The US Mint does not necessarily get involved in the pricing, but they do provide a handy tool that allows you to find local buyers/sellers. [1] X Research source There are many other exchange sites that keep track of precious metal (i. e. gold, silver, platinum). Just search online and there is a wealth of resources. Be aware the spot gold price may be the current price, but many dealers charge a premium to buy the gold.
There is no guaranteed assurance your gold will not be substituted with something less valuable, but similar looking. Selling gold by hand will likely incur a higher premium. Gold insurance scams are common, and premiums are developed to overcome the scams.
Register for an account on the respective website. Call their trading department for a current price. Talk with their specialist regarding your gold coins’ value Determine if there is a minimum amount to sell in order to do business with them. [3] X Research source
You may even be asked to provide a voided check for ACH transfers. Buying and selling gold is often done with cash, however, so be prepared to work without credit.
Gold 1oz Maple Leaf Gold 1oz Krugerrand Gold 1oz Mexican Onza. [5] X Research source
Double box - one inside another - in case the outer box rips/breaks. Use heavy-duty tape with nylon to cover every single edge and corner. Ensure the package is as secure as possible. Reinforce heavier packages with strapping tape. If the business with which you are dealing requires something extra, like a filled out form or a voided check, include it in the box where applicable. [6] X Research source
USPS doesn’t have fuel or residential charges like UPS and FedEx, but that doesn’t mean the price will be cheaper. [7] X Research source Some sellers offer door-to-door services. An overnight shipping label will be sent to you, and pickup will be scheduled according to their schedule. [8] X Research source
Ensure you get a confirmation number. You will want to track the package, something also called delivery confirmation. Get insurance. Larger carriers offer loss or damage protection. Some, like UPS, offer up to $100 USD coverage for free. Based upon the declared value, you will have to make additional payment.
Check the price on a larger finance website. The basic gold ticker is GCM16. CMX, and everything about the current price, historical price, and various financial indicators like Simple Moving Average (SMA) is listed on most financial websites. [11] X Research source Monex. com has current prices and charts, and has been operating for more than 40 years. Kitco. com is a more news-oriented site. You can get the latest prices as well as lots of recent news regarding the current price of gold.
Within the U. S. , the Canadian Maple Leaf (24-karat) and American Eagle (22-karat) coins are the most frequently used. The American Eagle coin is guaranteed pure by the U. S. Mint. Outside the U. S. , the Canadian Maple Leaf dominates. It’s also easier to sell the South African Krugerrand and Austrian Vienna Philharmonic. The U. S. made a pure gold coin called the American Buffalo in 2006. It was intended to compete with the Maple Leaf, but it’s not used as frequently. [12] X Research source
For impure coins, you’ll have to break down the fraction included in AGW. For instance, if the coin were to weigh two ounces, and it was 50% pure, you’d have 1 Troy ounce AGW. Keep in mind a Troy ounce (31. 1 grams) is not the same as a normal ounce (28. 35 grams). [14] X Research source If not specifically listed, you’ll need to confer with a professional to determine the non-gold metals in your coin. Convert grams to AGW by dividing the grams by 31. 1035. Some coins are standardized, and have the weight in Troy ounces displayed prominently.
