Selling gold coins is a simple process, but there are some things to know before selling. In this article we have discussed the step-by-step guide to selling gold coins such as some tips and how to get the best price of gold.
Selling Gold Coins vs Selling Other Types Of Gold
Tips for Selling Gold
There are some steps that can be followed in order to get the best price for your gold. They are as follows:
1. Understand the true value of gold – Gold coins are treated as bullion. Therefore, before selling them, you need to know what the actual value of the coins is. Some of the gold buyers will offer you a price that is much lower than the listed price.
If you truly know the actual type of coin, you will be able to demand more. Or else you will end up getting the scrap value of gold. To know the actual value of gold, you need to weigh it in grams and then calculate the price.
2. Avoid Pawn Shops and Local Stores – Selling your gold to a pawn shop or a local shop isn’t really recommended. Even though the process is completely fast, you will be paid much less than the actual price.
As a pawn shop, after cutting all their expenses, they will fix a price lower than you expect. They are also not experts at recognizing the true value of gold bullion. Therefore, you will get a lower return on your investment. Pawn shops and local shops specialise in gold jewellery and scrap. The gold coins are treated differently from these gold items.
3. Sell to a reputable buyer who offers a fair price – Instead of selling your gold coins to a pawn shop or a local store, you have to sell them to a trusted gold buyer. They offer competitive prices as compared to the market.
Selling gold anywhere can be a little tricky. Therefore, you need to know the seller well beforehand. Here is where Hema Jewellers comes into the picture. We have been in this business for the last three decades, and we have the best industry experts to guide you through the process.
4. Get yourself an Appraisal – Having a bit of knowledge about how much the gold costs is important. You need to keep a track of the current market price which keeps on changing constantly. The price of gold coins will be more than gold bars.
However, they are both considered as liquid assets. The liquidity is slightly different from each other. We will pay you the money close to the market price, as there needs to be a room to make money from resale profit.
5. Understand Tax Implications – You have to pay tax when trying to sell gold. If you see someone promising you to buy gold without having to pay tax, you have to be suspicious.
This proves that the buyer is unfaithful, and you can land in some serious trouble. So, it is better to buy your gold from a trusted gold buyer who has been in this business for a long time.
Selling Gold Online vs in Physical Store
If you have finally decided to sell your gold coin, then the next thing is to decide whether to sell the gold online or to a physical store. Many gold buyers out there are offering to buy your gold online, but you will have to fill out a lot of paperwork, take photographs, and all that. So, we would suggest you visit a physical store. This will help you evaluate the process face-to-face.
Conclusion: Step-By-Step Guide To Selling Gold Coins
In conclusion, if you would like to sell your gold coin now, this would be the best time, as the price of gold is at a record high. As we have discussed, Hema Jewellers is the best place to get the true value of your gold coins.
You can call us at +91 8448448741 or fill out the form so that our executives will get back to you and guide you through the complete process of selling your gold coin for cash.