Many investors spend time deciding whether to buy gold or buy silver, however the savviest investors own both and some even sell gold and silver coins to make a profit. Apart from antique silver items, silver scrap, silver cutlery and jewellery we also buy silver coins. All those old coins you have in your house may well be worth a small fortune!
As we know, silver is the interesting product for several reasons – first, it is much undervalued in reference to gold. And secondly, its price is less than the total production cost which is reflected in the decrease in production and in higher prices. Silver is a good investment for people who are looking to diversify their portfolios with physical assets. Certain silver coins are also prized by collectors for their rarity and beauty. The biggest threat to investors is silver and precisely silver ounce. Here, in contrast to the gold, silver prices can rise in a short time by 20% in order to return gains in the following week.
The easiest way to sell silver coins is at the jewellery shop. It’s the easiest but possibly the worst way. This is because the jewellery shop is always more expensive than the price of silver, because you have to pay for metal, labour, taxes. Yet, there are many online markets which allow you to buy, sell and store the silver coins at attractive prices.
Gold coins are made mostly or entirely of gold. Generally, they are used as bullion or numismatic coins and most of them are sold to collectors. The collectors are people who are really serious about their coin collection and grade or sell rare coins for a living. Selling gold coins has to be well planned and premeditated. First, it has to be considered whether they are the usual gold bullion coins or numismatic coins. Gold coins prices are affected by many factors such as the gold supply, the rarity of the gold, its history and the demand for it. Knowing the type of coin is very important before trying to make a sale. The value of the exchange currency has to be considered, as well. The most common bullion coins can be sold for, approximately, their base gold value. Numismatic coins are very rare and their value is based on the gold they contain, their rarity, demand, condition, and year of mintage. Because of their potential value and history, numismatic coins are highly coveted by coin collectors. They can easily be sold at very high gold price.
Every gold coin is special. If it is damaged in some way, it is still worth plenty in its scrap value. No matter how damages the coin is, it can be sold in spite of that, because there is still a nice hunk of gold in the coin. However, any scratches, small holes or stains will substantially reduce the value. The condition of the coin usually refers to its value. For example, high-quality coins often worth many times more than poor ones. It is recommended to protect the gold coins and wear rubber gloves when necessary.
The standard weight for a gold coin is one troy ounce (equal to 31.1 grams). It is a little heavier than the standard once. The most difficult part of estimating the value of particular coins is evaluating their condition. When trying to make a profit, make sure you only deal with a reputable buyer. Some people do not give the accurate and current price. When selling gold coins, it is possible to find some business buyers who might be able to offer more money, because they deal in large volumes of gold. They will usually give you a fair price. If you are not quite sure what the price of certain coins is, most newspapers report the price of gold daily. Selling coins at the peak of demand and when gold price is at all time high are important factors. Nowadays, selling online has become a popular option to sell gold coins. Auction sites and online dealers may offer even a better price. Be aware of the precautions when you buy and sell gold online. It is important to do your research because different dealers offer different percentages. There are several sites where you can follow the instantaneous updates of gold price every day.