Inheriting a collection of gold coins and bars can be a valuable and exciting opportunity. However, navigating the best ways to sell these items for the highest possible value can be daunting.
There are various ways to quickly sell gold coins and bars, including online dealers, local coin stores, gold refiners, online forums and social media, eBay, pawn shops, and “We Buy Gold” stores. We’ll also discuss each method’s pros and cons and recommend the best way to sell your inherited gold items.
Selling to an Online Dealer
One of the most convenient and efficient ways to sell gold coins and bars is through an online dealer. These companies specialize in buying and selling precious metals, making the process quick and easy.
Reputable online dealers such as APMEX, JM Bullion, and Bullion Exchanges have streamlined processes.
The first step is to contact the dealer and provide details about all the items you wish to sell and their condition. Some dealers may request photos of the items. It is a good idea to get price quotes from at least three dealers.
The dealer will offer a preliminary quote based on the current spot gold price and any numismatic value.
If accepted, you’ll ship the gold to them, often with insurance and tracking provided. Upon verification of the items, payment typically arrives via check, bank transfer, or PayPal.
Depending on the dealer, the price may not be fully locked in until they receive your metals. Be sure to ask each dealer for details of their process.
Online dealers typically pay close to the spot price for gold coins and bars, with some offering a small premium for numismatic items.
Pros and Cons of Selling Gold Coins to an Online Dealer
| Pros | Cons |
|---|---|
| Convenience of selling from home | Shipping time and risks |
| Simple process | Potential for lowball offers |
| Competitive prices | Payment can be longer than local options |
| Transparency |
Selling Gold to a Local Coins Store
Local coin stores are a traditional option for selling gold coins and bars. Bring your items to the store for an appraisal. The store owner or clerk will assess the gold’s weight, purity, and condition and provide an offer. Transactions are complete on the spot with immediate payment.
Pros and Cons of Selling to Local Coin Store
| Pros | Cons |
|---|---|
| Local presence | Lower prices |
| In-person evaluation | Limited market exposure |
| Face-to-face transactions allow for negotiation | Avoids shipping risks |
| Quick transaction |
Sell Coins to a Gold Refiner
Gold refiners buy gold items to melt down and purify. Contact a refiner for a quote based on the gold’s weight and purity. Ship your gold to the refiner, who will assay it to determine its exact content. After verification, the refiner pays you, usually 3% to 6% below the current spot price minus refining fees.
However, refiners may not be interested in numismatic items.
Pros and Cons of Selling to a Gold Refiner
| Pros | Cons |
|---|---|
| Competitive prices | Refining fees |
| Quick transaction | Limited market for numismatic items |
| Potential for lowball offers |
Selling on eBay
eBay and other online marketplaces can reach a larger audience and potentially get a higher price when you want to sell gold coins and bars. Depending on any numismatic value or rarity of your gold coins, selling the item as an auction may yield a higher price.
Selling on eBay requires creating a listing, taking photos, and dealing with shipping and payment logistics. eBay Buyer Protection can also cause problems for sellers if the buyer files a genuine or fraudulent claim.
Additionally, eBay takes a percentage of the sale, plus accepting payment via PayPal comes with additional fees. To sell gold coins on eBay comes with the realization that the total fees may be up to 15%.
eBay also offers a service for precious metals buy backs. However, it is a referral service handled by APMEX. If you’re considering this option, it may be worthwhile to get a price quote directly from APMEX and compare the results.
Pros and Cons of Selling on eBay
| Pros | Cons |
|---|---|
| Wide audience | Listing and shipping logistics |
| Potential for higher prices | eBay fees |
| Potential for scams |
Selling to a Pawn Shop
Pawn shops are a quick and easy way to sell gold coins and bars. Bring your items to the shop for an appraisal. The pawnbroker will offer a price based on the current gold market.
However, Pawn shops typically pay significantly less than other methods. Pawn shops have higher overhead costs and need to profit, so they will offer you a price that allows them to resell your items at a markup.
Pros and Cons of Selling to a Pawn Shop
| Pros | Cons |
|---|---|
| Quick transaction | Significantly lower prices |
| No shipping required | Limited market exposure |
| Lack of expertise in numismatic values |
Selling to a “We Buy Gold” Store
“We Buy Gold” stores specialize in purchasing gold items similar to pawn shops, offering quick transactions and less money for your gold.
These stores are often found in shopping malls or strip malls and are primarily interested in buying gold for its melt value.
Visit the store with your items, and the staff will evaluate them and make an offer based on weight and purity.
Pros and Cons of Selling Coins to “We Buy Gold” Store
| Pros | Cons |
|---|---|
| Quick transaction | Significantly lower prices |
| No shipping required | Limited market exposure |
| Lack of expertise in numismatic values |
Key Takeaways When You Sell Gold Coins
- Compare gold coin buy back prices from multiple dealers
- Contact 3 to 5 different dealers or brokers to receive quotes or appraisals.
- Confirm in writing with each dealer when their price is locked in, the spot gold prices used in creating the quote, any dealer premiums or commission, and other pertinent details such as shipping or handling fees.
These strategies can help maximize your returns and avoid common pitfalls when selling gold coins.
FindBullionPrices.com can help find the best place to sell gold coins for the highest price. We provide up-to-date market prices for gold, enabling you to determine your coins’ current value quickly.
Some dealers offer buyback programs or special offers for purchasing gold coins. If you prefer in-person transactions, you can find local bullion dealers in our dealer directory by state.