How to Sell Gold Coins
Compare prices from various buyers., Lock in your sell price., Sell your gold coins in person., Sell your gold coins online., Sell your gold coins on an auction site., Finish your sale., Pay taxes on your sale.
Step-by-Step Guide
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Step 1: Compare prices from various buyers.
You'll want to get the best bang for your buck.
Doing a simple online search of gold buyers in your area should provide multiple businesses.
There may not be a large degree of variation between the buyers because of the spot gold price, but give each a call and find out what they are currently offering.
The US Mint does not necessarily get involved in the pricing, but they do provide a handy tool that allows you to find local buyers/sellers.There are many other exchange sites that keep track of precious metal (i.e. gold, silver, platinum).
Just search online and there is a wealth of resources.
Be aware the spot gold price may be the current price, but many dealers charge a premium to buy the gold. -
Step 2: Lock in your sell price.
Because the price of gold fluctuates so rapidly, once you find the right location to sell your gold, you'll need to move quickly to lock in the price.
Waiting too long could cause your gold coins to lose significant value.
Some require a simple online form to be filled out with the various details. , Once you establish a plan to do business with a local dealer, they may require nothing more than a phone call to lock in a sell price.
They'll likely want to weigh your gold in person and verify the clarity of the coins.
However, selling gold in person has a few disadvantages.There is no guaranteed assurance your gold will not be substituted with something less valuable, but similar looking.
Selling gold by hand will likely incur a higher premium.
Gold insurance scams are common, and premiums are developed to overcome the scams. , Online dealers provide a fairly straight-forward method of selling gold coins.
Most have nothing more than a few steps to complete before shipping the gold.
Check the following steps and you'll likely be well-prepared:
Register for an account on the respective website.
Call their trading department for a current price.
Talk with their specialist regarding your gold coins' value Determine if there is a minimum amount to sell in order to do business with them., You can put your gold coins on auction sites like eBay if you'd like to see if someone is willing speculate and pay a little more.
Depending on the auction site, there may be a registration process, but some simply require the completion of an online form and submission of a photo of your gold., Once you've figured out all the details on your coin, the method of selling, and negotiated the price, it's time to get paid.
Some gold exchanges will allow you to fill out a form with routing number and checking account number for an ACH transfer.
You may even be asked to provide a voided check for ACH transfers.
Buying and selling gold is often done with cash, however, so be prepared to work without credit. , Depending on the amount of gold coins you sell at one time, there may be tax implications.
In general, the 1099-B form needs to be used when selling at least 25 of any of the following coins:
Gold 1oz Maple Leaf Gold 1oz Krugerrand Gold 1oz Mexican Onza. -
Step 3: Sell your gold coins in person.
-
Step 4: Sell your gold coins online.
-
Step 5: Sell your gold coins on an auction site.
-
Step 6: Finish your sale.
-
Step 7: Pay taxes on your sale.
Detailed Guide
You'll want to get the best bang for your buck.
Doing a simple online search of gold buyers in your area should provide multiple businesses.
There may not be a large degree of variation between the buyers because of the spot gold price, but give each a call and find out what they are currently offering.
The US Mint does not necessarily get involved in the pricing, but they do provide a handy tool that allows you to find local buyers/sellers.There are many other exchange sites that keep track of precious metal (i.e. gold, silver, platinum).
Just search online and there is a wealth of resources.
Be aware the spot gold price may be the current price, but many dealers charge a premium to buy the gold.
Because the price of gold fluctuates so rapidly, once you find the right location to sell your gold, you'll need to move quickly to lock in the price.
Waiting too long could cause your gold coins to lose significant value.
Some require a simple online form to be filled out with the various details. , Once you establish a plan to do business with a local dealer, they may require nothing more than a phone call to lock in a sell price.
They'll likely want to weigh your gold in person and verify the clarity of the coins.
However, selling gold in person has a few disadvantages.There is no guaranteed assurance your gold will not be substituted with something less valuable, but similar looking.
Selling gold by hand will likely incur a higher premium.
Gold insurance scams are common, and premiums are developed to overcome the scams. , Online dealers provide a fairly straight-forward method of selling gold coins.
Most have nothing more than a few steps to complete before shipping the gold.
Check the following steps and you'll likely be well-prepared:
Register for an account on the respective website.
Call their trading department for a current price.
Talk with their specialist regarding your gold coins' value Determine if there is a minimum amount to sell in order to do business with them., You can put your gold coins on auction sites like eBay if you'd like to see if someone is willing speculate and pay a little more.
Depending on the auction site, there may be a registration process, but some simply require the completion of an online form and submission of a photo of your gold., Once you've figured out all the details on your coin, the method of selling, and negotiated the price, it's time to get paid.
Some gold exchanges will allow you to fill out a form with routing number and checking account number for an ACH transfer.
You may even be asked to provide a voided check for ACH transfers.
Buying and selling gold is often done with cash, however, so be prepared to work without credit. , Depending on the amount of gold coins you sell at one time, there may be tax implications.
In general, the 1099-B form needs to be used when selling at least 25 of any of the following coins:
Gold 1oz Maple Leaf Gold 1oz Krugerrand Gold 1oz Mexican Onza.
About the Author
Carol Patel
Creates helpful guides on hobbies to inspire and educate readers.
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