How to Sell Gold Krugerrands

By Brian Adler

  • Overview

    Gold has exercised a fascination for humans since earliest times. Prized as the metal of the sun, and often considered sacred, it was used as decoration in palaces and temples. It is no wonder then, that it has also served as a standard of exchange. Gold was the basis of most currencies until only a few decades ago. Many nations still mint distinctive gold coins and many older examples are highly valued. Among the most famous of these is the South African Krugerrand. Here are some pointers for selling this precious metal.
    Gold Krugerrand

    • Step 1

      Sort you gold Krugerrand according to type and size. The Krugerrand was minted both for general circulation and for purchase by coin collectors. The original 1 oz. Krugerrand was the very first coin to contain precisely 1 Troy oz. of pure gold. Later denominations included 1/2 oz., 1/4 oz. and 1/10 oz. pieces. Each contains precisely that amount of pure gold. Thus, each coin is actually slightly heavier than the amount of gold it contains, as each piece is mixed with a small percentage of base metal. Further, the South African mint produces a proof Krugerrand for collectors. The two types can be distinguished by their mark. Circulating coins bear a 180, while proofs have the number 220.

    • Step 2

      Take your bullion gold Krugerrand to either a scrap gold dealer or a coin dealer. Bullion coins are the actual circulating coins. They are literally worth their weight in gold. As with all gold coins that are standard currency in their respective nations, the gold Krugerrand is worth far more as bullion than its face value in South Africa. Sites like Only Gold and CMI Gold and Silver buy the Krugerrand at fixed rates that are based on the current spot price of gold on world markets. As gold is freely traded on various commodities exchanges like NYMEX and by major dealers like MONEX, the price is constantly changing. Keep track of current prices to make sure that you are getting a fair amount for your gold Krugerrand. Simply divide by two, four or 10 for the smaller circulating coins.

    • Step 3

      Sell gold Krugerrand proofs to coin collectors and enthusiasts. As proofs, these coins are worth more than their value in bullion. Proofs should be certified for authenticity. If you previously bought a set of gold Krugerrand proofs, it might have been certified by the South African Gold Coin Exchange. The American Numismatic Society can also provide guidance on authenticity. Gold Krugerrand proofs can be sold on eBay and other online sites, including coin specialists, like Heritage Auction Galleries. Prices vary according to the demand for a particular proof. Some proofs were also issued in much smaller lots than others.
    • Skill: Easy
    • Tip: Prices of Gold Krugerrand proofs vary widely according to demand and availability. Some coins were issued in far smaller lots than others.
    • Warning:
    • Compare prices before deciding to sell your Gold Krugerrand. Different dealers will offer different amounts.

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