Finding out gold coin values and keeping track of the gold prices are an exciting element of owning gold, whether in the form of coins or gold bullion. It is important to keep track of the prices very carefully in order that your gold investment does not depreciate when you could have stopped it, or have missed a great sale price if you could have sold at that price. This article looks at things which make coins valuable, independent valuations and DIY valuations.
What makes a coin valuable?
Sometimes, a coin is just not of any value. This occurs even if it is a gold coin, in some respects. The following points are things you should look out for to get a good idea about, if your gold coin carries any value.
Weight is a good indication of value simply because if everything else failed, you could still get the value of it in scrap, minus some commission for the agent who scraps it. If your gold coin is heavy and you are sure it is all gold, then this is a good indication that no matter what the coin is (e.g. no matter if it is commemorative or rare), you will still get good value for it in its gold index value alone.
Caution Be careful though, because some coins are cast in a lower quality metal like bronze or brass to make them heavy, then gold-coated and the actual amount of gold in them is very little. Rarity
Rarity is not the easiest thing to judge immediately, but needless to say that if you do some research and find that your gold is rare, then its value will reflect that. Investing in gold is great if you manage to get a rare coin or nice gold proof sets under your belt. There are articles and indexes online which give prices and information about the vast majority of coins, or if that fails, take it to a coin specialist to get their opinion. Condition
Needless to say, the condition matters. Perfect mint coins are generally worth more than their worn and battered counterparts.
Take your coin to a coin dealer, and see what price they would give you for it. If you explain to them that you are not looking to sell it, then they will give you a price that erases the amount of money they would initially take off, if they were buying it for investment or resale purposes themselves. Ask for friendly advice and you will usually get it.
There are numerous sources online for finding out information about gold prices. Do your research in databases, and check sold prices for your coin online.