Dipping my toes: How to sell 'excess' Gold Eagles?

Catmandu

I have been given some collectable coins over the years, and my goal is to become an amateur numismatist sitting on an island in my old(er) age, going through all of it (even the pennies) before hitting the beach for a swim prior to happy hour. In the meantime:

Back in leaner days, I had to sell some gifted gold coins to a local coin shop just to make Christmas happen. I vowed to someday pay myself back, and that time came two years ago. But, being an old man distinguished elder gentleman, I forgot I had paid myself back, and ended up with some excess inventory.

So, I have three uncirculated 1oz. Gold Eagles from 1988. I bought them online at about $200 over spot, not doing my research, thinking that is the premium uncirculated coins demand. I have since learned my local coin shop will only buy them from me as bullion, spot plus $5. Dumb luck is such that in two years, with gold bouncing around $2,500 I will make money on the two coins I do not want to keep. Research here has pretty much convinced me having them graded and selling on eBay is not going to be any more profitable, but maybe I am wrong. Somewhere in the middle, should I try to attend a coin show of note and eek out a little bit more profit (and maybe learn some things as well)?

Also after research here, my attempt at posting suitable pictures follow. My inexperienced eye says they go MS65/MS66/MS67(maybe) in order, but regardless, I like #3 best, so that is the one I will keep.

Thanks in advance for the advice.

Coin 1:

Coin 2:

Coin 3:

Typekat

$5 over spot is an excellent offer for bullion 1-ounce gold Eagles in today’s market.
Shop them around only if doing so would make you happy.

Manifest_Destiny

Selling as is for spot+ is your best bet.

Smudge

No such thing as excess gold.

coinbuf

If you want to go to a coin show for your enjoyment and education that is well and good, and I have no doubt that you will find a buyer for your excess gold at any decent show. However, I doubt that will be much (if any) higher than the offer you currently have. It all depends on how quickly you want to liquidate the coins.

Clackamas1

Getting better than spot is good. Sell them.

braddick

You have a wonderful writing style.
I do suggest you stick around, even after selling your gold, and continue to post here.
I am going to keep on eye out for the avatar in the hopes you will do so.

treybenedict

We happily buy over that price daily.

I PM’d you some details to not flood the channel.

dhikewhitney

Sell them safely, leaving a little on the table so as not to be greedy of profit. You don’t want them so do not buy back the same type later since you always lose a little overhead costs on the transaction (remember capital gains taxes),

291fifth

While your photos are not good, they are good enough to suspect your coins are very ordinary bullion pieces. Don't start wasting money chasing every last cent you think you can get out of them. They are very liquid as is so just selling them without incurring high selling costs is the best idea.

BAJJERFAN

Jack Hunt is paying 1.5% over to dealers. Can't hurt to call.

PerryHall

@BAJJERFAN said:
Jack Hunt is paying 1.5% over to dealers. Can't hurt to call.

How much will insured shipping cost? Selling it locally for a little less may make more sense.

BillJones

@Smudge said:
No such thing as excess gold.

There is if you wish to use the money for other things. I am not comfortable at all with the near $2,500 per ounce gold price. I love what I have so I’m not selling it, but I am reluctant to buy coins where the price of bullion is the main support for the price.

TwoSides2aCoin

Got a better place to secure your money than excess gold ? Trade for silver ?

TwoSides2aCoin

You mentioned the money you can make from selling after the long term hold , and even after paying yourself back.
Look to the future. Go longer.

CRHer700

Keep them.

TomB

The fastest, safest, easiest and most efficient way to get rid of gold you don't want (in this case) is most likely to go to the local dealer who offered you spot+$5.

You're getting some folks who will attempt to change your mind with respect to selling the investment, some would prefer you expand your gold holdings, others are giving you selling options aside from the local dealer and some are saying just sell as-is. Do what you want, but be aware that however you sell, the price you get will be tied to the risk level you are comfortable with and the work you are willing to put into it.

As an example, the local dealer will give you spot+$5 which comes out to about $2,460 per coin ($7,380 total for three coins) while there is a suggestion to contact Jack Hunt, as well, but Jack Hunt buys at spot+1.5% for registered wholesale dealers only and you are not that. I don't know what they pay to retail clients, but I can bet it is a fair bit less. Even at spot+1.5% it comes out to about $2,492 per coin (essentially $32 more per coin). Of course, to sell to Jack Hunt you will have to ship the coins and the notion of shipping Express Mail for $20 appears unrealistic. Jack Hunt is in New York and I have no idea where you are, but the cost of Express Mail is partially determined by zones that the package crosses. You would have to ship these in an Express Mail Priority box or padded mailer and that starts at over $30. Then comes insurance. You wouldn't buy it through the USPS because any profit would evaporate, so do you have your own private insurance? If not, then it is a roll of the dice about any loss. Of course the package will almost certainly arrive at its destination, but if it doesn't and you aren't insured then everything is gone.

So, to me, for around $20 difference per coin and three coins, I would blow them out to the local dealer and have my money, time and resources instead of tracking down the last dime. YMMV.

Mizzou

@TwoSides2aCoin said:
Look to the future. Go longer.

Interesting chart, what happened in 2019 that caused the spike?

david3142

Interesting chart, what happened in 2019 that caused the spike?

I assume you mean that sharp drop then recovery in early 2020? That would be Covid.

vplite99

Based on my personal experience you could make a few more dollars opening an eBay store and selling them there, but it just not worth the hassle of dealing with the clowns that think they can rip you off.

Spot on bullion coins today is great, as stated above.

Mizzou

@david3142 said:>
I assume you mean that sharp drop then recovery in early 2020? That would be Covid.

Yes, I believe that Covid was the initial cause of the increase but, Covid's gone and it's still climbing.

logger7

Apmex is fair as a buyer or seller; JM Bullion and Provident too.

Catmandu

Thank you all for your opinions. I decided to reduce hassle and not chase relative pennies, sold them locally today. I just need to remember I have $1k of dumb luck profit to play with down the road when I find coins I like.

Typekat

Glad to hear the happy ending.
And as a bonus, you got a boatload of free ‘advice’!