You have a stash of valuable coins gifted to you by a family member or a loved one, or maybe, you are a collector with a reasonable stash of rare coins, and you are wondering if there is a chance that you could sell it on Amazon?
Amazon is one of the biggest online markets, so you probably think you could find buyers there. However, you have heard of the restrictions Amazon places on some product categories, and you are wondering if these restrictions affect the sale of Gold coins and how easy it is for you to sell them on Amazon.
This article will look at the process of selling coins on Amazon and the challenges you might face. But first, is selling gold coins worth it?
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Is Selling My Gold Goins Worth It?
If you have coins, there is no better time to sell them than now. According to major auction firms, the coin market is healthy and booming.
And if you have gold coins, I have more good news for you! Gold coins are in high demand because of how rare they are. So you might not know it, but you could be sitting on a fortune.
The best thing is that finding willing buyers is now very easy because of the availability of online platforms where you can sell them.
Online platforms give you access to a larger pool of people to sell to and make it much easier to close deals.
The best thing about having access to a pool of people is that you do not have to sell at a lower price than necessary.
Amazon is one of such online marketplaces where you can sell your coins. It offers one of the largest marketplaces to sell your coins and even provides tools to make selling easier.
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Selling Gold Coins On Amazon
While Amazon is a great place to sell your gold coins, you must realize that coins are restricted products. So you cannot sell them unless Amazon approves you as a dealer.To get this approval, you must meet certain requirements that we will discuss later.
However, let’s talk about why Amazon gates this product.
Gold coins are usually rare and cost a lot of money. Additionally, it is easy to replicate or counterfeit coins.
The implication is that if everyone is allowed to sell these coins, unsuspecting people might buy counterfeit coins from unscrupulous people.Therefore, Amazon gates these products to protect its reputation and the rights of buyers.
This should not discourage you, though, if you have a stash of coins you want to sell. Get them appraised.
if they are originals that meet the requirements set by Amazon, then you can start selling them on Amazon.
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What Types Of Gold Coins Can You Sell On Amazon?
After getting your coins appraised, you need to check that Amazon allows for the listing of the types of coins you want to sell.
Some of the coins you can sell on Amazon include:
- Collectible Coins
- Monetized Bullions, which are gold coins that were used as legal tenders or a medium of exchange in the united states and other foreign nations.
- You can also sell replicas, reproductions, and copies of coins as long as they follow the counterfeit deterrence act of 1992 and it is clearly stated that the product is a reproduction or replica.
What Types Of Gold Coins Can’t I Sell On Amazon?
Amazon prohibits the listing of some types of gold coins.
The types of gold coins that Amazon will not allow you to list include:
- Imitation gold coins that are not clearly and permanently marked as such.
- Counterfeit gold coins.
- Coins that have undergone some alteration, especially when not under the numismatic preservation guidelines.
- Gold coins that are non-monetized because they were smelted or refined.
If, after appraisal, you find that the coins you have are these types, you won’t be able to sell them on Amazon.
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Selling Collectible Coins On Amazon
If you have collectible coins, you can sell them on Amazon.
However, you must meet several conditions before Amazon allows you to sell collectible coins on their platform.
Collectible coins are termed collectibles because they are rarer than other coins. Because they are these rare, it is not surprising to find counterfeits all over the market.
Amazon put these restrictions in place to ensure buyers get their money’s worth.
- Your collectible gold coins must be from a recognized government mint, or they should be graded by approved graders.
- Your coins should also meet the product requirements set for other gold coins.
- If they cannot meet the two requirements above, then they should have membership in one of the following organizations; The Professional Numismatist Guild (PNG), The Industry Council For Tangible Assets (ICTA), The Professional Coin Grading Service (PCGS), and The Numismatic Grading Corporation (NGC).
- All the collectible gold coins you intend to sell at or above $1500 must be graded by The Professional Coin Grading Service (PCGS) or The Numismatic Grading Corporation (NGC).
- You cannot list unknown or unappraised coins as collectibles. The gold coins must have specific and verifiable details.
- The coins should not have undergone any alteration except for the accepted modes of cleaning and preservation.
- You are not allowed to sell replicas or copies as collectibles. Amazon will not permit you to list them.
- When listing your gold coins, you must follow all the standards stipulated by Amazon for listing products.
Selling your gold coins on Amazon is a great idea. You could be sitting on a fortune without knowing, but even if this is not the case, you will still make some money from selling your coins.
First, get them appraised so that your buyers will get to know what they are buying and that you can fix the right price for the coin.
After that, check if your coins meet all the requirements to be listed on Amazon.
If this is the case, put your coins up for sale on Amazon and wait for the buyers to start trooping in.