sell gold coins Archives - FindBullionPrices.com

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.

With regards to precious metals, Costco has revised the return policy for these products. One of the caveats in the fine print is that gold coins are not-returnable, unlike virtually every other item that they sell.

It’s been estimated by analysts at Wells-Fargo that the warehouse club could be selling as much as $100 to $200 million in gold per month, which is as much as 75,000 to 80,000 troy ounces per month.

Even though Costco’s extensive list of available gold products, a quick scroll through the r/CostcoPMs forum on Reddit that tracks when sales are posted, shows that majority recent offerings have been American Buffalo and American Eagle Gold Coins, Maple Leaf Gold Coins and gold bars in various sizes from 1 oz to 100 grams from PAMP Suisse and RAND Refinery.

There are a variety of options available if you’re sitting on a stack of Gold Buffalo bought from Costco and want to sell for cash and get the highest price possible.

The Wall Street Journal recently reported that selling gold bars takes a bit more effort than the few clicks it takes sell stocks, bonds or crypto. Gold is a tangible asset, unlike stocks, bonds and crypto. It’s something physical that can be stored in your possession, which is one of the primary characteristics that sets it apart from other assets.

Once you have an understanding of the various places that you can sell gold, the process can be easy and simple.

Online Bullion Dealers

Online bullion dealers specialize in trading precious metals and they are a regular buyer of collections and investment portfolios for those who are interested in liquidating.

While each dealer has a process that is unique to their business, some dealers make it easy for you to do a self-appraisal of sorts by publishing their buy back rates on their websites. This helps to get an estimate of what each piece in your collection is worth.

Others may require you to contact them and submit the details of which gold coins you would like to sell via email, chat or a form on their website. Each will have a unique buy back price as well as a process for handling the intake, which they will provide to you once you contact their sales team.

Typically, online dealers will make an offer for your precious metals based on the current market rates, however, the price may not be fully locked-in until they are in receipt of your metals.

If you agree to sell them the metals at the quoted price, you then mail the metals to their intake center. Some dealers will provide a mailing label to cover the cost of postage, while others may require you to send the metals at your cost.

Once the dealer receives your metals, the package will be opened on camera and each piece will be inspected and tested on a Sigma or XRF machine to ensure it is genuine and authentic. Once everything is confirmed, the sales team will issue payment, most typically via check or ACH.

Local Coin Shops

The Local Coin Stores in your area are a good starting point when looking to sell gold coins.

When you’re looking to sell gold coins, the first thing to do is contact the local coin stores in your area. Some local coin shops will post their buy and sell prices for bullion coins and bars on their websites. While others may be able to provide you with an appraisal or estimate over the phone.

When you contact the local shops, it’s a good idea to have an idea of what the current spot gold price is trading at. Many local coin shops will use the current market price when making a bid for your gold. However, some may use to closing price from the previous day. This is common if you are selling over the weekend or on holiday when the trading markets are closed.

It’s a good idea to contact at least 2 or 3 local shops. Expect to get a wide range of offers since each dealer will have their own buy/sell spread, with some being absurdly low, while some will be within typical market ranges.

The offers you get when you sell 1 oz Gold American Eagle Coins to a local coin shop should be slightly above the melt value. The exact rates will vary depending on local market conditions, the condition of the coins and the volume of coins in the secondary markets.

Many local coin shops also accept walk-ins without an appointment. You can often just walk in with your gold coins and lay them on the counter to receive an immediate offer. The clerk will inventory what you’ve brought and assay any pieces they may need additional confidence in.

The Sigma PMV machines have become standard equipment for any business that trades in precious metals, especially local coin shops. These devices use the electromagnetic resistance to verify gold coins without causing damage to the coin. These devices can also verify the purity and composition of coins that are encapsulated. Extensions wands allow testing of smaller pieces.

Depending on the value, some dealers may pay cash, but most will probably pay with a check.

eBay

eBay is notable for collectibles, however, they are also the largest online marketplace for buying and selling precious metals. Beyond numismatics and collectibles, many of the largest online bullion dealers including Bullion Exchanges, APMEX, and JM Bullion sell many of the same products through eBay. eBay offers large volume sellers higher discounts on listing fees, final valuation fees and includes other incentives to help keep the prices low.

There are even times when dealers will offer a product for a lower price on eBay than on their own website. It’s hard for individual collectors and investors to compete when selling bullion gold coins like Gold Buffalos and Maple Leafs.

While the selling fees make it prohibitive for individuals to sell, eBay does offer a precious metals buy back program that is managed by APMEX.

Facebook Groups, Reddit and other Online Forums

There are thousands of Facebook groups, Instagram and TikTok channels focused on the buying/selling/trading of gold coins and other precious metals. Many are operated by local coin shops, investors, coin clubs, collectors, numismatists, traders and other enthusiasts.

There are various groups on Reddit that have developed community ratings systems that help identify active members with a positive reputation.

While its possible to sell coins through these online communities, developing trust as a seller is something that takes a number of transactions with positive feedback.

Pawn Shops and Cash4Gold Stores

There are around 11,000 pawn shops in the US, with the highest concentrations of stores in lower-income areas. Pawn Shops and Cash4Gold stores are typically considered places of last resort for selling gold coins.

Selling gold coins to pawn shops may seem convenient and quick, but their primary aim to make a profit when they resell items. This means they need to purchase yours at a lower price to ensure they make a profit upon resale, regardless of changes to gold price. As a result, offers from pawn shops might be significantly below the market value of your coins.

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How and Where to Sell Gold Coins