Maybe a relative left a small collection of gold coins. Maybe you bought a few one ounce bullion coins years ago and have not looked at them since. Maybe a drawer has held a handful of old coins long enough that you finally want to know what they are worth. We buy gold coins at our Madison Avenue showroom in Midtown Manhattan, and we test, weigh and price every coin in front of you before any money changes hands. The appraisal is free, and there is no pressure to sell.
This page explains how we value a gold coin, the difference between a coin worth its gold and a coin worth more than its gold, what moves an offer up or down, and what to bring. If your gold is jewelry or scrap rather than coins, our gold buyers page covers that, and our cash for gold page explains how we pay. If you are clearing out a mixed lot, the jewelry buyers page points each item to the right place.
Call to talk through your gold coins with us, or come in for a free appraisal at our Madison Avenue showroom.
The gold coins we buy
We buy gold coins of almost every kind, from modern bullion struck by government mints to older collectible pieces and worn coins that are worth their metal. Bring one coin or a whole collection. If you are not sure whether something is gold at all, bring it anyway and we will test it.
- Modern bullion coins such as the American Gold Eagle, the American Buffalo, the Canadian Maple Leaf, the South African Krugerrand, the Austrian Philharmonic, the British Britannia and Sovereign, and the Chinese Panda
- Fractional bullion coins in half ounce, quarter ounce and tenth ounce sizes
- Older United States gold coins, including pre-1933 pieces such as the Double Eagle, Eagle, Half Eagle and Quarter Eagle
- Foreign gold coins, including European francs, pesos, ducats and other circulated gold
- Collectible coins already sealed in a holder by an independent grading service
- Damaged, bent or holed gold coins, which still carry their gold value
What a gold coin is worth
Every gold coin has two possible values, and the higher of the two is what you should be paid. The first is its melt value, the worth of the gold inside it. The second is its collector value, what someone will pay for the coin itself because of its rarity, date or condition. A plain modern bullion coin trades close to its melt value. A scarce or well preserved collectible can be worth a good deal more. We weigh both and pay on whichever is higher.
Melt value: weight and purity against the spot price
Gold is traded by the troy ounce, the standard weight unit for precious metals, which is about 31.1 grams and heavier than the ordinary ounce used for food. A troy ounce divides into 20 pennyweights, so if you watch us read a scale in pennyweights, that is the troy system at work. The price of gold is quoted per troy ounce and moves throughout the day. We price a coin’s gold against the live market, using the published LBMA Gold Price that the gold market treats as its benchmark, so the figure we start from is a public number you can check for yourself.
Purity is the other half of melt value. The karat system measures gold in parts of 24, so 24 karat is pure gold. A one ounce bullion coin usually holds a full troy ounce of gold, but not every gold coin is pure metal. The American Gold Eagle is 22 karat, about 91.67 percent gold alloyed with silver and copper for hardness, and still carries a full ounce of gold in its one ounce size. The Krugerrand is also 22 karat, 91.67 percent gold with copper added, and a one ounce Krugerrand holds a full troy ounce of pure gold inside a coin that weighs a little more. The Canadian Maple Leaf is struck in 24 karat gold at .9999 fineness. We read each coin, confirm its weight and purity, and work the melt value from there.
| Coin | Gold purity | Gold in a one ounce coin |
|---|---|---|
| American Gold Eagle | 22 karat, about 91.67 percent | A full troy ounce of gold, alloyed with silver and copper |
| Canadian Maple Leaf | 24 karat, .9999 fine | A full troy ounce of pure gold |
| South African Krugerrand | 22 karat, about 91.67 percent | A full troy ounce of gold, with copper added, so the whole coin weighs more |
Collector value: when a coin is worth more than its gold
Some gold coins sell for well above their metal. A pre-1933 United States gold piece in strong condition, a scarce date, a low mintage issue, or a coin already graded and sealed by an independent grading service can carry a premium that has little to do with the daily gold price. Condition is central: wear, cleaning, scratches and rim damage all pull a collectible coin down, while an original, well struck, uncirculated coin stands at the top. We look at each coin on its own, tell you where a piece is worth more as a collectible than as gold, and price it that way. We will not quietly pay melt value for a coin that is worth more to a collector.
How the appraisal works
You see every step. Nothing happens to your coins out of your sight, and you are free to stop and leave with everything at any point.
- We look the coins over, sort the bullion from the collectible, and identify each piece by type, country and date.
- We test any gold we are unsure of. Testing is gentle and done in the open, and we explain what each test shows.
- We weigh the gold on a calibrated scale, in troy ounces or pennyweights, and show you the reading.
- We check the live gold price, work out the melt value, and weigh that against any collector premium the coin carries.
- We make a firm cash offer and explain how we reached it. If you accept, we pay. If not, you take your coins home.
Bring your coins in for a free appraisal, or call first to tell us what you have.
What to bring
- The coins themselves. If a coin is sealed in a grading holder, leave it sealed, because the holder is part of its value.
- Any paperwork you have: original receipts, mint packaging, certificates, or an inventory list from an estate.
- Government-issued photo identification. New York City law requires a licensed buyer to record the seller’s name and description on every purchase, so we will ask to see your ID before we pay.
Why sell your gold coins with a Madison Avenue buyer
Our showroom sits on Madison Avenue in Midtown Manhattan, easy to reach from anywhere in the city. For someone selling coins, what matters is who is across the counter: a buyer who handles gold every day, competes for it, and prices it keenly, which is hard to match at a mall counter or a pawn shop. We test and weigh every coin in front of you, the appraisal is free, and if you accept an offer you are paid cash on the spot.
We buy directly, so there is no middleman standing between you and the offer, and we have bought gold, coins, diamonds and watches on Madison Avenue for over 15 years. In New York City, a business that buys used precious metals and coins must hold a Secondhand Dealer General license from the City’s Department of Consumer and Worker Protection, so it is worth asking any buyer whether they hold one.
The 15 day hold protects you
New York City law requires a licensed second-hand dealer to record each purchase and to hold what it buys for 15 days before the item can be sold, melted or refined. That waiting period exists to protect honest sellers and the public, and it is a real reason to sell to a licensed showroom rather than an unlicensed cash buyer who melts the moment you leave.
What to ask any gold coin buyer
- Are you licensed as a second-hand dealer in New York City?
- Will you test and weigh my coins in front of me?
- What gold price are you using today, and is it the live market price?
- Are you paying me for the gold, the collector value, or whichever is higher?
- Is the appraisal free, and is there any obligation to sell?
Whether you have a single bullion coin or a boxed collection built up over decades, the next step is the same: have the coins looked at by a licensed buyer who will test, weigh and price them in the open. If some of what you are sorting is jewelry rather than coins, our estate jewelry buyers page covers inherited lots, and Madison Ave Gold Buyers brings the whole range of what we buy together in one place.
Call for a free appraisal of your gold coins, or visit our Madison Avenue showroom and watch every coin weighed and priced.
Questions people ask
Where can I sell gold coins in NYC?
You can sell them to us at our walk-in showroom on Madison Avenue in Midtown Manhattan, easy to reach from across the city. We buy single coins and whole collections, test and weigh each piece in front of you, and pay cash. The appraisal is free and there is no obligation to sell. If you would rather talk first, call and tell us what you have.
How do you decide what my gold coins are worth?
We value each coin two ways and pay on the higher figure. The first is melt value: the weight of the coin, its gold purity, and the live price of gold per troy ounce. The second is collector value, which a scarce or well preserved coin can carry above its metal. We identify, test and weigh every coin in the open and explain how we reached the offer before you decide anything.
Do you buy single coins or only collections?
Both. We buy a single bullion coin just as readily as a collection built up over decades, and there is no minimum. Bring one gold coin or a boxed estate lot. We sort the bullion from the collectible, identify each piece, and make one clear offer. You are free to sell all of it, some of it, or none of it and take everything home.
What gold coins do you buy?
We buy modern bullion coins such as the American Gold Eagle, American Buffalo, Canadian Maple Leaf, Krugerrand, Austrian Philharmonic and British Sovereign, including fractional half, quarter and tenth ounce sizes. We also buy older United States gold coins such as the pre-1933 Double Eagle, foreign gold coins, graded coins sealed in holders, and damaged gold coins that are worth their metal.
How is the gold price set?
Gold trades on a worldwide market and is quoted per troy ounce, a weight of about 31.1 grams. The price moves throughout the day. We price the gold in a coin against the live market, using the published LBMA Gold Price that the gold trade treats as its benchmark, so the number we start from is public and you can check it. Purity then adjusts the figure, since a 22 karat coin holds less pure gold than a 24 karat one of the same weight.
Do I need identification to sell gold coins?
Yes. New York City law requires a licensed second-hand dealer to record the seller’s name and description on every purchase, so bring a government-issued photo ID. The same law sets a 15 day hold before a purchased item can be sold, melted or refined, a rule that protects sellers and the public. Keeping records and asking for ID is what you should expect from an established buyer who works by the City’s rules.
Are my coins worth more than their gold?
Some are. A pre-1933 United States gold coin in strong condition, a scarce date, a low mintage issue, or a coin already graded and sealed by an independent service can sell for well above its melt value. A plain modern bullion coin usually trades close to its gold. We tell you when a coin is worth more to a collector than to a refiner, rather than paying melt value for a piece that deserves more.
Is the appraisal really free, and do I have to sell?
Yes to the first, no to the second. We appraise your gold coins free of charge, explain what each one is worth and why, and make you a cash offer. There is no fee and no obligation. If the offer is not right for you, you leave with every coin you walked in with. Many people come in simply to learn what they have before they decide anything.
Free appraisal
Bring your pieces to the showroom or call first. Nothing is sold until you say yes.