We at Aurea Invest often talk to those who are still unaware of how advantageous it can be to invest in gold today, striving to provide useful information so they can evaluate this opportunity with confidence and accuracy. However, now we want to address those who have already purchased gold in the past and are now considering selling it.
Many questions immediately come to mind, which can sometimes be overwhelming:
"Okay, I want to sell gold, but what’s the price?" or "What is the current value of gold?" or even "How can I get an appraisal for used gold?"
Finally, "How much will I get from selling gold sovereigns to a bank? And what about selling gold bars to the Bank of Italy?"
We are here to clear up any doubts. Let’s break things down and clarify the process. Let’s get started!
Selling Used Gold: How to Monetize Gold Bars and Coins?
Let’s go step by step. First, it is essential to check the daily spot price of physical gold to assess the value of used gold in terms of coins and bars. When determining the value of a gold sovereign, it is important to start with specific and reliable data since all gold sovereigns minted by the British Royal Mint share the same characteristics:
- Weight: 7.98 grams (7.32 grams of fine gold)
- Dimensions: Diameter of 2.2 cm
- Purity: 916 thousandths (22 carats)
The specifications of these coins must be precise, and these parameters should be measured and verified by those involved in buying and selling coins to ensure they are not dealing with counterfeit pieces.
What Are the Types of Gold Sovereigns?
Gold sovereigns can generally be categorized into three types:
Old Mint Sovereigns
These sovereigns share the same weight, dimensions, and purity as others, but due to their lower market liquidity, they are less advisable as an investment. This is a common trend across the European market. Depending on their condition, they may be worth 1 to 5 euros less compared to new mint sovereigns.
Queen Elizabeth New Mint Sovereigns
These are the most suitable for investment purposes, but it is important to ensure they are well-preserved to avoid disputes during future sales.
Queen Elizabeth Post-2000 Sovereigns
The price of a post-2000 gold sovereign is slightly higher than standard new mint sovereigns, but they are primarily used as gifts (due to limited mintage) rather than for investment. Their resale value is equivalent to that of new mint sovereigns. Post-2000 Queen Elizabeth sovereigns have higher market prices, as they are mostly sought after by collectors, especially those minted in the early 2000s.
What Influences the Value of Your Coin?
When requesting a valuation for gold sovereigns, it is essential to have the coin assessed by experts. At Aurea Invest, we ensure that the sovereigns' characteristics remain intact and that the coin is indeed genuine.
Additionally, before selling a sovereign, its minting year must be taken into account, as the value varies based on whether it was minted before or after 1957. Generally, sovereigns issued before 1957 (old mint) are worth less than those minted after 1957 (new mint).
To determine the valuation of an investment gold coin or a gold bar, one must consider:
- The current gold price
- The fine gold content of the coin or bar
Once the fine gold content is determined (in grams), it must be multiplied by the current gold price on international markets. After this calculation, a small premium or discount (a few percentage points) is applied, depending on whether the quote is for a purchase or a sale.
The percentage adjustment depends on transaction management costs, production costs of gold bars and coins, and market dynamics such as supply and demand for gold coins and bars in the domestic market.
Who to Sell to for Safety and Guarantee?
Now, the most crucial question: who should you turn to when selling your used gold?
Without a doubt, you should only rely on entities that can provide clear bid-ask prices capable of covering all market sales and purchase quantities.
Our recommendation?
Only sell to partner banks and professional gold traders registered with the Bank of Italy's official list—just like Aurea Invest. Trusting institutions with a long-standing history and reputation is essential to avoid receiving unfair prices or dealing with buyers unable to complete the transaction promptly.
At times, seemingly attractive price offers may conceal a counterparty’s inability to finalize the deal immediately. That’s why it is crucial to always demand immediate payments (preferably via bank checks, cashier’s checks, or wire transfers).
Final tip:
Never pay VAT on gold transactions—whether buying or selling. Investment gold is exempt from VAT.
Looking for a Professional Gold Buyer? Choose Aurea Invest!
With over 400 locations and more than 20 years of experience, Aurea Invest is the largest gold operator in Italy and Europe.
Our mission? To offer clients the opportunity to allocate their capital into physical investment gold, providing them with a reliable hedge against macroeconomic and geopolitical uncertainties.