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Ten Tips for New Buyers and Sellers
SANTA MONICA, Calif. (Profitable.com) As the price of gold has increased to record levels, more people may be considering entering the gold coin market as buyers or sellers. At Goldline International, we believe it’s crucial for people to conduct their due diligence to ensure they are working with the right dealer and understand the value of coins before they enter into a transaction.
With that in mind, Goldline offers ten simple tips for new buyers and sellers to consider before entering the coin market.
|1.||Determine if the coins you are selling or purchasing have numismatic value beyond the precious metal content, or ”melt” value, of their coins. Coins with numismatic value generally command a premium beyond their melt value.|
|2.||Consult reputable coin guidebooks to learn more about the coins being purchased or sold. Guidebooks, such as The Official Red Book: A Guide Book of United States Coins, are available and many can be found at your local library.|
|3.||When buying a coin, understand all of the costs involved as well as the seller’s policies regarding future buybacks.|
|4.||Identify where you want to store your precious metals, such as a safe deposit box or home safe, before making a purchase. Some precious metals and rare coins dealers can arrange for storage with an independent storage facility.|
|5.||People selling numismatic coins should consider having their coins graded by a reputable coin grading service such as Professional Coin Grading Service (“PCGS”) or Numismatic Guaranty Corporation (“NGC”).|
|6.||When buying graded coins, choose coins graded by PCGS or NGC. Be aware there is a growing number of counterfeit coins in the marketplace.|
|7.||Review the dealer’s risk and disclosure information before making a sale or purchase. If the dealer does not have written disclosures, consider choosing another dealer.|
|8.||When buying coins and precious metals, determine the dealer’s refund policies. Refund policies may vary from state to state as well as product to product.|
|9.||If you are acquiring coins or precious metals for investment purposes, understand that precious metals should be considered a long term investment and part of a diversified portfolio.|
|10.||When choosing a dealer, inquire how long the dealer has been in business and consult organizations such as the Better Business Bureau to see how the company is rated. Also, find out if the dealer has annually audited financials which may reflect on the company’s long term stability.|
It is important to remember that transactions involving gold coins, like any significant decision, require both research and common sense. Buyers and sellers should seek to educate themselves as thoroughly as possible before entering into a transaction.
About Goldline International Inc.
Goldline International is one of the largest companies providing physical precious metals to collectors and investors in the United States. Founded in 1960, Goldline is headquartered in Santa Monica, CA, with over 300 employees and annual sales exceeding $500 million. In 2010, Inc. Magazine ranked Goldline as the 53rd largest private company by revenue. For more information, please call 1-877-641-2646, visit http://www.goldline.com and follow Goldline on www.twitter.com/goldline.