How to sell gold coins for cash in Nepal:- Gold coins have been used for commercial purposes for thousands of years. Its price is based on its historical and artistic value as well as its gold content. If you want to negotiate the best price for your gold coins, you will need to do some research.
The rarity and condition of gold coins have a significant impact on how much cash you will get. Some are worth much more than their weight in gold. Therefore, if you are sure that you want to sell your coin for the cash, then you have to calculate the real value of your coin.
There are some guidelines that you have to follow to sell your gold coins to gain the maximum profit. Remember that you are not selling clothes or other items, you are selling the gold coins in which you have invested your hard-earned money.
Ideal characteristics of good gold coins:
The gold coins for investment that can give you more profit should have some specific features:
- The purity of the coin must be at least 22k (91.7%) because the greater the purity of the coin, the less percentage of metals and lower alloys it contains, such as copper and silver.
- Coins must be available and in circulation, in as many countries as possible because if they are considered rare and of limited editions they end up becoming numismatic coins.
- The brand of the gold coin must be well recognized because one of the original intentions of the gold coin jointing is to establish trust. And consistency in gold, guaranteeing the buyer its purity, weight, and promised quality.
- The demand for the gold coin must be high because if it is low, at the time of sale it will be more difficult to find a buyer.
- The coin must be aesthetically pleasing, although the value is concentrated on the weight and purity of gold, aesthetics is always an important factor and that makes a difference.
The gold coins most suitable for investors to obtain a greater value
Each of the coins mentioned in this list meets the characteristics and needs of investment gold coins mentioned above. Personal tastes and geographical location will be the determining factors in making the final decision.
Gold coin of the Turkish Republic
It may be surprising to some, but Turkey has produced far more gold coins than any other country in the past decade. Turkish gold coins are known as Republic coins in the Turkish word Cumhuriyet and there are two subtypes of coins, in Meskuk (standard) and Ziynet (decorative).
The first gold coins were minted in Turkey around 550 BC, so that historically, Turkey has served as one of the gold capitals of the world. The only disadvantage for foreign gold investors, in addition to the reduced availability of these currencies in international markets, maybe the slightly off-the-wall weight of Turkish gold coins.
The South African Krugerrand
In 1970, South Africa dominated world gold production with about 62% of which accumulated around 80% at the time. Such a prominent position would put it in a privileged position to anticipate and dictate the future of the gold market.
Krugerrand holds a special place in the hearts of gold investors for its history and pioneering leadership. It is still the most common modern gold coin in circulation, making up about 1/5 of all coins produced since 1970.
The Krugerrand derives its name from Paul Kruger, the president of the South African Republic between 1883-1902. Krugerrand gold coins are 22K and have great international recognition thanks in part to the springbuck (a type of antelope) designed on the back of each coin.
Canada’s Maple Leaf
Canadians were the first foreigners to recognize the enormous popularity of the Krugerrands around the 1970s. In 1979 they started minting gold coins in great style and created the Maple Leaf.
They were not satisfied with simply copying the South Africans and the Royal Canadian Mint introduced the Maple Leaf, a fine gold coin. It was the first 24K gold coin of the modern era (99.9% purity), with the gold content increasing further in 1982 and to 99.99% 99.999% in 1998. It’s the most popular 24K gold coin in the world, with almost 40 million in circulation.
The Chinese Panda
China has a rich history and is responsible for the earliest forms of currency dating back to almost 3000 years. They entered the production of modern gold coins and bars in 1982 with China Gold Coin InCorp. (CGCI), which introduces the Chinese Panda’s 24K gold coin (99.9% purity) in four sizes: 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz.
They extended the offer to include 1/20 oz and 1 g size in 1983, which made them the first gold coins in these sizes. Perhaps the biggest news, however, was the decision to have a new project on its reverse. This transformed the Panda coin into a collector’s coin and a gold coin for investment at the same time.
China is now the world’s largest gold producer, with ambitious growth plans both domestically and abroad, to accumulate as much gold as possible.
China’s gold reserves are not officially known, but rumors are that they may rival the reported 8,133 tonnes shareholdings for the United States. If China’s objective is indeed to guarantee the value of its sponsored Yuan currency with its gold reserves, the importance of the Panda’s currency is expected to grow even more.
The American Eagle gold coin was launched in 1986, in four different sizes: 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz, with 22K purity. Much like the coin of the Turkish Republic, purity 22K (being mixed with harder alloys) gives it a more metallic and more resistant property that will better cope with wear when the coins are in circulation as currency.
The American Buffalo coin was introduced in 2006 as an alternative for those who buy gold coins in the USA. The United States Mint is among the most celebrated coin makers in history.
In the USA the gold coin market is among the largest in the world and the USA has the largest officially known gold reserves in the world, making American Eagle a popular choice even outside its geographical borders.
The Australian Kangaroo
Australia began producing modern gold coins in 1987 by the Mint of Perth. The 24k coins were 99.99% pure and were initially labeled the Australian Nugget until 1990, available in four sizes: 1oz, 1/2 oz, 1/4 oz, and 1/10 oz.
Since 1990, Australian gold coins have been featured with the figure of a Kangaroo on their back, although the name was only changed to Australian Kangaroo in 2008.
Similar to the Chinese panda, since 1990 Australian coins have had a different design than Kangaroo on the back, making it a preferred target for collectors and investors.
The Austrian Philharmonic
In 1989 the first Vienna Philharmonic, the coin of Austria, was synonymous with great creativity. Depicting Vienna as a land of music and serving as an ode to the Vienna Philharmonic Orchestra, the coin’s design depicts a variety of instruments.
And it is considered one of the most beautiful coins that can be found. The coins are 24K (99.99% purity) and are available in 4 sizes: 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz. The Philharmonic is the most popular gold coin in Europe.
Basic rules to follow to sell your gold coins
When selling your unused gold, the percentage of pure gold in your pieces will determine how quickly you can sell it and how much you will receive for it. There are some basic rules to keep in mind when selling your gold coins.
- Selling your gold as coins will allow you to sell them faster, making this the most common option. The dealers will be happy to take the coins because they know the price of gold in the market and there is a guarantee on the quality and quantity of the pure gold coins.
- Currently, with the gold price so high, some dealers may not want to buy from individual sellers, hoping that the gold price will return to an affordable level. Ideally, find a dealer that offers you a small premium for your gold.
- Places to sell gold vary. You can do business in person at a dealer, or you can sell your gold online. Doing business online is easier and stress-free. Selling gold for instant cash is now more convenient than ever with gold companies that connect online to provide a safe and easy place for sellers. Because dealers know the current price of gold on the market, you should research before selling your gold. Verify the price established by each distributor, as the rates will vary.
- No matter where you live, the basics of selling your gold will be the same. Selling online is the easiest option, and after a quick registration process, you will be able to sell all of your gold pieces. You are not limited to selling in the form of coins or bars: you can also sell your leftovers or unused jewelry. Most importantly, make sure that any company you choose to deal with has an excellent reputation for buying and selling gold.
- If you decide to sell in a shop, always check for yourself the weighing and quotation of gold in your area. Check the value of gold on the internet on the day you decide to sell it, considering that you will have to sell it at a lower price to allow the buyer to have a profit margin. Also, request a copy of the purchase/sale transaction.
What should you do to obtain more cash from your gold coin?
As soon as you buy gold coins, from the very first, you have to safely store the coin without removing their package. You will get the higher cash if the coin is still in the mint condition.
Handle all gold coins with great care.
You should never touch them with your fingers or with anything that could scratch them. Every dent, scratch, or fingerprint reduces its value. Wear gloves or use padded tweezers when handling them.
Remember that you should never clean a gold coin even if it is dirty. Many gold coin collectors avoid buying coins that have been cleaned.
Identify the country in which the gold coin was minted.
This is always taxed in the currency, but it may be in a foreign language. If you have difficulty discovering the country of origin, research for the source from where you can find out or translate the foreign language printed on the coin.
Find the year the gold coin was minted.
This must also be taxed on the coin and is generally a year in the Western calendar. Some gold coins minted in Asia and the Middle East use other day systems or a different numbering.
For example, Japanese coin numbers based on the year of a particular emperor’s reign and figures are in Japanese.
Locate the denomination of the gold coin.
This is the established value of the coin. It is primarily used for identification purposes, not as an indicator of what a gold coin is worth. For example, the United States used to mint $ 20 gold coins. They are all worth more than $ 1,000 now.
Understand the differences between gold coins and gold bars.
Technically, a round piece of gold must be monetized by the government to be called a currency. Gold bullion often looks like a coin and may even have a value engraved on it, but it is not really money.
Its value is the gold it contains, in addition to a small coinage premium. Gold coins tend to be older, most were minted before 1933 when the United States came out of the gold standard. Its value is much higher for its rarity and historical significance.
Estimate the condition of the gold coins.
This is the subjective part of determining the price. Many people may look at the same gold coin and disagree about its condition. An out-of-circulation coin should have no wear on its surface and should have the minting sheen like when it was new. The value increases dramatically if a gold coin is out of circulation.
Steps that you should follow if you want to sell the coins in Nepal at a higher value
Make an inventory of what you have
This step can be the most fun and also the most frustrating. Let’s say that the thread should not be turned more than it has. In other words: you shouldn’t get involved beyond the knowledge you have since anyone can take a rough inventory even if they haven’t seen a coin in their life.
It’s as simple as making lots of coins that look alike at first glance. Group them without worrying about dates, mints, symbols that appear or other stories.
Find out if the coins have numismatic value
In this step, many people go crazy because they usually use two strategies that are not recommended at all. One of them is to look for prices of the currencies on the Web, getting to see very different prices for some currencies that their eyes are not able to differentiate.
Another is to give the bar to merchants or amateurs to tell them the price of their coins, later believing that everyone is going to trick them into stealing their treasure.
Initially, it is normal for gold coins that are inherited or fall into the hands of anyone for some strange reason that has no numismatic value. In those cases, they are what are called bullion coins, which are coins whose value is simply the price of gold or silver that said coin contains.
To give us an idea, the vast majority of gold coins minted from 1850 onwards are bullion coins. If we go back to 1850, it is normal for coins to be worth more than their weight in gold.
How much more will depend on its rarity and, above all, on its state of conservation. If the coin has been hung in a setting, if it has any solder points, if it has been cleaned or mistreated in any way, then it is normal that it is only worth as gold.
Find a price
Finding a price is easy when you get to this point. But again the best thing is not to search the Web in a crazy way. If you count, in most gold coins the purchase price is 6% lower than the quoted price of gold.
Determine to whom and where you want to sell the coin
You already know that you want to sell your coins, you already know what coins you have, you already know approximately what they can cost: you have already done your homework. Now the next step is to determine to whom and where you want to sell your coins.
- If the price you have calculated for your coins is low, perhaps the best thing to do is sell them in your own city, even if they pay you worse than you would like.
- If the price you have calculated for your coins is medium, then you can sell the coins in the gold shop or store.
- If the price you have calculated for your coins is high, you can then contact the merchant or the broker to sell your coins at a reasonable price.
Selling of the coin
Trade gold coins for cash by finding a willing buyer. Gold is in high demand as it maintains its value while currencies fail. Coin dealers will offer you the lowest price.
They are in the business of buying low and selling high but to test the market, show your coins to various dealers. However, you will get the best price by selling them directly to collectors.
Auction websites like eBay are popular if you want to contact with gold coin collectors. Based on the gold charts and dealer deals, you can post your coins with the confidence of knowing when deals are very low.
Another option is to attend a coin show where you can sell your coins to collectors face to face. The other easy ways you can sell your coins are:
Selling gold online
Selling gold online is the easiest method to offer and sell. This type of sale is characterized by:
- Payment is made electronically.
- There is no face-to-face meeting with the buyer.
- The delivery of the gold is done by external means.
Due to these characteristics, the sale may be a little uncomfortable and to some extent risky. But, so that there are no more complications it is better to make sure who is going to be the buyer and that the form of payment will be secure.
In case you want to sell gold through auction websites, you have to take certain precautions that the site provides a safe service. Thus you can be comfortable with the person to whom you will sell the gold.
To do this contact other sellers who have used that website. Whichever online method you use to sell gold, you should do some research beforehand. The more information you get, the more secure the sale will be.
Sale of gold at the auction house
Another way to sell gold is through auction houses. This method turns out to be a practical way, only if you know the gold pieces you own well.
These auction houses are generally classified according to their jewelry, piece, or bullion specialties. When calculating the price of the gold you will sell, you should be aware that the auction house will apply a fee cost and commissions.
Sell to a merchant
Doing business with a merchant is the best method when it comes to making a sale quickly and safely. There can be two options, the first is for the merchant to provide you with your services and gold coins, which will teach you how to value the price of gold well.
The second option is that the merchant decides to buy gold, but you must know that the price he will pay will be much less than the value of the gold in the market.
Sale at a pawnshop
Pawnshops lend money by evaluating your gold at a much lower price than normal market value, but they offer the money quickly in cash. In case you want to get the piece of gold back, you can, but you must pay the borrowed money along with the interest.
In case you don’t want a loan, they can buy your gold at a lower price in order to get benefits in return. This method is profitable when you want to sell gold fast.
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