If you hold coins that are recognized, meaning one of the top five or six coins minted by governments throughout the world, you’re in good shape. The American Gold Eagle, the South African Krugerrand, (NOT Cougar-rand), the Canadian Maple Leaf and the Mexican Peso are all widely recognized in this part of the country. Of course there are dozens of others – Austrian Philharmonics, Chinese Pandas, British Sovereigns, etc…but the most well known, the fastest moving and the most widely recognized are the first four I mentioned. They usually can be sold quickly, and for a nominal fee, perhaps $80-90 dollars per ounce.
Of these, the American Gold Eagle is, for most Americans, the best coin. It’s the most in demand, it’s a dramatic, well designed coin and it’s recognized around the world as, pardon the pun – the gold standard. Had to go there…sorry about that.
Anyway – so let’s assume you hold these coins and you’re considering selling. If you can afford not to, don’t. Gold is trending higher, and an additional round of quantitative easing is expected to push precious metals higher. Other metals, platinum, palladium and rhodium are also benefitting from the expectation that additional dollars in the money supply will depress the value of US currency and enhance the perception that precious metals are worth more. So if you don’t have to sell, don’t. It’s going to get better. A lot better. And if it doesn’t, gold is a great store of wealth, so you’ve lost little in the interim.
Lastly, do you know the dealer you’re selling to? If you don’t, be careful. Because of the internet and The Googles, you can verify that the person you’re dealing with is an upstanding citizen who won multiple merit badges on his way to achieving great things as an Eagle Scout or some other hopelessly nerdy but equally admirable pursuit. Check them out. Find out what their reputation is. If they don’t HAVE a reputation, stay away. Dealers all over Houston have interacted with thousands of people and customers have probably left a trail for you to follow. So follow it. If there’s no trail, don’t deal with them. If the trail is littered with unfavorable comments or bad reviews, don’t deal with them. There are too many reasonable dealers out there to engage with someone who’s a crook. You’ve got to do your homework and find out who you can count on before you go out and give your coins to some crook. Research everything on the internet first. Then go talk to people. Use Yelp, Google + or other social media to ensure you’re dealing with a decent firm.
If you have questions, you can call me. I’m the owner of Houston Gold Merchants – my name is Brian. I wear a lot of hats – I sweep the floors and wash the windows, but I’ll also answer your questions about buying coins of gold or silver. I can be reached at 832 259 7225.