Are banks dealing with gold and can you sell gold coins to a bank?

Matt from El Paso asked

Can I sell gold coins to a bank?

Alan, reDollar expert answered

Banks are these days not necessarily known for buying gold coins even when they did so in the past. Probably some of the smaller community banks probably still buys gold coins but most banks don’t do so. There are different reasons for that but the most important reason is probably that there is so much fraud related with gold coins and bars that banks got cold feed.

Organized crime, working international from North Korea to Bulgaria, is counterfeiting gold coins and bars using tungsten for coins cores  as a replacement-metal. Tungsten and gold have almost the same specific weight what makes identifying a faked coin tricky. Banks usually don’t have the ability and the equipment to work with gold in the new millennium. The risks of buying a nice looking coin for a high price but getting nothing but junk is serious.

Finally it’s not possible to answer the question “Can I sell gold coins to a bank?” reliable because pretty sure some banks really do buy coins. But frankly, is it worth to search for the needle in the haystack when great selling options are available? You can sell gold coins with reDollar.com for getting paid the highest possible price. reDollar.com is a top rated coin buyer and highly respected for a great buying service.

How much is a gold coin currently worth?

Most gold coins change hands for the current gold price based on one troy ounce (=31.1 grams). If you sell a one troy ounce gold coin made of .999 gold today, you can get paid $2272.23 what is a really great price.

Can I sell gold coins to a bank?

As explained, most banks don’t buy gold coins due to high risks. We have heard about some community banks offering a buying service for coins but they don’t give you cash because they only collect your coins and mail them in to a qualified coin-dealer. The selling-process usually takes long and we don’t recommend to sell coins that way. We also doubt that you’ll get paid a great price for your coins because the profits made with your coins well be shared between the bank and the coin dealer.

Banks once where very important for dealing with gold and coins. Think back about the old miners bringing their daily mined gold to their local bank. In the 19th century banks accepted mined gold, nuggets and even coins. But trading gold and coins with banks isn’t more than paled romantic from almost forgotten days.

The future is much different and almost all banks stopped buying and selling coins even when it would be a great business model. Banks enjoy lots of trust and respect and folks would definitely sell and buy coins with their bank. But innovative online gold buyers and online gold dealers still replaced banks once in charge for providing gold deals.

Krugerrand coin on scale with cash and gold ring

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