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.
Any coin shop should buy them. Make sure they are buying at the current spot price.
I go to my gem and opal guy in stanton califrnia
Ebay is how i might sell mine. Never craigslist or pawn shops.
Make sure you pay your 28% tax on the coin when you sell it.
There are a lot of dealers that also buy back: California Numismatics, APMEX, Provident Metals, JM Bullion, etc. They post a “we buy at” price next to their products. You call in a sale to them to lock in your price, and then mail your things to them, and get that price. Send the things registered and/or otherwise insured.
Any reputable dealer will give you a price over the phone, usually spot less a fee.
http://www.gainesvillecoins.com/
Click on “Sell To Us,” it’s underneath the shopping cart on the opening page.
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Nobody buys at spot (they have transaction costs and a business to run). Spot -3% is kinda normal. But selling a single coin for spot -3% to a jeweler or coin shop should be easy.
I just tried a Google search for “sell gold coin” and several sites came up — there must be some in your area too — just try a search. Coin dealers will buy your gold with no hassle, no need to go to pawn shops.
Good luck.
First, check a PM site like KITCO for the current spot price of gold. You should get at least 98% of the spot price when you sell. Then find a reputable coin shop to sell it to. Never sell at a Pawn shop.
On EBAY one can often get a bit over spot.
Kitco.com
Gold eagles sell for more than spot price...there is a premium.
Right this minute Kitco is offering $1,355.00 for a clean American Eagle coin.
See here
https://online.kitco.com/sell/3000/1-oz-Gold-American-Eagle-Coin-9167-3000
$1,408.40 is what they are selling Eagles for right now.
Spot is $1,346.20
My coin dealer buys at spot. His premiums for silver are $3 over spot for generic and $6 over for Eagles. Gold is around $95 for Eagles
First rate coin shop near here (PA) who also does shows, a locksmith, name’s Fred Biehl.
http://www.stewartstowncoinshop.com
Definitely. Hit a coin dealer. They are usually very fair.
Stay away from pawn shops. They’re notorious for paying way below spot gold price.
Where you located? I have a great guy in my area (west coast Florida) who will actually meet you anywhere you’d like and pays cash on spot. Been dealing with him for years.
Between scams and EBAY's high fees, he is better off going to a reputable brick and mortar store and selling near spot gold price for cash.
You start a blog and then you go on FreeRepublic and post headlines such as “Gold Will Hit $5,000!!!!” and then sell your gold.
Any coin shop should buy them, but check the current spot price and then call a couple of the shops in your area. The price can vary close to a hundred dollars what one shop will pay versus another one.
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