Gold coins are a valuable resource to have when you’re ready to make some money. Whether you inherited the coins or invested in them a while ago, the option to sell them is always open. Now that you’re ready to sell, it’s natural to be worried about making sure you get the right amount of money for your coins. To sell your coins and feel good about the transaction, follow these steps provided by the experienced professionals from First National Bullion, Scottsdale gold coin dealers with unmatched market expertise you can rely on.
Check Out the Current Gold Coin Market
Your first step is to find out the current price of gold. The precious metals market goes up and down, and selling while the price is higher can be beneficial if you have the option of following the current trends. However, you can still come out ahead if the price is low, since selling now could mean getting a good price for the coins before gold drops further in value.
Make Sure You Know What You Have
People often make mistakes with gold coins, since so many factors can affect their value. In some cases, you may be holding a rare coin with a higher value than the average collector would recognize. Gather your coins, and consider the need to have them appraised. Knowing what you’re actually selling helps you avoid falling into the trap of being naive about the amount you should expect to receive for them.
Avoid Mishandling Your Coins
You also need to do your best to avoid harming the coins as you gather them. When possible, use coin sleeves and cases to keep them in place and minimize the amount of handling necessary. You may also choose to wear clean cotton gloves when you touch the coins. When you transport the coins, use caution—only travel from the storage location to the potential buyer’s site without making stops to ensure nothing happens to your coins while you’re on the road.
Understand How Total Value Is Determined
A gold coin has two kinds of value. The first kind is referred to as bullion, and this has everything to do with the actual value of the gold used to make the coin. The other type of value is called numismatic, which is based on factors such as the age, rarity, and general appearance of the coin.
Only Work with a Reputable Buyer
You’ll find many places advertising they buy gold coins, and it’s important to make sure you only work with someone who follows industry best practices for maintaining integrity during financial transactions. Avoid taking your coins to potentially shady places such as pawn shops, and use caution at coin shows. Working with an established precious metals firm is the safest way to make sure you get a fair deal on your coins.
When they’re looking to work with trustworthy precious metal dealers who offer high-quality service for people buying and selling silver, platinum, and gold coins, Scottsdale residents can rely on the professionals at First National Bullion. Give us a call today at (480) 546-8928 to speak with one of our gold coin experts.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.