Selling Gold Coins

Selling gold coins can be challenging if you don’t know where to sell them or how to do it. It is also important to know how valuable your gold coins are so if you decide to sell them to a dealer you know the price range they should be fetching. If you do plan on selling coins to a local dealer or one you end up finding at a coin show, it is more than likely you will not be getting the top price the market is demanding at the moment.

Dealers won’t give you the full price because they have an overhead they have to pay such as rent on a store, electricity, possible employees and of course the dealer has to make a profit so he can continue to do business. Another place to sell your gold coins is through a local auction house. In this case, you have to have a substantial collection of coins to make selling them and paying the auction company worth your while. Usually auction houses make their money by charging the buyers of your coins a premium above the price of the bids received. But auctioneers can also charge you for appraisals and moving and setting up your merchandise to be sold.

If you are selling your estate or a family estate that has collectible coins, you should have your coins appraised by a reputable appraiser so you can set opening bids at an auction. Make sure the appraiser you choose is certified or belongs to an association that requires their members to get a continuing education and obviously understand the markets they are appraising merchandise in.

Okay, if all this sounds a little complicated and you’re thinking that you just want to sell a few of your coins or want to maybe start a business and sell a few coins without opening a store or having a huge auction with the fast talking auctioneer and the gavel slamming on the podium, you are in luck. If you want to start a low overhead gold coins business or have a few coins to sell, the best place to do that is eBay. As long as you have coins in good condition and they are somewhat in demand, which gold is very much in right now, you can do business relatively inexpensively on eBay.

One of the best ways to see what’s popular and selling like hot cakes in the gold market on eBay is to head over there and see what’s getting the most bids. With the Advanced Search feature of eBay you can put in the minimum number of bids on items that you’re looking for and if you put in 2 as the minimum (to avoid shill bidders) you can then scroll down the list and see what the more popular items are. You can then determine from this data what niche of gold coins you want to go into.

When you are selling gold coins on eBay it is important to know the best time to end auctions and what times to avoid. Sunday evenings have been the best time for a long time to end your auctions in eBay because of the number of shoppers on the site during this time. The best times to end those auctions on Sunday’s are between 8:00 pm and 11:30 pm EST. You also want to avoid ending your auctions on Saturday and Thursday evenings because these are the lowest traffic times on eBay. I’m not sure what people are doing on Thursday’s, but on Saturday’s people are out on the town and aren’t interested in surfing eBay  for the most part.

If you are selling gold coins, use these tips to make sure you get the most our of your valuable treasures.