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What $ amount should a 1oz Krugerrand get-asking for a relative

Mr_SpudMr_Spud Posts: 4,199 ✭✭✭✭✭

I have a relative that wants to sell off some 1oz Krugerrands 1 at a time when they need some extra spending money. What would they expect to get if they sell it at a local coin store? Also, is that the best place to sell them?

Mr_Spud

Comments

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    I found that common bullion gold gets about 93-97% of melt. Krugs are already the lowest over spot resale bullion there is, most sell at less than 5% over.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • derrybderryb Posts: 36,016 ✭✭✭✭✭
    edited August 23, 2022 11:58AM

    my go-to online bullion dealer (bullionexchanges.com) is selling them for $60 over spot. You should easily sell them here on the BST for $25-$40 over spot.

    When you sell to a local coin store you are going to get wholesale price. He has to have markup room for his profit.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • MetroDMetroD Posts: 1,914 ✭✭✭✭✭

    Just a 'reference point/sanity check' ...

    JM Bullion is buying at $20 over spot (ask).

    Source: https://www.jmbullion.com/my-account/buyback-products/

    Note - I have never personally sold to JM Bullion. So, I cannot provide any insight on their "cost-effective" and insured return label. Link

  • blitzdudeblitzdude Posts: 5,284 ✭✭✭✭✭

    Spot to spot +$30 depending on where you sell. RGDS!

    The whole worlds off its rocker, buy Gold™.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,757 ✭✭✭✭✭

    You can sell to me for less. But you have to really like me.

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,757 ✭✭✭✭✭
    edited August 29, 2022 7:06AM

    Less, this week.

    To quantify the statement , here is the gold chart for the past month.

  • KeevanKeevan Posts: 146 ✭✭✭

    If they're outside of the 70's and early 80's, you'll get higher premium for lower mintage years

    Successful BST transactions (as a buyer) with @ArchStanton, @JGnumismatics, @r00kies101, @derryb, @76collector, @Pachucko, @brendanlam, @Coll3ctor. I am looking for fractional gold Krugerrands, by year: 0.5oz: 2014, 2020, 2023 | 0.25oz: 1992, 1994, 2002, 2020, 2023 | 0.10oz: 1990, 1992, 1994, 2010, 2020-2021

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,757 ✭✭✭✭✭
    edited September 16, 2022 5:35AM

    How much did your relative sell for ? Or , hopefully you talked your kin into adding to his holdings instead of subtracting from.

  • Mr_SpudMr_Spud Posts: 4,199 ✭✭✭✭✭
    edited September 16, 2022 6:00AM

    They ended up selling just a couple of them to a local Jewelry shop for melt, but only after the Jewelry shop owner first tried to offer them $100 less than melt. So at least they knew enough to not sell them for the first offer

    Mr_Spud

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    @Cladiator said:
    All in all, with not having to deal with posting them on a forum or website, not dealing with shipping, not dealing with rando customers, I think they did just fine getting spot for them with no hassle.

    I’d always accept a slightly lesser price if it meant an easy no risk transaction that won’t come back to bite me in six months.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
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