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What do you need to know about buying and selling gold coins?

There is few basic things one need to know before he/she starts dealing with gold coins. Which coins should you buy: The most common bullion coin in the market is known for selling at their base gold values? Now in case you have a rare coin, it would sell for a premium which would be more than the gold value alone. But this is only in cases of a rare coin, and hence you will need to get enough knowledge regarding grading and evaluating rare coins, if in case you are seeming to make a potential profit. The standard weight for a gold coin is one troy ounce (31.1 grams, a little heavier than the standard ounce). There are coins that weigh less than one troy ounce (1ozt), but they trade less frequently, and you will pay a bigger percentage premium to buy them from dealers. That will cut into your potential profits.

Can you buy gold/silver from a pawn store?

Most of the times, if the product is not in decent condition, a pawn store will send the gold or silver to a refiner. Instead of sending the gold off to be refined, if the item happens to be a nice piece of jewelry that someone might want, the pawn shop can turn around and sell it on their sales floor instead. In these cases, the markup still isn’t very high normally. Typically speaking, most pawn shops will charge roughly 20-30% over the spot price of gold as their retail price for a piece of jewelry. That means if the item is worth $100 per say, the pawn store will list it at $120. Now obviously, this is pretty good news for you if you are currently on the market to buy a nice piece because you already know that they probably have some room to negotiate in their price. As long as you offer is reasonable and definitely not under the spot or melt value of the metal, most pawn shops are happy to work with you a little bit.


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