Before you buy or sell old gold coins, do your research, but never go to the person you’re trying to sell them to for information. “If you don’t know your gold, silver, or platinum coins, you’d better know your coin dealer to help you make responsible decisions,” says President Jeffrey Bernberg of Willowbrook, Illinois Professional Numismatists Guild or PNG.”
According to Bernberg, if you’re going to purchase old gold, silver, or platinum coins, you should first consider these three factors:
- The actual cost per ounce of the precious metals
- Timely delivery of the merchandise
- The bullion value versus any collector value of the coin
If you want to further help your investments, become familiar with precious metals. Investors should look to the PNG for information or consider these tips about Old Gold Coins.
1. Get it While the Getting Is Good
Sometimes, you can run into a deal you can’t afford. Luckily, someone will underbid and you can benefit from it.
2. Leave Holder Coins in Old Holders
Sometimes old gold coins are more valuable in an old coin holder than not. However, price the coin accordingly.
3. Bullion vs. Collector Coins Prices
Gold investors need to differentiate between bullion coins and the current price of silver, gold, or platinum.
4. Send Your Coins to CAC
Savvy buyers and sellers educate themselves so they can discern what is and what is not their areas of expertise.
5. Have an Emergency Plan
Life is full of ups and downs and twists and turns. Do you have a plan in case you need extra money for those emergencies? What would happen to your old gold coins when you pass away? Something to think about in case you have not made provisions.
6. Attribute Your Coins
Everyone should attribute their old gold coins, but if you don’t know what it means, have someone you trust to take care of it for you.
Normally, shipping your coins meant buyers received them in 10-14 days or less. Now, buyers must have more patience and sellers must buy more insurance to ship valuables.
8. Under Pressure to Sell
So you’re in a situation and you need to sell your old gold coins. The buyer is pressuring you to take the money. This is an indication he is going to take advantage of you.
9. Perfect Timing for Selling Your Coins
There are a couple of times during the year that it is perhaps better to sell your gold coins and that’s January, July, or August.
10. When it Comes to Pricing
Ordinary coins are easy to price, but when they are rare, pricing can be tricky. Compare records from the last or most recent auction. Find consistency and judge from the records.
11. It’s Room for Everyone
When you buy or sell old gold coins, leave room for others to make a profit. This way, buyers and sellers will want to do business again. Smart dealers will deliberately leave room at the top so everyone can make money.
12. Buy Coins That Look Good
Coins that are appealing to the naked eye are more in demand than ugly coins. Well, unless it’s a rare piece. With this in mind, be sure to bring a 5x magnifying glass with you if you’re in the marketplace.
13. You can buy and sell gold from literally anywhere in the world.
14. Sales are private and confidential.
15. Privates sales do not require a contract
16. Old gold coins are practically indestructible
17. You can travel with them
18. Gold will hold its value for generations
19. Extremely low maintenance
If you are purchasing old gold coins as an investment and expect to turn them over to make a quick profit, there are lots of things you should know before you lose those coins. Most important, make sure you know who you’re dealing with before you let go of your investment.