Gold coins have been used in different designs by just about every major civilization since the Egyptian Pharaohs created the first gold tokens approximately five thousand years ago. This means that selling gold coins can be a complicated and somewhat confusing process. Below are the most important things to keep in mind while selling gold coins:
While gold coins will always have value of some amount, there are those gold coins that are especially valuable because of their history, their rarity, or both.
The 1933 Double Eagle is the current record holder for the second highest price paid at auction for a single U.S. coin thanks to its purchase price of $7.59 million. That’s right – over $7 million bucks for a single coin! Although 445,500 of these 20 dollar gold coins were minted in 1933, which was the last year for the Double Eagle, none of them were ever officially circulated.
This was due to the general bank crisis that occurred during the 1930s and President Franklin D. Roosevelt’s Executive Order 6102 issued in 1933 and Gold Reserve Act in 1934. These laws outlawed both the circulation and private possession of U.S. gold coins, making them no longer legal tender. Many of the 1933 Double Eagle coins were melted down, with only two preserved by the United States Mint. At least 20, however, were lost or stolen and have since been recovered by the United States government.
Another rare American coin, the Brasher Doubloon was minted in 1787 by Ephraim Brasher. Brasher had been denied his petition to the State of New York to mint copper coins, but as a well regarded silversmith and goldsmith, minted gold doubloons anyway. Weighing 26.6 grams of .917 gold, one of the surviving coins sold for $625,000 in March 1981. Brasher minted three varieties in total, and the most recent sale of all three netted prices ranging from $690,000 to nearly $3 million.
Selling Gold Coins – How Much Are Your Coins Worth?
When selling gold coins it is important to understand how much they are worth. To do so, you must determine the value of the gold that they are made from. Although gold coins are gold in color, they are not made entirely from gold. Instead coins are typically crafted from an alloy that includes both gold and other metals to increase durability.
Measuring the fineness of the gold means what the actual gold content in your gold coin is as expressed “per mil,” or in thousands. This means that .999 means .999 thousands of the weight is pure gold with the remainder being other metals. You may be more familiar with the term “karat.” A karat is equal to 1/24 part of pure gold in an alloy. This means that a 24 karat gold coin or piece of jewelry can also be called 1000 fine. The greater the gold content in your coins, the higher the price you will receive when selling them.
When selling gold coins, the current commodities market price of gold will have an impact on their value. However, if your gold coins are particularly rare or have been graded as being in good condition, such as “uncirculated” or “almost uncirculated,” then those qualities will be more important than the price of gold. After all, the purchaser is certain to be a coin dealer or a serious collector who will not be interested in having your gold coins melted down.
Where To Sell Gold Coins
When selling gold coins, you have a few different options. Which one is right for you will depend on how much time you are willing to put into selling your gold coins and how much profit you are hoping to realize from selling gold coins.
The fastest way to sell your gold coins is to sell them to a coin dealer. A coin dealer will have extensive experience in grading and appraising gold coins, which means that he or she will know exactly how much he or she can sell your gold coins for. This means that you will receive an amount that is less than market value, but you will be able to do so in just a few minutes. You also can visit your local pawn shop for a quick trade-in of your gold coins for cash.
Selling gold coins on Ebay is another option that you may want to explore. The online auction site’s listing fee will take a smaller bite of your profit than the coin dealer would which may mean that you could get a higher price for your gold coins. However, depending on how many other similar gold coins have been listed on Ebay, how long you leave the listing open, and who happens to look at it, you may not receive the market value of the gold coin. Selling your coins this way will also take you more time than if you sold them to a coin dealer.
Protecting The Value Of Your Gold Coins
In order to get the best price possible for your gold coins, it is important that you protect them. Do not try to clean your gold coins, as doing so with even the softest cloth could cause tiny scratches that will devalue precious collection. Purchase a fireproof safe to store your gold coins in if you keep them in your home or consider using a safety deposit box to safeguard them before you begin selling gold coins.
Related YouTube Videos
Check out the following videos to learn even more about starting this hobby.