silver wholesalers in india
If you are a first time investor in gold you may be wondering where to sell your gold. Before 1976, there were restrictions on the ownership and sale of gold in whatever form in Australia. Holding gold coins of more than $50 was possible only with the consent of the Reserve Bank. Sales were only made to the same institution. Press release number 29 of 1976, however, reversed the situation.
Gold coins sells in different markets depending on whether they are antique, collectible or valuable. Gold coins are actually more expensive than nuggets or bars. This is so because they are complex, rich in detail and elaborate, meaning it costs more to produce them. Consequently, they sell for more money per ounce. They also cost higher in buying the same unit.
Gold coins are sold in particular markets, since not everyone will recognize the value of a gold coin when they see it, they may not even know what kind it is, whether rare or common. Before you sell, walk around to assess and compare prices form various target buyers, in this case, coin minting companies or pawnshops with dealers whom you have concluded to be knowledgeable in different types of coins and exactly what they are worth. Bullion coins, produced en masse, have their prices fluctuating according to world prices while rare coins have a steady value.
If you have a huge collection, classify your coins from the most valuable to fairly cheaper ones and sell them as so. Rare coins obviously have a higher value. Weigh them for yourself with a digital scale preferably and estimate the costs.
The Most Common Coins In Australia Are:
- The Australian Gold Nugget
Australian lunar gold bullion
Rare coins according to the Australian Coin Review and Coinworks include:
- 1813 NSW Holley Dollar and Dump
1852 Adelaide Pound
The 1930 Penny
Exporting Gold Coins
The largest buyers of Gold from Australia is India. The second and the third are United Kingdom and Thailand respectively as at 2010. Before you move gold coins out of the country however, especially in bulk, you should report it, according to the AUSTRACT Act of 2006 which makes moving physical currency whose value is above 10000 Australian Dollars illegal. Currency in this case may be interpreted by the courts to include gold.
This is a big risk that could offer you great returns however. The best part about it is the auctioning, where prospective buyers will bid for the highest price possible. You might get a higher margin than when selling at a pawnshop or jewelers’. Start by selling the low value coins to ‘test the waters’.
Keep in mind that there are wholesale and retail coin dealers. Retailers often give more money for gold coins. Wholesalers, most of the time, sell to retailers. A wholesaler will buy for less since they have two mediums to go through before the final sale of the gold coins is done. Whenever possible, deal with big names that belong to societies like The Numismatic Association of Australia, who require that members adhere to certain standards and ratify codes of ethics.