Posted on 08/15/2016 8:11:14 PM PDT by TheDandyMan
Hello all,
I was gifted a couple gold coins a few years ago -- just basic, 1 oz American Eagle coins, no special edition or date or anything like that. I kind of forgot I had them, but recently decided to sell one of them off to finance my conspicuous consumption of .22 ammo, and came a bit of a cropper, as our British cousins might put it. Simply put, aside from selling the thing at a pawn shop for pennies on the dollar, how are you supposed to sell the damn thing? What research I've done seems to indicate that most vendors will only buy coins that were bought from them in the first place, and others only deal when you've got 5-10+ coins to sell. Not to mention, many of these gold businesses have a strikingly shady aspect to them.
I hadn't imagined it would be this hard. To those FReepers who have experience with this sort of thing, how do you sell a coin for a number approaching the spot price of gold by weight?
Thanks in advance.
P.S. I'm perfectly willing to admit that I'm being a giant thicko, if that turns out to be the case, but again, my brief exploration of the subject seems to indicate that the seemingly simple act of selling a gold coin for it's weight value is more difficult than I might have imagined.
Also, they always seem to have a lot of leather biker jackets, but they’re really grungy.
Wouldn’t Amazon be a better site to sell coins than eBay? Just asking, I don’t know.
I have never been able to sell at a LCS at spot.
Yes, they SELL at a premium. They buy lower than that.
I will always give you face value, shouldn’t be so hard.
The more you want to sell it, the lower the price should be
If you are in the Maryland area, I’d give you a couple hundred bucks for it
The irs only knows what we tell them
Expect to pay about 15% in fees on eBay.
....because a lot of gun owners ALSO want to own gold. Go to a gun show and walk around and make it known you have it for sale.
Don’t sell it to the first coin dealer (if you choose that route) a friend of mine was going to sell a gold coin to a local dealer they had talked several times and then due to a death in the family he decided to auction his whole coin collection - long story short THAT coin the local dealer offered $5,000 - at auction (which was simulcast) it sold for $17,000.
Yep that would have been a nice profit for the coin dealer!
“Make sure you pay your 28% tax on the coin when you sell it.”
No tax on bullion or coins of the kind the original poster described.
No, fees; a coin show would be good to shop for best buy, or find a bona fide coin store with a dealer who goes to coin shows. One can look up all the probable offers for bullion coins online though; that is best, and sell to first friendly face at a coin show who hits that number with cash.
It seems that it would be difficult to argue a “gifting”, especially from a dead relative (as long as the coin date is before RIP).
That’s how we sold our Krugerrands a few years ago. The price rose DURING the transaction and the shop honored the new price.
That’s Craigslist.
I will buy that gold coin from you. I believe that gold is $100 an oz
I will give you $110 because it is an American Eagle coin.
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