As a beginner of selling gold, one of the first of many questions you may ask is how to sell gold? This is the complete hub to sell gold online, telephone or in person at Chards.
How to Sell Gold
When investing in gold it is just as important to know where you can sell gold when the time comes, and our guide can help you research the best option. Selling gold with Chards is safe and easy as you are dealing with a long established dealer (over 55 years) with a proven track record of great customer service and trading experience. You can choose to sell in our Blackpool showroom or use our distance buy-in service where you can sell from the comfort of your own home. At any time should you require assistance you can contact our friendly team on 01253 343081 or by emailing [email protected]
Follow Our Step-By-Step Guide Below to Sell Gold to Us:
1. Register for An Account
If you bought your items from us – you will already have an account we can use. Item bought elsewhere – you will need to register an account which only takes 30 seconds. We require contact details and a billing address. Customers who wish to view their order history and transactions online will need to provide an active email address.
2. Quote Generated
Customers can get in touch via telephone or email and provide information on the products they wish to sell. The following information will help us provide a more accurate quote:
- Coin or bar design
- Condition – bullion, graded coin, slabbed coin, damaged, used in jewellery,
- Product specification such as year, weight, mint, refinery, issuing country, mintage figure and anything else to help us.
All quotes are subject to an in-person inspection and a numismatic check
3. Book an Appointment
It is our preference to deal with investors face to face so we invite you to visit our showroom for the deal. You can book your appointment by contacting our customer service team on 01253 343081 or via email on [email protected] You can even let us know your drink preference and we can have it ready for when you turn up!
4. Delivery To Chards
If it is not possible to book an appointment you can send your items via post. There are 2 postage options:
- Our fully insured distance buy in service – this is out most popular shipping option as you can ship all items from your chosen address. We send out all the necessary protective packaging and shipping labels in order for you to package the items up securely. A courier is booked at your convenience and the items remain insured from the pickup address until the are signed for at our offices.
- Royal mail special delivery – customers sending in items with a value below £2500 per parcel may use this option. This does require you have access to a local post office to drop the parcel off.
- Insured couriers - you can use any insured courier although we do recommend Royal Mail and their special delivery service.
5. Chards Quality Checks
Once your items have arrived at Chards they are subject to a quality check. Our customer service team are highly trained and can inspect most coins and bars. When the coin is more specialist, an expert numismatist will inspect the items personally. We carry out these checks as customers who buy bullion still expect a certain quality of visual appearance when the buy from us. Coins and bars that fall below this standard are assigned to “Grade C” or even scrap gold. If the description provided when we generated the quote was complete this minimises any surprises at this stage.
6. Revised Offer
Following the quality checks, we will be able to make an offer based on the condition of the coin, our current stock levels and supply and demand factors of the market. We always give our best offer price first whilst remaining competitive in the market so if you do find a better offer in the market, we ask that you let us know and we can decide whether we want to match it. Be on high alert here as some companies offer a price match guarantee which in some cases mean they are losing money on a particular deal. This is called a “loss leader” and it allows businesses an opportunity to impress, get you on their mailing list, attempt bait and switch tactics or upsell in the future.
7. Payment To You
Once the offer has been accepted we can make payment via bank transfer (FPS or CHAPS) or cash if you are dealing in the showroom. As a high value dealer, we can pay up to any value in cash subject to ‘know your customer’ procedures. We pride ourselves on repeat business so invite customers to leave an honest review of our service on Trustpilot.
When to Sell Your Gold
Every day, we are asked 'When should I buy gold?', 'Is gold going to go down?' or 'What will happen to the price of gold?' We cannot predict with any certainty what gold, or any other commodity or currency will do over short, medium or long periods of time. There are many analysts who dedicate huge amounts of time trying to work out what will happen, there are very few who get it right consistently, time after time. Because of this we tend to avoid giving any definite advice or strong opinion. There are some areas where we have considerable experience, and feel we can safely give advice. We are not financial advisers but we can help to equip you to make an informed decision before you buy.
The most obvious piece of advice is to buy when prices are low and sell when they are high. Often this requires investors to sell when they feel it is right for them and their investing objectives rather than trying to time the top.
Where To Sell Your Gold
Here are our criteria to assess a trustworthy dealer:
- How long they have been established – the longer the better usually.
- Do they have an online presence and social media activity – an active digital team is a healthy sign of a good business.
- Is their ‘contact us’ and ‘about us’ page on their website is complete and informative – this can be deliberate and raises the suspicion of a scam.
- Is it easy to see who owns the company and the acting directors on companies house.
- Where do the directors live – do you want to deal with executives based in dubious tax havens..
- Are they within travel distance - bearing in mind you might be uninsured to carry high value items.
- If they are beyond travelling distance do the offer a distance buy in service – this is our service where you can sell without leaving the house.
- What payment methods you can expect and any delay on payments - cash, BACS (FPS or CHAPS), multiple currencies all complete with 48 hours.
Do they own their own vaults to minimise counterparty risk?
Firstly, here at Chards we will make an offer on any coin, bullion and scrap jewellery item. We make an active market in secondary market (pre-owned) gold, so our offers are very competitive and often you get the best deal from us. To reward investors who use us for vaulted storage we offer preferential rates with an extra 0.5% on our bid price (capped at 100% intrinsic). Investors can sell their items online, over the telephone, in the showroom, via email and even via whatsapp. We try to cater for everyone's needs and make the process as simple and easy as it can be. We have worked hard to satisfy the above requirements of a trustworthy dealer and are still working on improving even after 55 years. We believe we are the best place to sell your gold in the UK, but you don’t need to listen to us. Our 5* customer reviews reflect the high level of service we provide and the reasons why customers choose to deal with us. We urge caution with unscrupulous dealers and marketplace ‘cash for gold’ schemes who tend to offer rates far below the intrinsic value of the items being sold. Quite often customers come to us too late after already parting with part or in some cases their whole investment.
How to Send Your Items to Chards
You can send the good to us by
- Hand deliver at our showroom – no appointment necessary if it is just a drop off.
- Send via insured delivery as organised by you. We advise that Royal Mail Special Delivery is used. They insure parcels up to £2,500. A “Sell to Chard” Form must be included with the description of the items that you wish to sell along with the payment details.
- Send via insured delivery as organised by Chards (also known as The Buy In Service or a Distance Buy In). Parcels can be insured up to £20,000.
Read our Purchasing Terms for more information about Delivery.
How to Package the Items
If you are not using our distance buy-in service and packaging the items yourself, we advise:
- You do not cellotape the coins to carboard, (it can leave a sticky residue).
- Ensure the items are not rattling so they are not damaged in transit, as this can reduce the offer price.
- Address the envelope simply to Chards. We would not recommend including “Coins and Bullion Dealer” on the envelope.
Chards Distance Buy-in Service
We can now offer fully insured, door to door service for any value and quantity of bullion gold and silver. We arrange a trusted courier to pick up from your front door and deliver everything next day to our offices in Blackpool. This service is fully tracked and signed for and you can rest assured the whole investment value is insured. After you inform us what you would like to sell, we will provide an estimate of delivery costs and remind you that you have the option to fix when your parcel is collected by the courier, (if you wish, we can even hold your parcel for up to a week before you agree to fix). Following this we will post out a tamper proof box, shipping label, packing instructions that are easy to follow and book a courier to collect at your convenience. All we ask is that you provide a 3-hour window you are happy to wait in for collection.
The whole process takes 3 or 4 working days and you can expect payment as soon as we check the coins / bars for authenticity and quantity quoted. This process is perfect should you have very large quantities of gold or silver (such as monster boxes) or should you live too far away to justify driving. We offer some of the best buy back prices on the market and should you live in London, Surrey, Cornwall, Scotland, Brighton, Birmingham, Leeds or Manchester you can take advantage of our prices without even leaving the house!
If choosing The Buy In Service / Distance Buy In option, you must
- Contact Chards via telephone to confirm the items you wish to sell are eligible under the Distance Buy In.
- Provide your details, including your mobile number, email address and date of birth.
- Provide a date for the Chards Packaging to arrive and a date for the items to be collected. Note that the collection date must be within 6 days of your package delivery date.
- Sign the Buy In Service form electronically to confirm all details.
- Use Chards packaging as per the instructions, ensuring each parcel does not contain more than £20,000 worth of goods. (If you have a larger item such as a kilo bar please discuss this with our team first).
Be at the property for the courier to collect the items otherwise a charge may be incurred.
- Agree that the cost of postage, will be deducted from the final offer price.
- Optional – fix the price on the day the items are due to be collected
Inspecting the Items on Arrival in the Showroom
Chards will inspect the coins, where possible, under a camera or in front of the customer where items have been hand delivered. You may have to leave your items for inspection if a numismatist is unavailable. In this instance, a receipt will be given to you. An item may be tested and or cleaned for us to inspect the item. In some instances, there may be a fee, or the offer price reduced.
Read our Purchasing Terms for more information on Inspection.
Our Offer Price / Purchase Confirmation
The price for the goods will be based on the live price of precious metal at the time the parcel is opened or the current market value, where applicable. Chards will inform the customer with an offer price (also known as a Purchase Confirmation) either by telephone or face-to-face if hand delivered to the showroom. A Purchase Confirmation is valid for 48 hours, (the Acceptance Period). If a Purchase Confirmation is not accepted during the Acceptance Period, Chards may issue a revised Purchase Confirmation. Read our Purchasing Terms for more information on Purchase Confirmations.
Accepting Our Offer Price / Purchase Confirmation
You can accept or decline the Purchase Confirmation in writing, orally over the telephone or in person. If you accept the Purchase Confirmation, Chards will send an email (a purchase order) to confirm that we are to buy your items. Once you have accepted the Purchase Confirmation, Chards can re-sell the items. Read our Purchasing Terms for more information on Prices.
Declining Our Offer Price / Purchase Confirmation
You can accept or decline the Purchase Confirmation in writing, orally over the telephone or in person. If you wish to decline the Purchase Confirmation, you must either collect your items or pay for return postage. Payment must be paid before the items are returned. Return postage will be fully insured on our insurance. Items must be collected or returned within 5 business days of the Purchase Confirmation being declined or 5 working days after the Acceptance Period has lapsed. After this time, the items will not be insured by Chards. The items must be collected or return postage paid for within 28 days. After 28 days, Chards will hold the items for a total of 6 months, at the cost of the customer. If after 6 months, the items have not been collected, Chards can dispose (selling them to a third party) of the items to cover the cost of storage.
Payment for Your Items
- Payment for the goods can be made by CHAPS, bank transfer, cheque or cash if available. Payment by CHAPS is subject to a £20 charge and may not always be available.
- Payment by bank transfer can take up to 3 working days, (unless otherwise specified), from once the purchase order has been accepted.
- Payment by cash may be subject to a fee and will only be offered if the customer is in the showroom and can supply photographic identification.
- All payments will be made direct to the customer.
- Payments may be paid in instalments. If so, Chards will inform you at the time of the Purchase Confirmation.
- Maximum payment we can accept in cash is £7,500 per transaction.
- If Chards overpays the customer in error, the customer must immediately repay the overpayment via the same method.
- Read our Purchasing Terms for more information about Payment.
Is Identification Required?
We require photographic identification for cash payments.
- If the overall payment is £5,000 or more, Chards will ask the customer to supply two forms of identification, in line with HMRC requirements, of the following
- A valid photographic passport
- A valid photographic driving license
- A recent utility bill (dated within the last 3 months), with the current name and address of the customer
Selling Gold Coins and Bars
When looking to sell coins and bars you need to look for the percentage relative to the intrinsic price a dealer will pay. For example, we might offer 100% of intrinsic for gold Britannia coins (when in good condition) as the supply and demand in the market favours, we bid a high premium. Whereas customers selling a Tristan de Cunha gold coin set may only receive 90% of intrinsic as an offer as we do not have such an active market to sell into. We will make an offer on almost any coin and bar whether it was bought from us or not and this cannot be said for every dealer. We build good relationships with our customers when they buy from us enough that many come back to sell knowing the high level of service we provide.
Chards Quality Checks
We make an offer on all coins and bars, despite their condition, however, the offer price may be lower for items which would not pass our "bullion" condition standards. These standards have been set by customers who have previously given feedback that our bullion sovereigns we have supplied have too many edge knocks, scratches and general wear and are regarded substandard. These coins are then returned for replacement and it is evident expectations have shifted in relation to the condition of bullion coins even if the gold content and weight is within tolerance.
We are currently trying to find the best balance between trading bullion coins and meeting these expectations. We offer 100% for bullion coins in times of demand and then carry out a quality check offering slightly less based on condition, but this has caused some issues and confusion. We understand, as hopefully you do, that this is a subjective topic so we try to provide information and pictures on our quality checks page. We would prefer to deal in person to discuss the coins and have an honest conversation but with the internet now dominating business this is not always achievable. We highly recommend you call us prior to sending any coins and we can talk you through this process. You can call us any weekday on 01253 343081 and a trained member of staff will go through the details.
This guide and its content is copyright of Chard (1964) Ltd - © Chard (1964) Ltd 2024. All rights reserved. Any redistribution or reproduction of part or all of the contents in any form is prohibited.
We are not financial advisers and we would always recommend that you consult with one prior to making any investment decision.