Since they are of such high quality, gold and silver Proof coins are one of the most in-demand collectibles in the entire market. While Proof coins do cost more than Uncirculated coins, their premium is not so significant that the majority of the value is found in the mark-up.
Since the Sovereign can carry a numismatic value as well as its value in gold, it's best to sell your Sovereign gold coins to a reputable gold dealer. This will ensure you receive a fair price that reflects the gold content and the numismatic value of the coin.
Although many gold coins are assigned nominal face values, in reality they are worth considerably more in terms of their fine gold content. The real value of a gold bullion coin is therefore calculated by multiplying its pure gold content by the current gold spot price.
If you're considering selling your gold, the best time to sell is when gold prices are trending upwards. Prices are at an all-time high, so if you're thinking about selling your old gold jewelry, gold coins, or any gold, now is a good time to get the most cash for your gold.
Instead of selling to a pawn shop or local jewelry store, it's best to sell to a trusted and reliable gold buyer. These vendors offer competitive prices and will buy your gold coins based on their market value.
Tax Implications of Selling Physical Gold or Silver
Holdings in these metals, regardless of their form—such as bullion coins, bullion bars, rare coinage, or ingots—are subject to capital gains tax. The capital gains tax is only owed after the sale of such holdings and if the holdings were held for more than one year.
The current ask purchase prices for a one-ounce American Gold Eagle is: 2095.80 The best reference for today's up to date prices for Gold Eagle Coins is above.
The best places to sell your gold and silver without getting ripped off is online auctions, coin stores, jewelry/consignment shops and refineries. The faster you want cash, the more likely you are to get a lower price per ounce, but all three of these places will give you a fair price for your metals.
There are a lot of economic variables that make up an investor's portfolio. So, you should sell your gold when it makes sense for you. If the price goes up and you want to sell, you can. If you could put the money to better use, sell the gold.
This will depend on where you are selling to, but a good guide is that an offer should never be less than 70% of the spot price for scrap gold. The exact percentage can depend on a variety of factors, including the buyer's margins, the quantity and quality of gold you're selling, and current market conditions.
Value: Proof coins are much more expensive than their uncirculated counterparts. Uncirculated coin prices also depend on the price of gold or silver. Rarity: There are fewer proof coins minted than uncirculated, so they can be challenging to acquire.
Today, government mints make proof coins specifically as collectibles. Proofs normally have lower mintage totals than their non-proof counterparts. They are sold to coin collectors and coin dealers at a significant mark-up.
Proof Coins: Are the finest quality of coin produced by the United States Mint. The term "proof" refers to the coin's finish. Proof blanks are specially treated, hand-polished, and cleaned to ensure high-quality strikes. The blanks are then fed into presses fitted with specially polished dies and struck at least twice.
1) Krugerrand – The world's first 1oz gold bullion coin, and undisputedly the most popular bullion coin in the world. During the 1980s Krugerrands accounted for an impressive 90% of the gold coin market.
Gold coins are made of gold. However, beyond this, we need to look at the actual purity of the metal. Gold is a relatively soft metal and can easily be scratched and lose precious micrograms of gold through wear and tear. Typically gold bullion is made of 24-carat gold, whilst coins are often made from 22ct gold.
If you have gold bullion coins, or commonly held gold coins like the American Eagle, a site like CashforGoldUSA, a local jeweler, or gold recycler are fine choices. However, rare coins of any precious metal including silver are best sold through a rare coin buyer or rare coin dealer.
The one ounce coin, $50 face value, is 1.287 inches (32.70 mm) in diameter, contains one gold troy ounce and weighs 1.0909 troy ounces (33.931 g). The one-half ounce coin, $25 face value, is 1.063 inches (27.00 mm) in diameter, contains 0.5000 gold troy ounce and weighs 0.5455 troy ounce (16.966 g).
The CGT rate for selling gold in Australia is 28%, but you only need to pay tax on 50% of the profit if you held the investment for longer than a year. To calculate your capital gain, deduct the purchase cost from the sale price. Investment-grade gold bullion does not attract Goods and Services Tax (GST).
Pierced Coins
Under the Treasure Act, single precious metal coins are not considered to be Treasure, but single precious metal coins that have been modified into objects can, if older than 300 years old, qualify as Treasure.