Home Precious Metals

Questions about buying gold bullion coins

I've been buying one ounce various gold coins. I buy anything that is beautiful to me and is .9999 purity. But what I like, someone else may not. For future resale, should I buy the most popular like the AGE, Buffalo, and Maple Leaf? I love British bullion, Australian, and African, coins, all .9999. I have a few private mint like Scottsdale coins too. Some are limited production like from the Scottsdale Mint. Will I have trouble if I try to resale?

Comments

  • GoldFinger1969GoldFinger1969 Posts: 1,162 ✭✭✭✭

    I think most online or LCS dealers will give you a fair price. If you are in the U.S. then the AGEs and Buffalos tend to be the most liquid but you should NOT have a problem selling anything that is gold, though the premium for it might be less.

  • CrustyCrusty Posts: 1,060 ✭✭✭✭✭

    You should ask your local coin shop what they pay for each type that you have. Find out what the spread is on them. Avoid the coins with the biggest spreads. I would not recommend the high premium gold (that looks pretty). Get as many ounces as possible for as little money as possible. Gold is gold. And getting a premium back on a pretty round or bar in an economic depression will not be easy.

  • derrybderryb Posts: 36,016 ✭✭✭✭✭

    Jm Bullion's buy prices give you an idea of which gold carries the most premium. Note that Unc. gold eagles and buffalos rate high, only below proof versions of the same coins.

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

  • Mike59Mike59 Posts: 294 ✭✭✭

    Most of my Bullion is US AGE and Buffalo’s but I also have $20 Lib’s and Saints. The $20’s used to sell just about on par with 1 oz US bullion. I figured that I would have Numismatic value and Precious Metal value (even with the small weight difference). I guess the cat got out of the bag cause the Pre-33 just shot up recently. I also have some smaller foreign 20 Franc’s and small us commemoratives to add some fractional. Guess the kids will sell it when I’m dead anyway but it was fun collecting it. Buy what you like but My LCS pays melt or below for foreign and melt plus 1-3% for us. Based on what he needs at the time.
    Mike

    MIKE B.

  • It figures that I would buy the higher premium coins. I love snakes, dragons, elephants, birds...etc I actually do not like the AGE. I only have one. I have many Buffaloes and Maple Leafs though. But boy do I like all the gold with the Queen on the reverse. Oh well my kids can sell them and i won't go through all the drama. Thanks

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I prefer AGE's for their liquidity..... Always a market for them here in the U.S. Cheers, RickO

  • davidkdavidk Posts: 274 ✭✭✭
    edited May 1, 2023 8:30AM

    You may find this informative: http://libertycoinservice.com/reporting-requirements/

    "Here are the only items listed by the IRS in Rev. Proc. 92-103 as requiring submission for Form 1099-B, and the minimum threshold quantities that must be sold in a single or related transactions before the form must be filed:

    Item Minimum Fineness Minimum Reportable Amount
    Gold Bars .995 Any size bars totaling 1 kilogram (32.15 troy oz.) or more
    Silver Bars .999 Any size bars totaling 1,000 troy oz. or more
    Platinum Bars .9995 Any size bars totaling 25 troy oz. or more
    Palladium Bars .9995 Any size bars totaling 100 troy oz. more
    1 oz. Gold Maple Leaf as minted 25 1-oz. coins
    1 oz. Gold Krugerrand as minted 25 1-oz. coins
    1 oz. Gold Mexican Onza as minted 25 1-oz. coins
    U.S. 90% Silver Coins as minted Any combination of dimes, quarters, or half dollars totalling $1,000 face value or more
    If an item is not on this list, sales of it does not need a Form 1099-B to be filed, no matter how large the quantity!"

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Good info, davidk!

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • LostintranslationLostintranslation Posts: 121 ✭✭✭

    Thanks davidk! I will continue to look at foreign gold. Love those spiders and snakes. AW

  • BAJJERFANBAJJERFAN Posts: 30,959 ✭✭✭✭✭

    @davidk said:
    You may find this informative: http://libertycoinservice.com/reporting-requirements/

    "Here are the only items listed by the IRS in Rev. Proc. 92-103 as requiring submission for Form 1099-B, and the minimum threshold quantities that must be sold in a single or related transactions before the form must be filed:

    Item Minimum Fineness Minimum Reportable Amount
    Gold Bars .995 Any size bars totaling 1 kilogram (32.15 troy oz.) or more
    Silver Bars .999 Any size bars totaling 1,000 troy oz. or more
    Platinum Bars .9995 Any size bars totaling 25 troy oz. or more
    Palladium Bars .9995 Any size bars totaling 100 troy oz. more
    1 oz. Gold Maple Leaf as minted 25 1-oz. coins
    1 oz. Gold Krugerrand as minted 25 1-oz. coins
    1 oz. Gold Mexican Onza as minted 25 1-oz. coins
    U.S. 90% Silver Coins as minted Any combination of dimes, quarters, or half dollars totalling $1,000 face value or more
    If an item is not on this list, sales of it does not need a Form 1099-B to be filed, no matter how large the quantity!"

    One could go to a coin show with 100 Leafs and sell 20 of each to 5 different dealers. You've met the related transactions requirement, but which one will send you a 1099-B?

    A good reason to stay with AGEs and Buffalos.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    Make sure to remove a dime from that $1,000 bag of 90%.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
Sign In or Register to comment.