Sell Coins, Or Sell Jewelry? Which To Use First When You Need Cash
Over the past several years, gold, in the forms of coins, jewelry, and bullion, has become a way for people to have assets that they don't want subject to the whims of the nation's monetary system. The gold typically appreciates in value and should hold its value even if the dollar (or whichever currency is in use in the person's country) tanks.
Occasionally, someone holding onto gold needs to sell some to get cash, and with the pandemic affecting the economy, the idea of selling what you have might seem tempting. If you have both coins and jewelry, however, choosing which to sell first might not seem that easy to figure out. However, you can determine which is the form that you should keep.
Versatility in Other Times
Gold jewelry, such as thin chains, can be used as jewelry when you're not looking at selling it for cash. Gold coins tend to sit in your file cabinet unless you're an avid collector who likes to study the coins' appearances. While times might be tough for you now, they won't always be, and it might be better to sell a coin first and leave the jewelry alone. If you eventually sell all your gold coins and need to sell the jewelry, you can deal with that when you get to that point.
Past Legal Issues
Gold collectors eventually hear about Executive Order 6102, but that old order isn't as well-known among casual gold owners now. Executive Order 6102 was issued in 1933; President Franklin Roosevelt ordered the public to turn in all gold coins, bullion, and certificates to the Federal Reserve. People were allowed to keep a small amount, but the rest they had to turn in, in exchange for cash. Gold jewelry was not included in the order, however, and that has led many gold collectors to keep a stash of gold chains and other gold jewelry items.
Executive Order 6102 was issued in response to monetary issues during the Great Depression, and since then, U.S. currency has been removed from the gold standard (meaning the value of the currency is no longer tied to the value of gold). This means there's much less chance of a similar order being issued, at least in the U.S., in the near future. However, it doesn't hurt to have some gold jewelry around just in case the unthinkable happens, meaning you should sell coins first if you need cash.
Amount of Money Needed Versus Amount the Item Is Worth
Sometimes selling a piece of gold jewelry before selling a coin is a good idea, such as when you need just a small amount (or, relatively small) of money. Selling a coin might get you too much cash if you have only 1-ounce gold coins, for example. It really depends on the size and purity of the gold in the items you have.
If it's time to sell a gold coin for cash, you can choose to sell it at a coin and collectible store, a pawn shop, or a gold-buying company. Each of these places has its benefits and disadvantages, and all are worth looking into.