There comes a point when both collectors and investors may decide to sell their gold coins. Selling gold coins may be a good idea whenever prices become exceptionally high or you need quick cash to pay for emergency expenses. Here are some tips that can allow you to sell gold like a professional so that you can get the best price possible.

Know Your Coins

There is a huge variety of gold coins which have been struck. There is numismatic, bullion, ancient, modern and commemoratives. Attempting to sell your coins when you know little about them leaves you vulnerable to being ripped off by shady dealers who will pay you a fraction of what they’re worth. When you walk into a coin shop you should have done your research so you will have a good estimate of the coin’s true value. That knowledge will allow you to negotiate a better deal with the buyer.

Specific coins offer the best prices when sold to specific dealers. Due to the sheer number of gold coins that have been minted over the ages many dealers specialize in a specific group of coins and may have little knowledge of other coin types. While some gold coins such as the Austrian Philharmonic, American eagle or South African Krugerrand may be recognized around the globe, ancient gold coins or modern issues which are rare outside a certain region may require you to visit dealers that specialize in them.

Select the Right Dealer

Choosing the right dealer is the cornerstone of successfully selling your gold coins. A good dealer is one that is experienced, knowledgeable, and above all else, honest. These people know what they know and what they don’t know. It is best to split your coins into values which range from low to moderate and high, and then find a dealer for each class. Auction houses and coin shops will be your primary sources of doing business.

It is highly recommended to do business with dealers face to face as opposed to using the web, especially when selling your gold for the first time. Selling the coins in person is easier, faster and safer than dealing with someone over the web. Unless you have significant experience with auction sites such as eBay they should be avoided. However, you should not walk into a coin shop to sell anything until you’ve researched the buyer using the web. If there is no information on the dealer available online this should be your first red flag, as a quality dealer should have an online presence which at the very least includes as website.

The best dealers within the United States are those that have been listed in the Better Business Bureau. Any dealer that has a listing in the BBB is one that should be taken seriously, especially if they have a grade of A or B. The precious metals business is serious and lucrative and there are many con artists looking for a sucker they can rip off. Stick to these tips and you won’t be among them.