Determining the value of gold coins

A few things will determine the value of your gold coins, the most important of which is the current gold price.

The gold content and weight of your coin also needs to be factored in. Not all gold coins are 100% gold.

The coin type and rarity also matter. Some gold coins aren’t just a useful way to store gold – they often have cultural or historical significance.

An uncirculated coin will also likely hold more value than a worn coin. This also depends on the type however as some coins are valued only for their gold content while others are also valued for their condition and type.

Searching online for the prices of various gold coins for sale will also help you get an idea of how much your gold coin might be worth.

Where to sell gold coins in the UK

There are a few options to choose from if you need to sell gold coins in the UK. Make sure you do some research into previous customer feedback and reviews to make sure a dealer or platform is legitimate before you go ahead.

Reputable coin dealers

There are reputable coin dealers that specialise in buying and selling gold bullion coins. Some of these are brick and mortar shops while others are online platforms. These dealers are usually in the know about current gold coin prices and should give you a decent deal.

Auction houses

Auction houses are known to deal in gold coins, especially those that are rare or have historical value. Just be aware that auctions take time so this option might not work if you’re in a hurry. Auction houses will also charge a fee and/or commission.

Royal Mint

The Royal Mint will buy bullion coins and bars. They offer a competitive rate based on live precious metal prices. There are limits on the type of coins they will buy. This method offers quick quotes on gold coins but receiving the funds can take a few days. 

Online platforms

There are online bullion marketplaces that will let you sell your coins online. This can take a long time as you wait for the right buyer. eBay and similar platforms are also an option but these sites are rife with scammers so be extra cautious.

Gold buying services

Cash for gold places will offer instant money for gold coins but they won’t offer you the best possible price for your gold coins. Some pawnbrokers also offer to buy gold coins but that’s not how Lamna operates. We offer loans against gold coins as collateral, so you don’t lose ownership of your gold coins with our services.

How to choose the best option for selling coins

Having gold coins is a good investment, so if you must sell them you want to get the best deal possible.

Compare any transactions fees or commissions that might be involved with any of the above options and consider how they will affect your overall profit.

At the same time, don’t fall for too good to be true offers. Thoroughly research dealers and marketplace platforms to make sure there are no bad or cautionary reviews online.

The more of a hurry you are in to sell your coins, the more likely it is you’ll have to settle for a lower price.

Preparing gold coins for sale

Gather any documentation related to the coins you want to sell. This could be receipts, authenticity certificates or provenance documents.

Take clear photographs of the coins and documents. This is for your own records but also to send to dealers or post on marketplace platforms (omit any personal details if posting publicly online).

If you have rare or antique coins, don’t try and clean them before you sell them. This process is best left to a professional otherwise you might inadvertently reduce the coin’s value.

Tax considerations when selling gold coins

You pay capital gains tax (CGT) when selling gold coins if the profit you make from the sales exceeds £3,000 in a financial year. This is usually charged at a rate between 18-24%.

All gold bullion coins made by The Royal Mint are exempt from CGT for UK residents because they are considered British currency.

If you choose to use your gold coins to secure a loan instead of selling them, then CGT is not a consideration at all.

Final tips for a safe and profitable sale

Although you might need funds in a hurry, never rush into selling your gold coins. Take the time to do thorough research before you go ahead and only sell through reputable and trustworthy channels.

Get multiple quotes and lots of information about fees and costs from each potential dealer or platform so you can do a thorough cost comparison.

If you need to post coins to a dealer, auction house or buyer, make sure you use insured delivery. Also, keep all methods of communication and payment secure and above board.

Fast loans against gold coins

The best alternative to selling gold coins in the UK is using them to secure a fast, short-term loan. Many people sell gold when they need cash in hurry but selling is final and you may regret selling such a stable asset.

Instead, use your gold coins as collateral on a short-term loan and – once the loan is repaid – you get to keep your gold coins.

At Lamna, we offer asset-based loans against a range of assets including gold coins. Our loans are fast and transparent with competitive interest rates and no hidden fees. Contact us to learn more or apply online now.