How Much Do Gold Coins Cost?
Gold is and always has been one of the most precious metals in the world. Coins and bars are two of the most common forms of preserved pure gold. Gold coins, in particular, are made entirely out of gold. Normally round, shiny, and minted with designs significant to the jurisdiction where it is minted, the value of gold coins will depend on the type of gold coin, seller and market conditions.
How much does it cost?
- Like other gold commodities, the prices for gold coins vary according to a few factors. One obvious factor is the scarcity of the coin. Famous gold coins such as the Classic Liberty $2.5 Gold, Indian $2.5 Dollar Gold Piece, Liberty Five Dollar Gold, Liberty Ten Dollar Gold and the like are all featured on the website CoinStudy.com.
- The site gives the minimum price of each gold coin featured. The Liberty 2.5 Dollar gold coin, for example, is said to be worth at least $275 per piece. The Indian 5-dollar and the Liberty 5-dollar gold coins start their value at $440 and $425, respectively. The exact price for the gold coin differs from a particular coin to another. You can check out the site to see what value you can expect on the gold coin you have.
- The official site of PCGS (Professional Coin Grading Service) gives the price guide for all gold coins on their website. The price guide includes the price changes in each coin over the years and the past few months. Liberty Head $2.5 (1840-1907), Three Dollar (1854-1889), $4 Stella (1879-1880) and Classic Head $5 (1834-1838) to name a few, are all priced at the site.
- Since the price varies, you have the chance to compare dealers who offer higher prices than the others. Sites such as GoldPrice.org feature price ranges for some rare gold coins. The American Buffalo Gold Coin, for example, is priced anywhere from $1,700 to $1,900 while the Australian Kangaroo Gold Coins can cost $1,700 to $1,900.
Type of Coin
Capped Bust $2.5 (1808-1834)
Capped Bust $5 (1807-1834)
Classic Head $2.5 (1834-1839)
Classic Head $5 (1834-1838)
Draped Bust $2.5 (1796-1807)
Draped Bust $5 (1795-1807)
Draped Bust $10 (1795-1804)
$4 Stella (1879-1880)
Gold Dollar (1849-1889)
Indian $2.5 (1908-1929)
Indian $5 (1908-1929)
Indian $10 (1907-1933)
Liberty Head $2.5 (1840-1907)
Liberty Head $5 (1839-1908)
Liberty Head $10 (1838-1907)
Liberty Head $20 (1849-1907)
St. Gaudens $20 (1907-1933)
Three Dollar (1854-1889)
NOTE: Remember, gold prices are similar to the stock market. They will increase in value over time. These are just ranges and every coin will be different. This should be a good indicator where the values start with your coins. For an exact estimate, the PCGS is a great resource to use.
What is going to be included?
- Buying and selling gold coins can be done at any reputable coin dealer. However, this does not mean that the transaction is done face-to-face. In fact, it can be just done online. However, it must only be done at reputable websites like private firms that have been selling gold for over 30 years. Sites such as Monex.com, KITCO.com, BlanchardOnline.com and APMEX.com are suggested. You can also buy and sell gold coins at some auctions sites such as eBay.
- To be secured and safe, you can also buy from the government. It is known that coins in the government usually come with a reliable guarantee of gold content, weight, and purity. In fact, the US government sells gold coins online.
- In the event that you want to buy gold coins from an individual dealer, you may be given a price guarantee. This is the specific value guarantee that the dealer places on your gold coin. There is a risk in this type of transaction as some dealers make unfair guarantees just to rob buyers of their money.
Factors that influence the price:
- The specific gold coin
- The year the coin is manufactured
- The condition/quality of the gold coin
- Demand of the particular gold coin
Tips to know:
- Collectors and dealers are very particular in the coin’s date, mint mark, condition and variety. All these factors are usually considered carefully in order to arrive at the true gold coin values.
- Regardless of the appearance of your gold coin, you can expect to get a higher price that face value. This is because gold coins are special coins that, no matter how damaged they appear to be, there is still a good price that dealers or sellers can offer.
- Whether you are a buyer or a seller of the coin, you must keep track of the current value of gold. This is to ensure that the price offered to you is in the average range. You can be updated on the price of the gold coins by constantly getting updates online.
- Always aim to sell your coins at the peak of demand. As a seller, you should know when is the right time to have your coins sold. Thus, you must have a good combination of your research skills, intuition and salesmanship.
- There are some people who purchase gold coins simply to add to their collection. If you are a seller and have a specific coin that a person is missing and could potentially complete their collection, they will probably be willing to pay an even higher price than the coin’s current value.
How can I save money?
- Always look for a reputable dealers. You may be able to get low prices from private dealers, but the danger of being scammed is always a threat. It is a known fact that this trade is highly susceptible to scams. This is the reason that you should use reputable and trusted buyers and sellers.
- “Timing is everything.“ This is particularly true in this kind of trade. If you are a seller, you must know when is the right time for you to sell the specific coin you have. You must know when the demand is higher than the usual. If you are a buyer, buy gold coins at the right time as well. When the prices are lower than the usual, that is your cue to find the coins that you need. You can have your coins stored and you will be able to resell them at a more expensive price soon.
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