ANSWERS: 1
  • If you invest in gold you'll likely want to sell it. There are companies that buy gold online as well as on eBay, but many people prefer to sell gold in person. It's not hard to find a buyer for gold bars, investment coins or collectibles. There are coin dealers as well as jewelry stores in virtually every Virginia city where you can sell gold.

    Know the Market

    The price of gold bullion (bars or investment coins) is based on current world market prices. Dealers who buy bullion discount the price a few percentage points to allow a margin for their services. Check the daily spot price online and get quotes from multiple dealers. The dealer with the smallest discount is offering the best price. Pricing of rare or collectible gold is more complicated. The value of a collectible gold coin depends as much or more on the rarity and condition of the coin. A dealer will appraise collectible gold coins before setting a price, but you can get a general idea of the worth of a coin by checking catalogues such as the online listing maintained by Professional Coin Grading Services (PCGS).

    Locating Buyers

    It's easy to find dealers where you can sell gold in Virginia. Most cities have several. For example, in Alexandria you can go to CArIAL Currency (703) 922-5354. In Richmond, try either Paul Sims, Inc. (800)368-3039 or Imperial Coins (804) 740-6481. If you live in Hampton there's Reed S. Walton coins (757) 838-4366. You can find many more reputable dealers by using the US Mint's Dealer Locator Tool. Another good source is the listing of coin dealers in Virginia maintained by the American Numismatic Society.

    Grading and Certification

    Reputable gold dealers generally will not buy uncertified gold. Certification means the gold has been tested to verify its authenticity and purity by a firm such as National Guaranty Company (NGC). Certified coins are generally encapsulated (packaged) and come with the necessary documentation. Rare gold coins may need to be graded as well as well as tested to establish their value. Most coin dealers will do this as a matter of course before buying collectible coins. However, you may have to pay for testing if your gold is not certified. You can have this done by a recognized firm such as NGC or PCGS. If a dealer is willing to buy uncertified gold, he will still have the coins certified, but will charge you accordingly.

    Source:

    National Guaranty Corporation

    U.S. Mint Dealer Locator

    PCGS: Collectibles Listing

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