You don’t have to collect gold coins or invest in them in order to have them. Many people get gold coins often without having any interest in them, beside a question they keep asking themselves: how to cash in gold coins.
There’re a few places where you can sell your gold coins: jeweller shops, coins dealers, pawnshops, and of course you can sell them online. Any gold coin or any coin made of any precious metal has two parts of its value: the gold value and the numismatic value (for bullion gold coins it can be just a premium on the gold value in percents).
The numismatic value of a coin can be affected by several factors: its grade (condition), its mintage (the number of coins issued), and its year of issue (how old it is). So obviously, an older gold coin in perfect condition minted in very small number will worth a lot more than some modern gold coin in poor condition minted in great number – that simple.You may find more details about this at Coins Sacramento.
Before you hand your coin to any of the places mentioned above, you must find out the right value for your gold coin. The easiest way to do it is to have a coin catalogue and being able to grade your coin appropriately, and if you had one and were capable of doing coin grading, you probably wouldn’t be reading this article.
You can start with asking your local coin dealers, they may not give you the right price, but at least you’ll get some idea of what your coin is, what grade it is in, and what it’s worth. Going to a jeweller shop can be justified only if you don’t have any coin dealers around – they may know about numismatic value of coins, but usually, they just give you their gold value, which can be relatively small compared to their numismatic value. Going to a pawnshop can hardly be justified at all, but I thought I would mention this place anyway, at least in the sake of fairness of the subject.
After you got some idea of what your coin is worth, you can make a bit more research to find about the value of your coin. You can of course just Google it, which is a good start, but another way of doing it is using ebay. Go to ebay, find the coins and paper money category, and search for your coin (you should know that much after you’ve seen your coin dealer). Searching among current listings may not be enough – so click advanced search, tick completed listings only and do search again. That should give you a better idea of what similar coins are getting sold for.
You can consider using help of coin forums as well. There’re plenty online (for example CoinForum), and people on those forums can be very professional and helpful. Keep in mind that coin grading can affect the price greatly and if the coin dealer you saw said that your coin is in the very fine grade (VF) and worth around $100 and you found that a similar coin in the extra fine grade (XF) was sold for $300, you may have had your coin priced correctly.
After you have a better idea how much your coin is worth, you can start seriously considering selling it. There’re obviously two ways to go: if your coin dealer offered you more than you found you can get on ebay, than go to your coin dealer. Otherwise, sell it online (ebay or other online auctions) – you even can consider selling it for $1 no reserve (ebay only) – there’s a whole lot of people who made their business to watch gold coins auctions continually, so your coin will get sold for a fair price anyway (don’t do it if you don’t feel adventurous).
Just keep in mind one more thing: some of the coins have varieties, which are very small distinguished features of a coin that can make it worth a lot more than its usual counterparts, for example: one number in the coin year is longer than other number, or space between two letters is not the same as between other letters. So, if you find any oddities on your coin, you’ll have to do more research and probably see more people to talk about your coin. Be aware of possible and not very pleasant outcome of your research – if your coin is quite different from similar coins of the same type, it may be a fake, but usually coin dealers can point it out right away.