June 8, 2007, Newsletter Issue #70: Selling Your Gold Coins

Tip of the Week

You're in the money, the skies are sunny, you're selling your gold coins. But before you hang your shingle or throw a Web site together, you should know selling gold can be a delicate business. Some coin collecting tips before you approach a dealer or other buyer:

o Review the price history of any gold coin you purchase. That way, you'll avoid price markup.
o Check the blue book gold coin values and decide how much you're willing to accept for your Brilliant Uncirculated, Extremely Fine or Good US Gold Coin commemorative.
o Remember to multiply the troy ounce value of any gold coin, including old or rare gold coins, by current gold prices and the face value of the gold coin.
o Buy a selection of genuinely rare gold coins to alternate with the more popular gold coins.
o Join a gold coin and rare coin network. Monitor what prices sellers are offering and what buyers indicate they're willing to pay.
o Remember that gold coins are a solid investment and that gold coin values seem safer (although they may not be!) to buyers than stocks and bonds.
o Check the condition of your coins. Don't be afraid to discount them, but not so much that the buyer thinks you're trying to pull a fast one with that Liberty Head US gold coin.
o Get price quotes from several different dealers before deciding where to sell your gold bullion coins.
o Don't call prospects during dinner or you risk being branded as a telemarketer. Many gold coin scams involve telemarketing fraud.

While you probably won't quite your day job, selling gold coins can be a great way to earn extra cash while havign fun with your coin hobby.

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