Selling a gold coin - question

mlbfan2

My coin collection consists of exactly one coin. It's a 1929 gold coin (MS61) that would sell for about $300 on ebay.

If I sell it raw, how much might I expect to get for it from a coin dealer?
If I sell it on ebay, what's to prevent someone from returning it, but then sending back an "identical" coin in worse condition?
Should I have it graded before selling it?

Thanks.

Tdec1000

1929 gold coin??? thanks for being descriptive



Denomination, graded by who etc...

mlbfan2

Sorry, it's a 1929 $2.50 Indian Head.

lkeigwin

Who says it's an MS61? Is it already slabbed?

Assuming it's raw, there's always the question about authenticity. Most of us wouldn't buy raw gold on ebay. From a trusted dealer or respected forum member, probably.

A local dealer should offer at least $300 if it's genuine, problem-free, and AU or better. Save the ebay and PayPal fees too.

If it's problem-free and truly MS you should be able to sell if for $400+ if it is graded by a reputable TPG company like PCGS.

If you decide to go the raw/ebay route take very clear pictures so that you can determine, should it be returned, if it is the same coin. They will be important if things get contentious. (You could also use these photos in your auction.)

This thread doesn't belong in BST but should be posted to the US Coin forum. Other sellers get annoyed when a thread like this is constantly bumped to the top every time someone like me replies.

Good luck!
Lance.

stevkc

<< <i>If I sell it on ebay, what's to prevent someone from returning it, but then sending back an "identical" coin in worse condition? >>



Sell it with a "No Return" policy. Or, staple it in a 2x2 with some of your writing on it. Return only allowed if still in the undamaged, untampered-with 2x2.

RedTiger

My guess is that most local shops will offer 10% back of melt (visit coinflation.com to see what current melt, with gold at $1771 melt is about $215 today) for a raw $2 1/2 gold coin offered from an unknown seller. I see $300 someone else mentioned as optimistic and more of a retail price for a nice raw $2 1/2 gold coin. Teletrade shows certified AU coins selling for about that $300 price, with a bit higher for MS examples. Virtually no one is going to pay MS price for a raw gold coin on Ebay, and virtually no dealers will pay a MS price to an unknown seller either. Good steady customers might get better treatment, but a new walk in is almost always going to get a low offer at a local shop (reference 10% back of melt value).

With all that, if I were in the same situation, I'd go to local shops and take the nearest offer to melt. After fees, Ebay won't net a person much more. If a person isn't already set up to sell on Ebay (and it sounds like the op isn't), they probably don't have the ability to take quality coin photos, and also lack the high quality feedback needed to sell raw gold coins. A newbie seller with poor photos is likely to get lousy auction results, possibly worse than the low offers that local shops will tend towards. Ebay also opens the possibility of scammer buyers. While cheaters are a small percentage of buyers, if a person gets one, it is a big bother.

mlbfan2

Thanks for the replies, everyone.

A dealer "graded" the coin for me years ago. It's not slabbed.

Although none of it was for coins, I do have great (and pretty high) feedback on ebay.

I saw these on ebay that went for $340+.
link1
link2

I'll probably try a few dealers first and see what they offer.