professional numismatists guild

A Warning For Sellers Of Gold Coins

Our colleagues over at WalletPop recently mentioned some things you might need to know when looking to sell your gold. With the price of gold continuing to skirt $1,200 an ounce, there are reasons to be concerned about getting a top price, especially when it comes to gold coins. Gold coins may be worth far more than the mere weight on the scale. The Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the country's top rare coin and bullion coin dealers, warns that some traveling gold buyers are offering pennies on the dollar for valuable gold and silver coins. In one instance, an out-of-town buyer offered only $60 for the rare 1925-dated Denver Mint $2.50 gold coin shown at right which was valued at $10,000 by PNG experts.

"Recent news media investigations conducted with the assistance of Professional Numismatist Guild member-dealers from Texas revealed that some traveling gold buyers who set up for a few days in a hotel, then move on to another town, sometimes offered as little as three percent of the actual value of coins they were offered. You may see bigger promises than payouts," said Robert Brueggeman, PNG Executive Director. "The scales used by some itinerant buyers to weigh gold jewelry may not even be lawfully registered with government agencies. That could result in inaccurate weight measurements to your detriment when you're selling gold jewelry for its melt value," said Brueggeman.

Brueggeman encourages those interested in selling gold or silver to prepare in advance and get multiple offers. He suggests consulting with local merchants who have a good reputation in the community. Some traveling buyers have lawsuits filed against them or are targeting areas of the country undergoing economic distress. PNG Executive Director Brueggeman emphasizes: "If you don't know coins, you'd better know your coin buyer." The PNG has a strict Code of Ethics for its members in the buying and selling of numismatic items. For additional information and the locations of PNG member-dealers, call (760) 728-1300 or visit online at www.PNGdealers.com.

Tags: gold coins, goog, numismatics, professional numismatists guild, selling gold, selling gold for cash