In recent times, gold has enjoyed a drastic increase in value, and this has caused many people to rush around to get their gold items sold. Anything from gold necklaces and rings to even coins makes quite a good amount of money, especially if the seller invested in a fair amount.
If you have some gold coins you want to sell, this whole situation may tempt you to part with your gold to earn some good cash. However, despite its increase in value, we recommend not selling your gold right away. This is because there are still some things you need to do on your part to ensure that you get the best price for your precious gold coins.
With that, here are two valuable tips you need to keep in mind so that you can sell your gold coins at the best prices:
1. Know what you're selling
Do you know what you are selling? This question might be a little confusing, especially if you clearly understand that you want to sell gold bullion coins. However, not all gold coins are made equal, and there are some variations in the coins that can significantly affect its value.
For example, the gold coin produced by the US Mint, known as the American Eagle gold coin, will be different from gold coins like the Canadian Gold Maple Leaf produced by the Royal Canadian Mint. In other words, different countries produce varying gold coins, and to know the true value of your gold coin, you will need to look up the specifics on the gold bullion market. Note that when you do find prices, the buying prices will be lower than selling prices because buyers want to make a profit.
In the case that you do not know what type of gold bullion coin you have, you can always sell them using scrap gold value. This means weighing the coins and then using the current gold price per gram to calculate the coins’ total worth.
2. Sell to dedicated gold buyers over jewellery and pawn shops
Jewellery shops and pawn shops may be your go-to choice to sell anything you believe is valuable, including your gold. Unfortunately, doing this will hurt how much you can make. This is because, with pawn shops, they want to profit from your gold, and they may buy it for a much lower price than what the market is offering. As for jewellery shops, these stores typically focus more on working with jewels. If they do work with gold, the chances are that they only deal with scrap gold, meaning you still will not make as much as you could have.
Keep in mind that these two options are still decent if you need quick money, but if you want to maximise your earnings, you should go to a dedicated gold buyer instead. There are plenty of dedicated gold buyers, especially in the online world. More often than not, they will offer competitive prices and generally base their prices on gold's current market value.
Before you head to the nearest gold store or an online shop, be sure to consider the valuable tips shared above. Remember, despite the increased value of gold, you may still end up making much less if you are not careful.
To that end, always take the time to look at your options from dedicated buyers, and thoroughly understand what gold coin you are selling. In doing so, you can maximise the amount of money you make out of your gold coins, and enjoy plenty of cash in hand!
London Gold Centre is a professional and trustworthy gold buyer, offering competitive prices and a risk-free experience to ensure you get the best prices for your precious metals. If you want to sell gold coins in London, be sure to get in touch with us today to see how we can help!