Collecting gold has more to do than just having a fun hobby, it can be extremely lucrative too. If you’ve listed inherited gold coins or if you are an avid collector there will come a time when you’ll be hurting for some cash and you will need to sell your coins. There are a number of places where you can go to get cash for gold Brisbane when you need to. Before you do, it is important to go through the various options and understand what each one entails.
Sell to local coin dealers
Look for a local dealer. If you live near a dealer with a physical store, it could be easy and convenient. Try developing a relationship with Brisbane gold brokers to make it even easier for you when you have more gold products you may want to sell somewhere down the line.
- You a more likely to get a good price when you deal face-to-face with Brisbane gold brokers
- You can get cash immediately as a walk-in customer.
Brick-and-mortar shops have to contend with the cost of rent, electricity, security, salaries and so much more. They need to pass some of these expenses to their customers so they can make a good profit. They may not offer you top dollar for your coins.
Look for coin shows in your area. These kinds of events attract collectors who might just be looking for the coins you have to sell. Having coin collectors congregating in one place will make shopping your coins around easier.
- Coin shows will save you the trouble of having to travel from one dealer to the next.
- You can get multiple quotes at the same time for the same item.
- Many coin shows are about showcasing coin collections and encourage buying more than selling
- Travelling could be a bit of a hassle if you live far from towns and cities where such shows normally take place.
Pawnshops offer you two options: obtaining a loan against your gold coins or selling them outright. If you pawn for a loan, you can get your gold coins back when your loan is paid off. Pawnshops buy virtually everything, but they may not have appraisers with the expertise to price gold coins.
- There are virtually pawnshops everywhere these days and the odds are you will easily find one near you.
- You can get you cash immediately whether you decide to sell.
- You can expect low premiums and lower selling prices due to the business’ overhead costs. The pawnbroker needs to make a profit and will often do so by undercutting the gold seller.
- If you have rare coins or coins in high demand a pawn shop is not the right place for you to go. Pawnbrokers are likely to offer you a price based on the spot price and not a sum based on the numismatic value of your gold.
Online gold buyers operate just like brick-and-mortar shops except you get to transact with them without leaving your home. To keep up with the times, these days most gold dealers with physical stores also have online stores.
- Online buyers offer a convenient and easy way to sell gold from the comfort of your home.
- Online buyers may require you to ship your coins first before they pay you so you won’t get money for your coins instantly.
- You have to factor in the risk of shipping valuable items – they could get lost or damaged in transit.
The bottom line
It is important to do your research into various methods of selling gold before you approach any buyer. Understand the process and how pricing works. Remember that gold coins are not the same as scrap gold. The spot price has no bearing on gold bullion coins, rare coins and collector’s coins. For these gold products the numismatic value goes beyond the value of the gold content.