How do I sell my inherited Gold and Silver coins

If you have inherited gold and silver coins from a loved one, you may be wondering how to sell them and get the best value for your inheritance. Selling inherited coins can be a daunting task, especially if you are not familiar with the coin market and the tax implications. Here are some tips to help you sell your inherited gold and silver coins in Australia:

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1. Identify and appraise your coins

The first step is to identify what kind of coins you have inherited and how much they are worth. You can use online resources, such as coin catalogues or websites, to find out the basic information about your coins, such as their date, mint mark, denomination, and condition. You can also consult a professional coin dealer or appraiser who can examine your coins and give you an accurate valuation based on their collector’s value or their metal content.

2. Decide whether to keep or sell your coins

Depending on your personal preference and financial situation, you may decide to keep some or all of your inherited coins as a way of preserving your loved one’s legacy or diversifying your portfolio. Alternatively, you may decide to sell some or all of your inherited coins to cash in on their value or to pay for expenses or debts. You should weigh the pros and cons of each option and consider factors such as your emotional attachment, your tax liability, and the market demand for your coins.

3. Choose the best way to sell your coins

There are several ways you can sell your inherited coins in Australia, but these are some of the best ways:

Coin dealer – Find a coin dealer authorised by the Professional Coin Grading Service who can make you an offer based on their collector’s value or their metal content. A coin dealer can also help you with the paperwork and the tax implications of selling your coins.
Auction house – During an auction, your coins will be listed over a set period of time for buyers to bid on. An auction house can help you reach a wider audience and potentially get a higher price for your coins. However, you will also have to pay a commission fee and wait for the payment to be processed.
Online platform – You can also sell your coins online through platforms such as facebook gold and silver groups, which are specialised in a community of people buying and selling precious metals. You can get group members to let you know values of your coins based on their spot price/premium. You are also likely to be able to see your items to the people in these groups too.

4. Prepare for the tax implications

Selling inherited gold and silver coins may incur a tax liability depending on the specific circumstances. To determine this, you will need to know the fair market value of your coins at the time of inheritance and at the time of sale. The difference between these two values is your capital gain or loss, which may be subject to capital gains tax or income tax depending on how long you held the coins before selling them. You should consult a tax professional who can advise you on how to report and pay your taxes correctly.

Selling inherited gold and silver coins can be a rewarding experience if you follow these tips and work with reputable professionals who can guide you through the process. By doing so, you can honour your loved one’s memory and get the most out of your inheritance.

Disclaimer: This article is intended as an opinion piece and does not constitute financial advice. Investing in bullion carries risks, and individuals should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.

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