Selling Gold Coins - eBay & Other Opportunities
With the advent of the internet, it has never been easier for an individual person to buy or sell merchandise, including gold coins. However, the pitfalls that have always surrounded such activities still remain, and unscrupulous people may try to take advantage of a "newbie" in the business. So always proceed with caution - and never turn over a coin until the check has cleared your bank. (Some people don't realize that once they deposit a check in their bank, they have access to that money after three days thanks to Federal law. But that doesn't mean that the check has actually cleared and that the money is actually there.)
If you've decided to sell your collection, there are many alternatives you can pursue. First, of course, you need to go through your collection and value each coin, and note down what each coin is worth. You can value your collection yourself using a price guide in book form. Just make sure you've got the most recent guide!
Also, there are price guides on the web, for example the guide at PCGS Professional Coin Grading Service. However, it would be best if you had your collection professionally valued before you attempted to sell any of the coins. (As an aside, whatever else you do, don't clean your coins in preparation of them being valued. You could destroy their value.)
Both the PCGS and the Numismatic Guaranty Corporation (NGC) will value your coins for you - but you must be a member of their organization. Your collection will typically be more valuable if sold as a group than singly, so bear that in mind.
Ways to Sell Your Coins
1. Sell them on commission
The advantage of selling your coins on commission is that other, reputable people do all the work for you. The disadvantage is that they will charge you a commission for their service.
Use the Yellow Pages to find a coin dealer in your area that accepts commissions, or check out the web.
The Heritage Auction Galleries is one website that will sell your coins, at auction, on commission.
2. Sell your coins on Ebay or other auction sites.
Take a look at the coin category on eBay. There are dozens of coin dealers and individuals offering their wares for sale. You can sell your coins there individually, or you can set up a storefront and display them all at once.
3. Sell your coins to a dealer
The same dealer who values your coins may be interested in purchasing them.
Bear in mind that if you make a profit by selling gold bullion coins, you may have to declare capital gains on your income tax return. Check with your financial advisor about this.