How to sell gold sovereigns

Written by rich finzer
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How to sell gold sovereigns
The gold sovereign was a symbol of the British Empire. (ConstantinosZ/iStock/Getty Images)

Since their initial striking in 1489, British gold sovereign coins have been a monetary symbol of Great Britain and the nation's once ubiquitous global presence. A British gold sovereign is a 22 carat coin weighing slightly more than 7.3 g (1/4 troy ounce) and it contains just slightly less than this measure of pure gold. If you are fortunate enough to own some sovereigns, there are ways to sell them.

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  1. 1

    Contact, via telephone or the Internet, a coin dealer who buys gold coins. Locally based coin dealers will be listed in your telephone directory. Explain that you have one or more gold sovereigns you wish to sell.

  2. 2

    Ask if the price the buyer will pay will be set at the time you offer the coins for sale or if it will be based on the spot gold price on the international gold market when the goods are received. If the answer is acceptable to you, proceed with the sale. Many Internet-based coin merchants post the "live" spot price for gold on their home pages. If you linger at the site for a bit, you will most likely observe the price changing.

  3. 3

    Post or deliver the coins to the metals or coin buyer. If delivery is involved, use a reputable carrier and insure the contents for the spot price of gold at the time the coins are shipped. Request a verbal or electronic confirmation that the coins have been received.

Tips and warnings

  • The gold sovereign was revived in 1871 after a 200 year absence. After this date it was typically used as a bullion coin rather than for general circulation.
  • If your coins feature the likeness of King Edward VII, their numismatic value may exceed their precious metal value. However, if the coins are badly worn or scratched, they are probably destined for the smelter.

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