Inheriting a collection of gold coins and bars can be a valuable and exciting opportunity. However, navigating the best ways to sell these items to get the highest possible value can be a daunting task.
There are various ways to 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 the pros and cons of each method and provide a recommendation for 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 the all of the items you wish to sell and the condition of each item. Some dealers may request photos of the items. It’s a good idea to get price quotes from at least 3 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 is usually made via check, bank transfer, or PayPal.
Depending on the dealer, the price may not be fully locked-in until they are in receipt of 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 to an Online Dealer
- Pros: Convenience of selling from home, simple process, competitive prices, transparency.
- Cons: Shipping time and risks, potential for lowball offers, payment can be longer than local options.
Selling to a Local Coin Store
Local coin stores are a traditional option for selling gold coins and bars. Visit the store with your items for an appraisal. The store owner or clerk will assess the gold’s weight, purity, and condition, and provide an offer. Transactions are typically completed on the spot with immediate payment.
Pros and Cons of Selling to Local Coin Store
- Pros: Local presence, in-person evaluation, face to face transactions allow for negotiation, quick transaction.
- Cons: Lower prices, limited market exposure, avoids shipping risks.
Selling to a Gold Refiner
Gold refiners buy gold items to melt down and purify. Contact a refiner to get 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: Competitive prices, quick transaction.
- Cons: Refining fees, Limited market for numismatic items, potential for lowball offers.
Selling on eBay
Selling gold coins and bars on eBay can be a way to reach a larger audience and potentially get a higher price for your items. 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. Additionally, the eBay Buyer Protection can cause problems for sellers if the buyer files any type of claim, real or fraudulent.
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 that purchases precious metals. However, it is a referral service that is handled by APMEX. If you’re considering this option, it may be worthwhile to also get a price quote directly from APMEX and compare the results.
Pros and Cons of Selling on eBay
- Pros: Wide audience, potential for higher prices.
- Cons: Listing and shipping logistics, 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 are in the business of making a 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: Quick transaction, no shipping required.
- Cons: Significantly lower prices, 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 are similar to pawn shops in that they offer 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 to “We Buy Gold” Store
- Pros: Quick transaction, no shipping required.
- Cons: Significantly lower prices, limited market exposure, lack expertise in numismatic values.
Key Takeaways When Selling:
- Compare gold coin buy prices from multiple online dealers
- Contact at least 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 price price used in creating the quote, any dealer premiums or commission and other pertinent details such as shipping or handling fees.
FindBullionPrices.com can help find the best place to sell gold coins for the highest price. We track the “buy back price” of various US Mint gold coins and others from an assortment of online dealers.
The most common include the American Eagle 1 oz Gold Coin, the American Buffalo 1 oz Gold coin and the .
We also track the buy back prices of fractional American Eagle Gold coin series including the 1/10 oz, 1/2 oz and 1/4 oz denominations, as well as Canadian 1 oz Gold Maple Leaf Coin. If there are other gold coins or bars that you’d like us to track, send a request via our contact form.
