How to handle your gold coin inheritance

So, someone left their gold coins as inheritance upon their death. You can do one of two things: either sell the coinsfor cash or pass them on as inheritance after your own death. If you do decide to sell, there are a couple of online resources that can give you more information about your particular coins. Remember, whilst every dealer is eager to buy your gold, not all gold coins garner the same interest.

To get a sense of what you can expect, take your coins for an appraisal. In the coin buying and selling market, grading the coins you want to sell is very important. If you have inherited a coin or a coin collection, you should find a gold dealer who has a good reputation to sell gold Brisbane to. When in doubt, don’t be afraid to ask. Find out who the best dealers are in your area, how they conduct their business, what they buy, etc. A lot of people make the mistake of thinking that just because they have gold bullion with papers and certificates of authenticity that somehow the paperwork gives them a pass. It doesn’t. Your gold still needs to be tested and evaluated to make sure it is what the paperwork says it is.

Watch the daily gold price

The offers for your gold cold will be based on the market price of gold. You need to be aware of the gold price when soliciting quotes for your own bullion. When you are having your bullion evaluated, make sure that your dealer explain what he is basing his evaluations on. More importantly, make sure he is using the current spot price od gold in his final quote

If your gold coins are part of a collection or if the person you inherited your gold from was a serious collector, you should take care of how you handle the disposal of this precious metal. The best thing with collections is to sell it as a while, unless you still want to hold on to a couple of coins for future use.

Find a good dealer

There are a couple of resources that you can use to help you sell gold Brisbane.You can find dealers in every major city, online, at auction houses, and a host of other different places. For numismatic coins, try looking for professional organisations and guilds that specialise in collectable gold coins. They can help connect you with collectors or dealers who would be interested in what you have to sell.

Show your coins to a couple of companies before proceeding with an actual sale. Offers may vary considerably but that is because different companies operate on different profit margins.

Have your coins graded

Having your gold graded will help you get the most for it. When your coins have been graded and certified, do some research on them. Find out what their history is and find out how popular they are. Use the NGC price guide which you can find on line to get a general idea of the retail value of the coins you have.  You could find examples of the same coin you have on auction sites like eBay.

Speaking of auctions, most auction houses will only buy coins that come with certification of authenticity, when it comes to auction sites are less stringent. Auction sites like eBay, allow you to present your goal to a bigger audience and bid prices may be more than what you would have been offered at a brick-and-mortar dealer. However, you should be aware that auction house and auction sites charge certain fees to sell your gold. These fees couldbe 15 to 25% of the price of your gold.

The disadvantage of auctioning your gold coins is that it takes time. You may have to wait several weeks for a sale to happen and to get the money you need. When it comes to inherited gold, patience is important.

  • Skye Marshall

    Ivy Skye Marshall: Ivy, a social justice reporter, covers human rights issues, social movements, and stories of community resilience.

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