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Friday, December 23, 2005

Sell Gold Coins

As the price of gold rises many people start to consider they would like to sell gold coins. They may have accumulated some gold coins over a period of years and now the price of gold is higher might be looking to make a profit.

Although it is not difficult to find someone to buy gold, of course it is better to keep ones gold coins as it looks very likely that gold will continue to rise as the dollar and economy drops into a decline.

But ff you are keen to sell gold coins either because you have a large stock of them or because you are interested in trading or making a living selling gold coins, there are two basic ways you can do so.

Gold Bullion Dealer
First you can become a coin or bullion dealer. If you have a very large quantity of gold coins this might be the way to go. It would, however, require some considerable expertise in the subject of gold coins and gold bullion. There is some investment in time and marketing and, if you are selling on line, then a website and all that that entails. It can also require a heavy investment up front in additional stock and, if you are opening a shop, some expenses in setting up the shop. There is also the question of licenses and or governmental approvals which may be required in some countries. Also there are tax considerations to consider. What sort of company will you have, private or public, individual or a limited company.

Yes if you want to be a coin dealer, there are many things to take into account just to sell a few coins.

Sell Gold Coins Privately
An alternative, if you have just a few coins or a one off sale, then you can sell your coins either to another individual, by auction or to a coin or bullion dealer. The individual will usually give you the best price, usually the spot or just above. But it is harder to find an individual who is willing to buy a simple gold coin. Auction is another possibility. You can get a good price or a not so good price depending on the current market and who is actually online bidding. The coin or bullion dealer will give you the spot gold value of the coin(s) you are selling less their margin as, of course, they want to make a profit when they resell the coins.

Gold Coin Auctions
On the auction option. This has been taken up by many people around the globe, and a few have turned it into a business. If you enter the words ‘gold coins’ in the search field at eBay you will get something like 80 pages of gold coins for sale. The thing to look for here to find out what gold coins sell is to look, not so much at the coins for sale as the number of bids. Some coins will have heaps of bids and some very few if any. Those that do not have many bids are not so popular and if you have those sorts of coins you are not likely to sell then very well. If you have the same sorts of coins that are attracting lots of bids well you can be sure you will get lots of bids too and a good price for the coin.

To summarize, some pointers to look for here are:

What coins attract the most bids?
Who sells the most coins?
How do they promote and sell their coins?

As this is an established field it is an excellent way to find out all the ins and outs of selling coins. Being a public auction such information is exposed and, whereas a bullion or coin dealer might be reluctant to help you be a competitor in the business, here you can simply watch and observe the various ways coin dealers on eBay and other auction houses sell their coins.

Probably the biggest advantage is when you have a track record and ideally, are a power seller. But all power sellers were new once and everyone has to start somewhere. You may only wish to sell a coin or two or you may be keen to start up a career selling coins. Either way, provided you are honest and demonstrate this with your eBay feedback, you will surely sell your gold coins to your and your buyers satisfaction.

Should You Really Sell Your Gold Coins
Really one should only sell gold cons when one needs to. Gold is still under valued and has some way to go to hit the real price of gold and, although, you are likely to find someone who will buy gold there is more to be gained by keeping your gold coins and watching them increase in value.