Should I Sell My Gold Coins?

These days, you can’t go anywhere without hearing about gold prices. There’s a gorilla standing on this corner who wants to buy your gold coins. Over there, some guy in a Statue of Liberty costume is dancing around with a sign enticing gold sellers into his shady storefront.

It’s true that at around $1,700 an ounce, gold prices are near record highs, so it’s tempting to take those gold coins you have and turn them into cold, hard cash. But you should be careful about selling your gold to just anyone.

At West Seattle Coins and Bellevue Rare Coins, we talk to people interested in selling gold coins all the time. So before you sell your gold coins to anyone, here are a few things to consider:

1.    Will prices go even higher?

It’s possible. The gold market is tied to the strength of the dollar. When the dollar is low, gold is high. And while we seem to be pulling ever so slowly out of the current economic crisis, the dollar is still weak. That’s why gold prices are still high. The question of whether they’re going to continue to rise, stay steady or start to drop depends on what you think the economy is going to do. If you think the worst is yet to come, you might want to hold on to your gold coins a little while longer. But if you’re a believer in the recovery, it might be time to take those gold coins to a dealer to see how much they’re worth.

2.    Are my coins worth more than their weight in gold?

If you’re lucky enough to have an 1841 Liberty Head Gold Quarter Eagle minted in Philadelphia, the answer is yes. Because of its collectability, that coin is far more valuable (at $60,000) than what the gold in it is worth. However, if you have newer bullion coins, it’s a great time to consider turning your investment into cash. Keep in mind that current gold prices are the highest they’ve been in decades, so it’s a great time to sell. Make sure to check the price of gold before you go in to get an appraisal, so that you have an idea of what your gold is worth.

3.    Where is the best place to sell my gold coins?

If you’re ready to sell, don’t just go to the gorilla. It’s sad but true that there are some disreputable gold buyers out there. Do your research before selling your gold. Make sure to verify that the business you are going to is an accredited gold buyer. You can check reviews online and also go to the Better Business Bureau website to check on the buyer’s reputation. And remember that it’s always safer to sell your gold in person rather than through the mail. That’s the best way to get an accurate and honest appraisal. Read more about how the appraisal process works.

4.    How do I get the most for my gold coins?

So you’ve got your appraisal. Now it’s time to turn those gold coins into cash. There’s often a great deal of variation in the offers you’ll get, so be sure to shop around. Visit a few reputable stores for different bids so you can get a good estimate of what your coins are really worth.

The bottom line is that there’s rarely been a better time to sell your gold coins, but it’s vital to get some trusted, expert advice about their value before you sell. So do your research, get a few appraisals and weigh your offers.

Come see the experts at West Seattle Coins and Bellevue Rare Coins in West Seattle, Bellevue and Lynnwood. We’ll give you a free appraisal with no pressure to sell. That way, you’ll find out how much those gold coins are really worth — and you’ll get the facts you need to decide whether now is the time to sell.

– Chris McCann

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