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What Are the Best Tips for Selling Gold Sovereigns?

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  • Written By: Felicia Dye
  • Edited By: Melissa Wiley
  • Last Modified Date: 15 October 2014
  • Copyright Protected:
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    Conjecture Corporation
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The first step in selling gold sovereigns is to determine how much they are worth. When pricing the coins, the spot gold price should be considered. It is best to sell when there is a surge in gold demand, but even if the sale is made during a bear market, the seller should avoid giving the impression that he is desperate to sell. He should assess the various options for conducting the sale and use the associated fees to help determine which is best. Individuals who decide that they will sell the items on their own through online auction, trade journals, or anywhere requiring a listing should ensure they have accurate, high-quality descriptions.

Before selling gold sovereigns, the coins should be professionally appraised. It is best to get at least two appraisals, and if there is a large disparity between them, a third is advisable. The reason for this is that some companies will believe that the seller is going to sell to them and will place a low value on coins for their own benefit. Then if the seller gets another appraisal from a more ethical source who gives a much higher valuation, he may believe them both erroneous and aim for a price somewhere between the two. What is most important, however, is for individuals to avoid setting prices based on old appraisals or on guesses.

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It is also very important for those selling gold sovereigns to avoid appearing desperate for money. Although financial difficulties may be motivating the sale, allowing prospective buyers to know this can be a costly mistake. Sellers should be aware that desperation does not always need to be specified. Sometimes it is communicated through behaviors such as attempting to engage individuals in a rapid sale or being overly flexible with pricing.

Individuals who are interested in selling gold sovereigns but who do not need to do so within any particular time frame should stay abreast of gold prices. There are different fundamentals involved with gold sovereigns than with bullion, but the metal's spot price can affect them both. When there is a surge in gold demand, individuals are likely to get better prices for their sovereigns than they would at other times.

There are a number of avenues for selling gold sovereigns. One of the factors that should be considered when choosing between them is commissions. These are fees charged by a third party who helps to facilitate the sale, and these charges can greatly vary. For example, in many instances, online auction websites have significantly lower fees than auction houses. Furthermore, sellers need to compare the rates between third parties of the same type.

In addition to the commissions, other fees need to also be considered. This may include those that may be required of the seller, such as a listing fee or payment processing fees, or those that may be required of the purchaser, such as premiums and shipping fees. The seller has an interest in the expenses of the buyer because these can ultimately make the coins unattractive if they are too high.

When selling gold sovereigns for oneself by a means that requires a listing, an individual should make sure that he has the proper information about the coin. Then he should consider whether he is a good writer. People often fail to realize that product descriptions can play a large role in how fast their coins sell and the amount for which they are purchased. Therefore, if an individual concludes that he is not a good writer, he should invest in having a description professionally written.

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