If you’re new to selling gold coins or are just interested in learning more about factors to consider when selling gold coins in Atlanta, then this post is for you. Fortunately, there’s less to consider when compared to other types of coins, such as silver, rare, and foreign coins (which we’ll highlight in future articles), but there are certainly some guidelines that you should consider before proceeding with the sale of your gold coins. In this article, we’re going to highlight four factors that should be taken into consideration before selling your gold coins.
Spot Price
For individuals new to the precious metals market, you may be unfamiliar with the term “spot price.” The spot price for gold is the prevailing price of gold in the commodities futures market. There a few different spot prices that are used by bullion and coin dealers, but the most widely used is that posted by Kitco.com. The following link will provide you with the current spot price of gold per ounce. When selling gold coins in Atlanta, you’ll ideally want to receive a price that is as close to the current spot price as possible. Typically, percentages of 94% or higher are competitive rates, so if you receive an offer for your gold coins below this amount, it may be best to look elsewhere.
Actual Gold Weight
You may have heard the term actual gold weight (AGW), but may not know in practice how this affects the price of your gold coins. It’s less of a factor for modern gold bullion coins, such as American gold eagles, American gold buffaloes, Canadian gold maple leaf coins, which are all issued in straight forward denominations, such as 1/10 oz, ¼ oz, ½ oz and 1 oz coins. However, it becomes important when dealing with gold coins that have actual gold weights that vary from the standard, such as British gold sovereigns, modern commemorative gold coins and most obsolete European gold coins, commonly referred to as “old world” gold coins. It’s possible to check the AGW of nearly any gold coin by conducting an online search, which is advised prior to selling gold coins in Atlanta.
Rarity
Overall, rarity is not as much of a factor in determining the value of gold coins as is the case with other types of coins – especially when dealing in bullion coins; however, it can certainly come into play with pre-1933 U.S. gold coins. The reason why 1933 is significant is that President Roosevelt signed an executive order in 1933 making it illegal for U.S. citizens to own bullion gold coins and required all citizens to redeem their gold coins with the Federal Reserve for the stated dollar value on the coins. Obviously, not all citizens were compliant, as there are still a large number of pre-1933 gold coins available in the market place. While most of these coins were minted in relatively high amounts, some of these coins were minted in lower quantities and have numismatic value in addition to the gold value. There are a number of online resources available that provide the mintage of various types of gold coins. If you’re unable to find this information in advance of your appointment, don’t hesitate to ask the gold coin dealer with whom you are working to provide you with this information.
Transparency
Once you’re armed with the specifics as to how to value your gold coins and research as to if your gold coins contain numismatic or collectible value above the gold value, the last step is to locate a coin dealer that is transparent with respect to their gold coin buying rates. Ideally, the coin dealer with whom you’re interested in working posts their coin buying rates online. If not, a simple phone call should provide you with the information that you need. If selling gold bullion coins (whose value is primarily based on the spot price of gold), then you should be able to obtain current rates over the phone. It’s certainly understandable if a coin dealer is hesitant to provide a quote for a numismatic gold coin over the phone without seeing the coin in person; however, having a certified or professionally graded coin will help in this process, as this eliminates all subjectivity with respect to the condition of the coin. Beware of bait and switch tactics, but understand that a coin whose condition is below retail quality may be quoted at a slightly lesser price when viewed in person.
Summary
In conclusion, we’ve highlighted four factors to take into consideration when selling gold coins in Atlanta. First and foremost, check the current spot price of gold to provide you with a general indication of the value that you can expect to receive for your coin. If you’re quoted a price of less than 94% of spot, consider going elsewhere. Secondly, make sure that you take into consideration the actual gold weight of your coin, if it differs from standard fractional values, as this will impact the value of your coin. Thirdly, especially when dealing in pre-1933 U.S. gold coins, confirm that you don’t have a low mintage coin that may sell at an additional premium. Lastly, only consider working with a gold coin dealer that is transparent with respect to the rates that they offer; through their website or on the phone. Following the above guidelines should help you to receive the most value when selling your gold coins.
