How to Sell Gold and Silver
To sell gold or silver, get bids from more than one buyer, compare each bid with the current spot price, and choose the best net offer after shipping and payment terms. The original seller's buyback program, a local coin shop, and an online dealer are the usual options. Keep your purchase records, because your profit or loss for tax purposes depends on what you paid.
Know What You Have
Before asking for quotes, list each item with its exact name, year if relevant, weight, fineness, and condition. "Ten one-ounce American Gold Eagles in original condition" gets a faster and more accurate quote than "some gold coins." Note whether anything is in original mint packaging or has an assay card or grading holder from a service such as NGC or PCGS, because that can change the price for certain coins.
Separate bullion from collectibles. Bullion is priced mainly on metal content. Proof, graded, and rare coins are priced partly on collector demand and may be worth more, or less, than their metal suggests. If you hold collectible coins, a specialist numismatic buyer may pay more than a bullion desk.
Where to Sell
The company you bought from
Many dealers and precious metals companies advertise buyback programs. Selling back to the original seller can be convenient because they know the products and may already hold them in storage for you. Read the written terms, since many programs are offered as a service rather than a binding commitment. Our guide to how buyback programs work explains the mechanics.
A local coin shop
Local shops can test and pay on the spot. Bids vary from shop to shop, so call several with the same item list.
An online bullion dealer
Online dealers often post buy prices for common products. You lock a price, ship the metal insured, and get paid after the dealer receives and checks it.
Options that usually pay less
Pawn shops, mail-in "cash for gold" services, and general jewelry buyers often bid well below bullion dealers, particularly for coins and bars. Private sales to individuals can pay more but carry real risks around payment fraud and personal safety.
How Bids Relate to Spot
Spot is the wholesale reference price, shaped by benchmarks such as the LBMA Gold Price and live futures trading. Dealers bid around spot, sometimes slightly above it for popular coins in high demand and often below it for less familiar items. The difference between what you paid and what you receive includes the dealer's spread, which you can learn more about in premiums and spreads.
To compare offers fairly:
- Write down spot at the time of each quote.
- Ask each buyer for a per-ounce or per-item bid, valid for a stated period.
- Subtract shipping, insurance, and any payment fees.
- Ask when and how you will be paid: wire, check, or ACH.
Selling Part of Your Holdings
You do not have to sell everything at once. Owning metal in smaller units, such as one-ounce coins rather than a single large bar, makes partial sales easier, and it is one of the practical reasons many buyers favor coins. If you bought at different times and prices, keep each purchase as a separate lot in your records and note which lot you are selling, since the cost basis of each lot determines the gain or loss. Spreading sales over time is also a way to avoid making one large decision on a single day's price. Nobody can reliably pick the top of the market, so many sellers focus instead on what they need the money for and when.
Paperwork and Reporting
Expect to show identification. Dealers must report certain sales to the IRS, depending on the product and quantity; our page on when precious metals sales get reported covers this. Separately, a business that receives more than $10,000 in cash in a transaction reports it on Form 8300. Keep the dealer's sale confirmation with your original purchase invoice.
Taxes on the Sale
Physical gold and silver are generally treated as collectibles by the IRS. Long-term gains on collectibles are taxed at a maximum rate of 28%, according to IRS Topic 409, and short-term gains are taxed as ordinary income. Your gain is the sale price minus your cost basis, so missing receipts can make the math harder. A licensed tax professional can explain how this applies to you; see also taxes on selling physical gold and silver.
Selling Metals Inside a Retirement Account
Metals held in a self-directed IRA are sold through the account, not by you personally. You instruct the custodian, the custodian coordinates with the buyer and depository, and the proceeds go back into the IRA as cash. Selling inside the IRA is not itself a taxable event. Taxes apply when money or metal is distributed, under the rules in IRS Publication 590-B. Read selling metals or closing a metals IRA for the steps.
Selling Metals Bought From Goldco
Goldco, a precious metals company, advertises a buyback program for IRA-approved coins "at the highest price." Treat that as Goldco's advertised offer, review its written terms, and compare its bid with at least one other buyer. Details are on our Goldco buyback program page.
Frequently Asked Questions
Will a dealer pay the spot price?
Sometimes close to it for popular bullion coins, but often less. Bids depend on the product, its condition, and the dealer's inventory.
Should I clean coins before selling?
No. Cleaning can damage the surface and lower the value of coins that carry any collector premium.
Do I need my original receipt to sell?
Not to sell, but you need it to calculate your gain or loss for taxes.