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- Step 1
Take the purity of the gold into account. Most gold coins are either 22k extra fine gold, or 24k pure gold. These may also be reflected as the parts per thousand. For example, 24k pure gold is often shows as “.9999”, which means that for every one thousand parts, 9999 of them are gold. Although most gold coins are pure are nearly pure, some can go down to as low as 60 percent gold content, particularly in coins from poorer countries, such as Mexico (which are commons coins in Texas). The higher quality of gold in the coin, the more it is worth.
- Step 2
Clarify the weight of the coin your are buying. Most gold coins come in a variety of sizes. These are typically 1 oz., 0.5 oz., 0.25 oz., 0.1 oz. and 0.05 oz. The heavier the coin is, the more gold it contains. The value of the coin is usually in direct relation to both the weight of the gold and the purity of the gold (Step 1), so it is important to know how much the coin weighs. Most coin outlets in Texas have coins available in a variety of sizes to help meet any consumer’s budget.
- Step 3
Judge the condition of the coin. Judging the precise condition requires skill and experience, but even a novice coin collector can tell whether or not a coin is in good or rough condition, or if a coin has a glossy mirror finish. The condition and grade of a coin is measured the same whether you are in Texas or anywhere else, and is equally as important anywhere. Because you are buying a collectible item rather than scrap gold, condition is key in determining the value. The better the condition, the higher the price will be. If you are unsure of the condition, you can opt to buy only coins that have been sealed and certified to be a specific condition, such as “Mint Deep Cameo”.
- Step 4
Research how rare the coin is. Anywhere that coins are bought and sold, including Texas, one of the considerations to keep in mind when setting the price is how rare the coin is. Newer gold coins are often in large supply and not rare at all. Older coins become more rare, due to some of the supply being lost over time or melted to make other items. The best way to whether or not a coin is rare is to obtain a price guide that gives detailed information about gold coins on the market. There are a number of different guides available, but the most widely used is the price guide published by the American Numismatic Association. A link to their website can be found in the Resources section below.
- Step 5
Understand the market conditions. Local market conditions may sometimes cause coins in Texas to be sold for more or less than the suggested price that appears in your price guide. However, the primary market condition to keep in mind is the current wholesale rate of gold. Since gold coins are also considered as bullion, spikes or depressions in the gold market can have a significant effect on their value. Because of this, it is important to have a price guide that is up to date and reflects current market conditions. If coins seem to be higher than what your guide suggests, compare the current spot price of gold to what it was at the time your guide was published.
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How to Buy Gold Coins in Texas
- Step 1
Buy coins from your local coin dealer. Every major city in Texas has multiple coin shops, and even rural areas are within driving distance of at least one coin dealer. These shops typically have a large assortment of gold and silver coins to choose from, and are usually the best place to buy coins in terms of getting a price that is reflective of the value of the coin rather than being overpriced. The best way to find these stores is to look up coins or collectibles in the yellow pages of your local telephone book.
- Step 2
Go to estate sales to find gold coins in Texas. Estate sales that sell everything on property usually include a decent amount of treasures. Gold jewelry and coins can often be found at estate sales, and are auctioned off for as much as someone is willing to spend on the item. If multiple people are interested in the coins it may spark a bidding war, but you can often buy high quality coins for less than market value at these events. The best way to find estate sales is to monitor the “public notices” section in the classifieds of your local newspaper.
- Step 3
Make use of the classified advertising section of your local newspapers. You can monitor the items for sale in the classified advertisements to search for gold coins for sale. These instances will not happen often, but you can find a coin occasionally. You can also post an advertisement in the “Want to Buy” section of the classifieds to announce that you are interested in purchasing gold coins. There are many newspapers in Texas with classified ads. A link has been placed in the “Resources” section below that contains a list of all newspapers in the state.
- Step 4
Visit pawnshops in your town. While pawnbrokers in Texas often sell tools and firearms, they also sell gold coins and jewelry. It is usually easy to find modern and semi-rare gold coins in the places, but you can expect to pay top dollar for the coins. Pawnshops typically price their items slightly higher than market value so that they have room to negotiate. They rarely reduce prices to reflect changes in market conditions, so it will be up to you to tell them if they are priced too high. The yellow pages of your telephone book will tell you what pawnshops are in your area.
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