You wouldn’t want to sell your antiques, collectible baseball cards, or music records for less than what they’re worth. The same holds true for your unwanted gold coins. Gold coins are valuable but, unfortunately, finding a gold shop that will buy them for the price they deserve can be a difficult process, because not all gold shops will evaluate your gold coins accurately, or sell them for the price they’re worth.
So, if you’re curious about the value of gold and are interested in selling your unwanted gold coins for an honest price, there are a few things you need to know upfront, like what types of gold coins are sellable, and how buyers determine value.
Understanding these basics will make it far easier for you to shop around until you get the most money for your gold coins.
Gold Coins vs Other Gold Bullion
1 oz is the standard size for gold coins (and bars), but they also come in other sizes. In Canada, gold coins are minted by a government entity and are made by different brands, such as the Royal Canadian Mint. Different brands make different designs. Popular kinds of gold coins include the Maple Leaf, Kangaroo, and Libertad.
Gold can be pricier than other kinds of gold bullion—gold bars, ingots, and rounds—because they have higher production costs and therefore higher premiums. If you’re wondering how to sell gold coins in Canada, know that you may be able to sell your unwanted gold coins for higher prices than other gold bullion.
That’s not the only possible advantage of buying and selling gold coins instead of other kinds of gold bullion, however. Gold bullion is considered an investment vehicle in Canada, and is not subject to sales tax; you can include gold bullion in your RRSP and reap the tax advantages. But only gold coins are intended for circulation and have legal tender.
Also, whereas the value of bars, ingots, and rounds is determined exclusively by their precious metal content, the value of gold coins may depend on additional factors like uniqueness, rarity, and design.
How to determine the value of Gold Coins
There’s only so much you can do on your own in order to determine the value of your gold coins and understand what you should be able to sell them for. And you wouldn’t want to sell them for less than they’re worth.
That’s why it’s important that you find a trained expert who can honestly evaluate your unwanted gold bullion coins, either in store or by mail.
There are a few factors experts consider when determining the value of gold coins. These include purity, weight, melt value, condition, and current gold market value.
Finding a trustworthy and affordable expert at a gold buyer can ensure you get the highest payout prices for your gold.
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