The South African gold Krugerrand is one of the most collectible coins. In fact, no coin collection is complete without some of these hardy and valuable gold coins. But selling Krugerrands does require some research to ensure you make a satisfactory profit. The key to successfully selling Krugerrands, and to getting the most value from them, is to know how the gold market is faring. The price of Krugerrands is related directly to the current market price for gold. You can find the current gold price by doing a web search for “gold spot price”. The second half of the Krugerrand value is a premium, which is charged for shipping, handling and mintage. You can see what that is by taking the price of currently listed Krugerrands, and then subtracting the spot price.
Those sellers who have studied the gold market, will be able to recognize a good price. Even more importantly, they’ll recognize a bad one, too. With the popularity of eBay, many people opt to sell their gold Krugerrands through the online auction house. This is a fairly simple process. But it does require some patience. You’ll have to wait for bids, for instance. And often, those bids will be lower than what you are looking for. To speed along the process, and to attract top online buyers, be sure to upload a photo of your gold Krugerrands. This will allow eBay visitors to see that you are offering a quality collection. You’ll find that the bids pile up much faster when you include photos with your listing.
The more traditional way to sell Krugerrands, and the way still preferred by most, is to deal directly with a reputable coin dealer. The key here is to work only with ethical dealers. The best way to find reputable dealers is to log onto the U.S. Mint’s home page. From here, you can access the Mint’s dealer locator page. It’s then a simple process to select your own state and pull up a list of reputable coin dealers in your area.
Once you have a list of dealers, visit as many of them as you can. Most dealers will rely on the current market price of gold when quoting you a sales price. But there may be some fluctuations. If you’re patient enough, and willing to do the necessary legwork, you’ll undoubtedly find a dealer offering you a fair price for your gold Krugerrands. Most dealers, of course, will want to check the authenticity of your gold Krugerrands. Factor this brief delay into your sale plans. South African krugerrands never go out of style with serious coin collectors. That’s good news if you’re trying to sell them. Remember, though, to rely on your common sense. If an offer, whether from a dealer or an online bidder, seems too low, you have the right to walk away. You never know: A much better offer may soon be on its way.