Guide to selling gold coins
- 1 Which are the most popular gold coins to sell?
- 2 Selling American Eagles
- 3 Selling Canadian Maple Leaf coins
- 4 Selling British Sovereigns
- 5 Selling Krugerrand coins
- 6 What’s the current price of gold?
- 7 Why are you selling your gold coins?
- 8 Selling your gold coins
- 9 Peace of mind when selling your gold coins
Gold has been recognised as a steadfast investment and a store of value for many centuries. Gold coins are an investment that people have turned to when other investments are swiftly tumbling in value, like after the Wall Street Crash of 1929 for instance. In more recent times, gold has performed well too – as the FT has put it, gold has been a “mighty fine investment during the past 10 years.”
It might be you invested in gold in the aftermath of the 2008 banking crisis or at another time, and now you want to liquefy your investment. If that’s the case and you are thinking of selling gold coins, then there a number of things you need to consider.
Which are the most popular gold coins to sell?
When dealing in bullion, there are some gold coins that have proven particularly popular with investors. So if you are selling gold coins, there a few you should look out for amongst your stash:
Selling American Eagles
The American Gold Eagle is official gold bullion of the United States and the world’s most popular gold bullion coin. It’s the faith that investors have shown in the American Gold Eagle that means it can sell for more than the sum of its gold content, which could put you as someone selling gold coins in a strong position. It’s an attractive coin that sports a rendition of Saint-Gaudens Liberty striding forward with a torch and olive branch in her hands, while on the reverse side is a design by Miley Busiek of an eagle returning to its nest. It’s been a firm favourite with investors since its launch in 1986.
Selling Canadian Maple Leaf coins
The Canadian Gold Maple Leaf coin is issued each year by the Royal Canadian Mint. This classic 1 0z coin has a face value of 50 Canadian dollars and showcases an attractive maple leaf design on the reverse, with a portrait of Queen Elizabeth II on the obverse side. Launched in 1979, the gold maple leaf coin has been struck from .9999 fine gold since November 1982, meaning it’s ahead of the field when compared in terms of purity and quality to the majority of gold bullion coins.
Selling British Sovereigns
Another popular gold bullion coin to sell is the British Gold Sovereign coin, weighing 0.2345 troy ounces of 22 carat gold or 916 fine gold. A portrait of the sovereign is shown on the obverse side, whilst Benedetto Pistrucci’s St George and the Dragon illustrates the reverse side – though very early issues show a shield and crown motif instead. Originally produced in the middle-ages, Sovereigns were reintroduced in the UK from 1817 until 1917, then again in 1925 and from 1957 to the present day. Currently, Gold Sovereigns sold in the UK are not subject to VAT or Capital Gains Tax, making them a great bullion coin for you to sell. The Britannia and Queen’s Beast coins are also popular British gold coins in the bullion market.
Selling Krugerrand coins
First released in 1967 and for a long time the market leader in gold bullion coins, the South African Gold Krugerrand coin is a well-respected investment. It’s a particularly resilient coin, struck in a gold-copper alloy, but always containing 1 troy ounce of fine gold. The design features a lively rendition of an African springbok on the reverse, whilst the obverse features Paul Kruger, the 5th President of the South African Republic.
Of course, there are many more gold coins that you may choose to sell and that are favoured by investors the world over such as the Chinese Panda and the Gold Australian Kangaroo coin, but this guide gives you an insight to some of the mainstays of the bullion market.
What’s the current price of gold?
If you want to keep track of whether it’s a good time or not to sell your gold coins, then keep an eye on our live gold prices which we regularly update throughout the day. It will give you a snapshot of how gold is performing in the current market.
Why are you selling your gold coins?
It might be you’ve been watching the price of gold, and you think it’s the right time to sell. It might be you simply want to liquefy your assets or that you’ve come into possession of your gold coins by way of a gift or inheritance and you want to turn them into cash. If you decide it’s time to sell your gold coins, there are a few things to consider, read on to find out more:
Selling your gold coins
There are a variety of ways in which you can sell your gold coins, whichever avenue you choose, the most important thing is to check out the credentials of business that will be selling your bullion. You need to feel confident that they are knowledgeable, professional and trustworthy. Also, ensure you have all of your relevant documentation and details to hand, such as certificates of authentification, when you approach a dealer. There are a number of means of selling your gold coins, including:
Selling gold coins through auction houses
There are auction houses all around the country, and you may well have one in your local area. Some auction houses specialise in selling coins, while other general auction houses will run specialist sales from time to time with a focus on numismatic or bullion coins. The internet has transformed the way regional auction houses can do business, and you may well find that even when selling through a local auction house your gold coins will reach a far wider audience than you anticipate.
Some people choose to sell through auction websites, which can work well for low-value items, but you need to be particularly mindful of their security, delivery and payment processes and what guarantees (if any) are in place. If you are selling a rare or high-value coin, it might not be your best course of action; you need to be confident of your seller’s credentials, sales, delivery and payment processes.
Selling via specialist dealers
As well as auction houses, there are specialist coin dealers around the country with whom that you may choose to get in touch. They have the advantage that you can pop in and have chat, face-to-face. Again, look out for a well-established firm with a good reputation. However, given they need to make a profit when selling; it may be you won’t achieve the best price for your coins.
Selling gold coins via the Internet
The internet has transformed the way in which people can buy and sell gold coins, and you’ll have a plethora of opportunities to sell yours online. Selling online can make for a straightforward, timely and convenient process; however, you need to ensure you are dealing with a reputable company so that your best interests are protected. So do check out a business’s credentials and processes before you commit yourself.
Selling gold coins with London Gold Bullion
At London Gold Bullion, we buy as well as sell gold coins, so do get in touch if you want to sell your gold coins. We regularly buy back gold we’ve sold at 100% of the spot price, so if you’ve bought gold bullion from us in the past, have a chat with our friendly customer service team to discuss your requirements.
Peace of mind when selling your gold coins
When selling your bullion, always send it by an insured, recorded and safe delivery – so you can track it every step of the way and know it’s reached its destination safely. Also, always retain your delivery receipts in case of loss or damage – so you have peace of mind.
So there you have our top tips for selling gold coins, we hope you’ve found it useful and that you know how best to go about the process when you decide it’s time to sell. Our team will be happy to talk you through the process, so do get in touch today.