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Getting ready to sell some gold? It pays to be informed. After all, you want to get the most money for your gold, and avoid getting ripped off! But where do you even start?
These tips for selling gold will help you estimate your gold’s value, find a reputable buyer, and complete the selling process. Let’s get started!
Check the current price of gold online first, to know roughly what to expect. The price of gold will be listed in US dollars, and refers to the cost of 1 troy ounce of pure gold (which is 31.1 grams).
Now, you might not know exactly how much gold you have, and that’s okay (more on this later!) If you’re selling gold jewelry, scrap gold, or an ancient coin, the item will have to be weighed and tested to determine the gold value.
But if you’re selling a clearly marked gold coin or gold bullion bar, you might be able to see how much gold it contains just by looking at it. For instance, a 1/4 ounce American Gold Eagle coin contains 1/4 troy ounce of gold.
If the current spot price of gold is $1,800, for example, that would mean that a 1/4oz gold coin would be worth approximately $450 (25% of $1,800).
That doesn’t mean a dealer will give you exactly $450 – but it’s a good estimate of the value of the coin. You may be offered around $400, for example, which would be fair. But if a pawn shop offers you $200 for a coin you know is worth $400+, you know you’re being ripped off!
If you’re not sure what you have or what it’s worth, going to get an expert opinion should be your next step. Consider getting your gold evaluated by a coin shop, jewelry, or experienced coin collector.
In the Seattle area, Bellevue Rare Coins should be your first stop. Bellevue Rare Coins has been buying valuables from our community since 1979. We’ve built our reputation on trust and integrity, and we always offer no-obligation evaluations of your items. That means we’ll examine your items, prepare a cash offer for them, and let you decide if you’d like to sell or keep them.
It’s also worth getting a second opinion to make sure you’re getting the most from your valuables.
Pawn shops will of course buy gold items – but typically they pay far less than what your items are actually worth. We recommend avoiding pawn shops and “we buy gold” businesses due to the lower payouts they offer.
When you do find somewhere to sell your gold, make sure you’re working with a trustworthy buyer. You could check online reviews on Google or Yelp, or research the business’ Better Business Bureau (BBB) profile.
If you’re selling to an individual, caution is advised. Make sure to meet in a secure location with cameras, like a police station parking lot, to reduce the risk of scams or robberies.
Finally, it’s time to sell your gold items! Reputable buyers will typically offer payment via check, or sometimes cash. Again, make sure to understand what the buyer is offering you, and why your items are worth that much.
There are many variables that affect the value of a gold item, including:
If you’re in Seattle, Tacoma, or Bellevue, check out Bellevue Rare Coins for all your gold needs. We have locations in Bellevue, Lynnwood, Tacoma, and Issaquah, with friendly and knowledgeable gold buyers on hand ready to evaluate your items.
