Can You Make Much Money Selling Your Old Gold Coins?

Although it’s been quite some time since gold coins were in circulation, this in no way means that they’re worthless. In fact, old gold coins are currently worth substantially more than their face value, which means there’s the potential to make money.

The production of gold coins for the purpose of circulation stopped, across the majority of the world, in 1933, when people took to hoarding coins during The Great Depression. The coins we use today aren’t made of gold, but an alloy made of multiple metals. The scarcity of gold coins naturally makes them rare and collectable items, which means that you can make a decent profit — if you find the right buyer.

Many would assume that the easiest and most efficient way to sell gold coins is through an online auction site such as eBay. However, using sites like these is a risk and you never know if you’re getting a fair price for your old gold coins. In this post, we’ll take a look at some of the most popular collectable coins and show you where there’s decent money to be made by selling them.

Variations in Old Gold Coins

Collectable coins come in a variety of sizes and denominations, but before you can find out how much what you have is worth, you need to establish what coin you have and when it was minted. Your old gold coins may all look the same to you, but some may be highly sought-after by collectors — it’s these coins that could secure you a substantial cash payout.

• Gold Sovereigns: Gold sovereigns were initially minted in 1817 and circulated around Great Britain and other parts of the world. Today, gold sovereigns continue to be one of the more recognisable and sought-after old gold coins. Many people who buy gold sovereigns do so with the intention of selling them on for a profit.

• Krugerrand Coins: The South African ‘Krugerrand’ gold coin gets its name from Paul Kruger, a former South African president, and rand, the South African unit of currency. All Krugerrand coins are minted in 22 karat gold along with a small percentage of copper, making them extremely valuable. The result of this combination is that the Krugerrand is more orange in appearance, but also more durable and scratch-resistant, than other coins of similar value. Bearing the springbok, a national symbol of its country of origin, the Krugerrand is a coveted addition to any collection.

• The American Gold Eagle Coin: Undoubtedly one of the most popular gold bullion coins in the world, the American Gold Eagle was first circulated in 1986 and is famous for depicting Lady Liberty, in a recreation of the scene featured on the $20 Saint-Gaudens gold coin. The Saint-Gaudens, also known as the Double Eagle, was minted between 1907 and 1933 and was first commissioned by then President Theodore Roosevelt, who sought to beautify American coinage. The American Gold Eagle is minted in New York and continues to be distributed to this day.

Old Coin Value: is it Worth Selling Your Coins?

When you’re looking to sell your collectable coins, you’ll quickly discover that establishing their worth isn’t always easy. The majority of collectable coins have been minted multiple times and older coins will naturally be more rare and valuable than recent coins. The condition of your coin will also have an impact on how much you could receive — worn engravings and a scratched surface will significantly affect its worth to collectors.

If your gold coin isn’t particularly rare or old, this doesn’t mean it’s worthless. Gold is a high-value metal, meaning you can still get a considerable amount by selling your old gold coins. Your coin’s value will depend on the current price of gold, which tends to fluctuate on a regular basis. To get the best price, it’s wise to monitor the spot price of gold and sell when its value hits a peak.

If you want to find out how much your old gold coins, or other gold and silver items, are worth, your best bet is to use our Gold Value Calculator. To give you an idea of how much money you could be sitting on, at the time of writing this article a full gold sovereign is worth £205.65 and a Krugerrand, £874.41. If you have other collectable coins you’d like to sell, our gold experts are able to accurately value your items and provide a fair price based on condition, rarity and the current value of gold.

Do you have Sovereigns, Krugerrands, American Eagles or other gold coins you want to sell? You could be sitting on a small fortune. Get in touch to request your FREE Gold Pack and receive a market-leading quote within 24 hours of us receiving your items.