One advantage of precious metals over other assets such as real estate is their liquidity. They are accepted worldwide and can quickly be sold for cash. However, it is important to know a few things before you sell your gold coins in New York. There are three basic ways that you can liquidate your coins, and this is either by selling them directly to collectors, selling them to dealers or putting them up for auction.

Selling To Local Dealers

This is a great option for those who live in New York, as it is a major metropolitan area with hundreds of coin dealers, many of which specialize in various types of coins. As a seller you have many options to choose from and when meeting with a dealer if you don’t like their offer you can always find someone else. Knowledge is essential before sitting down with a local dealer. The first thing you should do is research them to find out if they’re reputable. They should be listed in the Better Business Bureau with a good grade (A or B).

It is also important to know your coins and their value. Thanks to the internet this has become easier than ever before. Search for the name of your coin, the year of issue, and purity into the search engines. If the coins are contained with a plastic case with a protective seal this means they have been professionally graded, so you’ll need to know this as it can significantly increase the value of the product. However, do not expect the dealer to give you the exact value of the coin; they are in business to make a profit. For instance if your research shows the coin is worth $900 the dealer may only offer you $845, which is still a good deal.

Selling To Private Collectors

A lot of people choose this route because they want to cut out the middle man and avoid his fees. However, selling to a private collector can be risky. For one, there is no recourse if something goes wrong. Second, private collectors could offer you worthless, counterfeit currency for your coins or lure you to a place and then rob you. New York is a major city where you will meet all sorts of people and some of them are treacherous.

If you do decide to sell your coins to private collectors it should be someone you know well. Even then, it is best to conduct the transaction in a public place that is crowded with lots of security nearby. Never meet a stranger at their place to sell them your coins; always make them come to you at a place of your choosing. If they are serious about buying that shouldn’t be a problem.

Selling Your Coins Online

Online dealers such as Coin Exchange NY are a great place to liquidate your coins. Some people choose to use online auctions such as eBay but these sites come with lots of fees. Plus unless you are trusted member of the Auction community people may be reluctant to send you cash for coins for fear they may not be authentic. Coin Exchange NY has a website and physical office in the New York area so you will get trusted and reliable services from us.