A Guide on How You Can Get Started Selling Your Gold Coins for Profit
Gold is a precious metal that will always hold its value. It may seem idealistic to say, but gold is one of the most practically useful metals on the planet. Gold is even used in modern electronics like phones, computers etc., and we all know of its use as jewelry. Even today, gold is used as highly desirable decorative metal. However, some of the most valuable gold items are coins. Rare gold coins can be sold for hundreds, thousands, hundreds of thousands and sometimes even millions of dollars. However, if you’re feeling reluctant because you don’t have experience selling gold coins, don’t despair. Here are a few tips that you can use to sell your gold for cash.
1. The first thing you need to do is compare prices. Do your research… You shouldn’t be surprised if you see gold coins going for different rates in different markets. This is crucial to do, since you may get better prices for the same coin in a different market. Often the best price for gold coins is available online from national coin buyers like www.cashforcoins.net Research can make you thousands of dollars more than the price that was offered locally.
2. If you’re buying rare coins then you should check for their numismatic value online. This is the subjective value given to them by reason of rarity and collector’s bias. Don’t be fooled in to overpaying for something. The internet provides access to many reliable coin price guides NGC, PCGS, Greysheets etc all good resources. Also, you can search ebay, but don’t look at the asking prices make sure to look at sold prices of completed sales. This will show what people are paying.
3. Consider the resale market of the coin if you’re buying one. Rare coins are highly valued, yes. However, you should know which market they’re highly valued in, and if they have buyers at all. If you’re looking to sell your gold coins to museums or private collectors, makes sure they’re willing to buy. Like everything else, as the price goes way up there are less buyers, with that said many believe that people should buy the most expensive coins they can as they tend to appreciate more. Just know that those coins are not as liquid as say bullion grade coins or Morgan dollars are for coin investing.
4. Always look up the current price of gold to estimate prices. If someone is looking to cheat you by paying a low price for a coin, don’t fall for it. Always take at least the minimum that your coin is intrinsically worth. That’s the value of the gold in the coin that you’re selling. There are many great Gold and Silver Coin value tools available online. To better understand how much gold a coin contains here is a page that defines the gold %, the gold weight for each US coin
5. Make contacts with local coin dealers. This is a must for any industry. No matter how fair and how impartial that industry is, you have to make contacts. This not only saves time while making deals, but it also helps you gain second opinions when you’re confused or just unsure. For a free list of local coin buyers, coin dealers and gold & silver buyers visit: https://www.cashforcoins.net/dealer-directory/
How to Identify Counterfeit Coins
1. Buy a reliable scale. Get a scale that measures tenths of a gram. A more accurate scale that measures hundredths of a gram is even better. You can find specified weights for gold coins online. Use that knowledge to outwit scammers. If your coin is heavier or lighter than the known weight don’t buy it.
2. Purchase Vernier Calipers. Vernier calipers are much more accurate than tape measures and rulers. You can test the gold coins you’ve bought by measuring their dimensions. This is another great way to spot counterfeits as coin dimensions often vary in counterfeits.
3. Buy a rare earth magnet. Gold is not magnetic. If someone is selling you pure gold coins, then having a magnet will cut through the nonsense immediately. If the magnet sticks or pulls to the coin, its fake. Lots of fraudsters try to pass off gold plated counterfeits. The magnet will tell the truth.
If you follow these tips, you’ll cut through a lot of the noise that usually confuses gold coin buyers & sellers. Use these tips to help you navigate the world of coin dealers.
If you need a great place to sell your gold coins, then look no further than CashforCoins.net. Click Here for a great deal to sell your gold and silver coins based on current real-time rates.
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