As with any valuable assets, keep them locked up and secured. Consider using plastic coin protectors to prevent damage from handling. Keep your gold stored in a cool, dry place. Avoid heat and moisture, as it can deteriorate the metal. [4] X Research source
Your gold coins should be listed by denomination, date, and mint mark to make it easier for the dealer to sort through the collection to give you an appropriate appraisal value. [5] X Research source Study each coin’s inscriptions with a magnifying glass to determine the year, country of origin and face value. When cataloging, keep the same country together in the list, preferably in alphabetical order. [6] X Research source To find the value of your gold coins you can look them up in the United States Coin book. Both the red book and the blue book let you know of the value of gold coins to help better prepare you as you get ready to sell them. [7] X Research source
If you have coins with numismatic value make sure they are appraised for this value and not just their value as bullion. Getting more than one appraisal reduces your risk of being low balled by one buyer of your gold coins. If you have a few estimates with you as you go to sell, you are in a better position of declining any offer to buy your gold at less than its value as you have the proof you could get more money for your coins.
You will most likely receive less than the fair market price if you deal with a local shop dealer. You can negotiate their asking price - keep in mind that they are there to make a profit. A fair range is between 20-40% less of what your gold coins are worth. [9] X Research source If at any time during the selling process you feel as though you are being cheated, you feel uncomfortable, or negotiations become too heated, leave and go someplace else to sell your gold.
To sell your coins through an auction, you’ll need to fill out a consignment form, turn it in with your coins, and wait until you receive an offer on your coins. [11] X Research source One thing to keep in mind is if you sell through an auction, you’ll have to settle for the highest bid. While an individual coin collector is likely to offer you the best price, it may take more time and effort.
If you are not familiar with how computers work or how to transact a sale online, this may not be the best option. With any online transactions, you are dealing with unknown persons and must exercise caution and care. A couple of online sites that offer fair rates for their services are Great Collections[12] X Research source and Heritage Auctions[13] X Research source Avoid websites that charge excessive fees to post and sell your coins, such as eBay. [14] X Research source
For example, if you have a 1902 Lincoln and you know the famous Lincoln collector/dealer will be at the show, you should go see them. If you have a higher quantity of coins you want to sell, a coin show may not be the best option. Dealers have to calculate their shipping and storage fees so showing up with a large amount of coins could hurt your chances of selling them. Instead, make a pre-arranged meeting or appointment so they can expect your arrival and better calculate their costs.
Gold is not valued by an ordinary ounce (28 grams), instead it is measured by Troy (31. 1 grams). Make sure when you are doing your research on your appraisals that you are getting measured by the correct value so you are getting an accurate estimate.
