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Take These Steps When You Inherit Gold Coins But Aren't Quite Ready To Sell Them

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If someone close to you has just passed away and you've learned that he or she has left you a collection of gold coins, you might have mixed feelings about this gift. Of course, you'll be excited to receive a collection that may be valuable, but you'll also be sad about the manner in which you got it. Unless you have a passion for gold coins, you might be interested in trying to sell some or all of the collection. However, if you're helping to deal with the deceased person's estate, selling your newfound gold might not be an immediate priority. Here are some steps that you should take until you're ready to sell.

Protect The Coins

You're in luck if the person meticulously cared for his or her collection and kept each individual coin in a separate holder to protect it. However, there's also a chance that the person simply had a box or jar of coins — including several that are made of gold. The more these coins rattle around against one another, the more damage the gold coins can sustain. Gold is a soft metal, and you can definitely sell gold coins for more money if their condition is good. Take a little time to protect the value of the collection by removing the gold coins and placing them in individual holders.

Secure The Collection

Gold coins can be extremely valuable, especially if they're old or particularly rare. This means that you could be holding a collection that is worth a considerable amount of money. The last thing that you want to do is leave your coins in an unsecured location in your home where a sticky-fingered babysitter or an unscrupulous contractor could grab a few. Secure your collection until you're ready to sell it by locking it away in a safe or renting a safety deposit box at your local bank branch.

Assess The Market

If you're not in a huge hurry to sell your new collection of gold coins, you may want to familiarize yourself with the market and watch the value of gold. There's no harm in also contacting a local gold dealer to explain your situation and get his or her professional opinion on what might be the right time to sell. For example, if the seller suggests that people predict that the value of gold will continue to climb, he or she may advocate hanging onto the collection for a little longer.

When you get ready to sell the gold, consider reaching out to your local pawn shop reputable gold dealer.