deals in used jewelry. But even then  chances are, he is not a specialist when it comes to gold coins. If your gold coins have any value over and above the value of the gold, a jeweler is not your best choice.
Gold Selling Method #6- Mail-In Services
Many mail-in gold and silver buyers have sprung up in recent years as gold and silver have changed hands with increasing frequency due to the increasing market prices. As with online coin dealers, you will want to thoroughly check out a mail-in service before sending off your coins. Make sure they provide insured shipping both ways, and check the Better Business Bureau for any complaints. See if they have a phone number and address so you can speak to a live person. If you send your coins in, receive an offer and reject it, you need to know that your coins will be returned to you promptly and that you have someone to follow up with if anything goes wrong. Often they will offer extremely low offers as little as 40-50% of the official melt value so be very wary of the ones with big late night television ads. Running all those ads costs money so they can’t offer you top dollar no matter what they say!
Gold Selling Method #Â 7- Walk-in Stores
Walk-in stores could be your best bet, especially for first-time gold coin sellers. When you can speak to knowledgeable staff in person, and get all of your questions answered, this might make you feel more comfortable about the whole process. Look for members of The Professional Numismatists Guild
(PNG). The PNG requires members to pass strict background and financial checks. They must also demonstrate competence in the coin trade. The PNG also offers you binding arbitration if you have a problem with one of their dealers. Simply contact the Guild’s Executive Director and arrange a legally binding three way arbitration (for free).
See Also:
- Selling Your Scrap Gold During The Economic Downturn
- Why Buy Gold?
- Beginners Guide to Gold Investing
Tips from Amazon on how to sell my gold:
- For What It’s Worth: Business Wisdom from a Pawnbroker – By Les Gold, star of the hit TruTV Reality Show, Hardcore Pawn
- Pawnbroker’s Handbook: How to Get Rich Buying and Selling Guns, Gold, and Other Good Stuff
- The ABCs of Gold Investing: How to Protect and Build Your Wealth with Gold
- Precious Metals Investing For Dummies