Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Do you know where to sell your gold for the best price and be sure you are not getting taken for a ride? With so many gold buyers on every corner, it can be hard to know which ones to trust. This article will share some ways you can be sure to always get the best price when you go to sell gold or silver coins, bars and bullion.
Selling Gold is Popular
With the economy the way it is, a lot of people are looking for ways to make extra money. Often, one of the first objects to sell is extra, unworn or inherited gold jewelry and coins. Because so many people are eager to sell gold there is plenty of opportunity for scammers to mislead people, especially when it comes to coins.
The best thing you can do to protect yourself is to do research beforehand to know how much your coin(s) are worth, and to know exactly where to sell gold in your area so you don’t get scammed. Knowledge is power when it comes to selling gold coins.
Cash for Gold Shops
The market of gold buyers is flooded due to high demand. This makes it hard to know where to sell gold, and know you’ll get the best price. If your town is like most towns these days, there are “cash for gold” or “we buy gold” shops seemingly on every corner. These shops are not always reputable. In fact, most of them will give you 40 to 60 percent less than you could get at a legitimate, well-run coin store. These stores are often also unregulated and unlicensed, so they don’t have to follow the same stringent rules that legitimate gold dealers do. Look for associations with the PCGS and NGC when selling gold coins especially, as these are professional coin organizations.
Remember, the vast majority of cash for gold shops will mislead you about the value of your gold. They do this by using faulty scales, offering scrap value so they can melt your metals, and a variety of other fraudulent tactics. Doing research online before you go out into the world of gold buyers will help you figure out where to sell gold in your town. Look for reviews from others who have used these places. They will tell you which buyers are good and which should be avoided.
Pawn Shops
When you are looking for where to sell gold and silver, you may consider pawn shops. This isn’t an unreasonable consideration, as these shops are definitely licensed and regulated. Most have good reputations, too. However, pawn shops do not typically specialize in buying gold coins. They won’t know enough about the real worth of what you are bringing in to give you a good price. Instead, you will probably get scrap value, when you could get so much more somewhere else. If you’re curious, you can take your metals to different pawn shops just to get estimates on what they would pay. At the very least, this may give you an idea on which stores are definitely lowballing on the price.
Rogue Gold Buyers
These are the worst if you want to sell gold coins. They appear out of nowhere, and are likely mobile businesses. They are not licensed or regulated, so they can do business as shady as they like, and you have little to no recourse about it if you find you’ve been lied to by them. You may find rogue buyers in tents in parking lots, at hotels hosting conventions, and even at roadside stands. Their main goal is to underpay people who don’t know any better. A good rule of thumb is to never sell to someone from out of town.
Gold Parties
If you’ve ever been to a party at someone’s house where the goal was to buy something, you have an idea of what a gold party is. People come to these parties, usually at the home of a friend or friend of a friend, to sell gold. The person hosting the party is working for a gold buying company, and will get a monetary cut of whatever gold is purchased at the party. Like cash for gold shops and rogue buyers, lowballing is the name of the game at these gatherings. Since the companies that run the parties are unregulated, there is no recourse after you’ve sold your gold for too low of a price, either.
Tips for Selling Gold Coins Safely
If you want to know where to sell gold safely, there are a few things you can do.
- First, check with the Better Business Bureau on any buyer you’re thinking of using. Look for complaints.
- Also, look online for complaints or compliments. People are just as ready to praise a buyer who did right by them as they are to complain about a buyer who wronged them.
- Never mail any gold (or silver) coins, bars or bullion to a prospective buyer without getting a written guarantee that it will be returned.
- Do the proper research to know the value of your gold coins. Check websites such as www.ngccoin.com to find out retail values and information of what you have so that you can have a good barometer of what you should be getting. Know that any gold buyer will give you slightly less than the full value of your gold, as the buyer needs to make a profit. The good buyers, though, will give you the highest and most fair price possible.
- Shop around for estimates and compare offers. Go with the highest one.
Best Places to Sell Gold Coins, Bars and Bullion
The best places to sell gold are the places you know you can trust. In most cases, these will be locally owned and operated gold dealers with personnel who are most knowledgeable in valuating gold bars and coins. You want a company that has the proper equipment to measure and weigh gold accurately. Reputable gold dealers will also offer you guidance and valuable information on selling precious metals. Scottsdale Bullion and Coin meets all of these qualifications. If you are looking to sell coins, bullion or bars give us a call to get an honest, fair price for your metals.