You’ve just inherited a gold coin collection, and you have more questions than answers. What are you supposed to do with gold coins? How much are they worth? Where should you sell them? How should you keep it stored if you want to keep it?
This should explain what to do whether you plan on selling your gold coins, keeping the collection, or picking up the hobby yourself and adding to it.
Sell Your Collection and Invest the Proceeds
The most important question is where to sell gold coins. The right buyer will be equipped to handle bullion transactions and know how to identify coins that are collectible. Not all gold coins are collectibles, but they will still be quite valuable if they contain real gold.
These are some of the qualities to look for in a bullion buyer:
- They’re transparent about their prices per ounce or gram, and you can compare them to spot prices;
- They also have experience buying collectibles and rarer items, in case you have something worth more than its bullion value;
- They have a history and good reputation.
Hold onto Gold Coins for a Future Inheritance
Holding on to an inherited collection is an excellent idea, too. Whether you want to see if it will appreciate in value or leave them as a future inheritance yourself, gold bullion has a history of maintaining its value over long periods of time.
The main question you’re facing is how to properly store gold. There are several concerns to keep in mind:
- Physical condition
You will want to make sure your gold is locked up, whether you have a safe at home or a safety deposit box. If your collection is all bullion coins, you may be able to use a gold storage service, though it’s recommended that you use allocated storage instead of commingled in order to keep your gold separate from general deposits.
If you’re storing gold at home, you will also want to make sure that it is insured against fire, theft, and other sources of damage or loss. It’s prudent to stay quiet about owning gold just to be on the cautious side, though a trusted person such as your spouse or beneficiary should know about your safe and the code in case of an emergency.
Keep Up the Hobby: Buying Gold Coins
Not everyone who inherits a coin collection turns their thoughts towards selling or giving it to someone else. For some, inheriting a coin collection can open up the door to a new and fascinating hobby.
The problem with gold bullion is that the barrier to entry can be quite high. One-ounce coins and rounds are quite expensive compared to other hobbies like trading cards or stamps.
There are more affordable alternatives that will allow you to add more coins to your collection without breaking the bank. One-tenth-ounce gold coins are also an option, though the premiums per ounce will be higher. Silver can also be used as an investment vehicle, and the price point is much lower than gold.
Adding to your coin collection can be a rewarding hobby and help you feel more connected to the person who left it to you.
If your primary goal is to invest, you may also want to consider gold bars and rounds. Government-minted coins come at a somewhat higher cost, though they also tend to have superior security features and better liquidity.