Dealers willing to Buy Generic Gold in Baltimore?

SellStock · November 4, 2013 8:35AM

At the last Baltimore coin show, I showed six dealers several PCGS slabbed $20 Liberty coins in MS60-MS63 condition. Even though each of these dealers had a sign above their table stating, "WE BUY GOLD", nobody was interested in buying them. The typical response was "it's not right for us" or "nobody is buying generic gold" given the slump in gold prices. Three large dealers told me this in addition to three smaller "Mom & Pop" dealers. 0 for 6...go figure. Anyway, I figured it was an omen and decided to wait until November to try again.

I used to sell coins on eBay, but the seller's fees have skyrocketed based on recent changes in eBay's policy (10% of final price...really???).

Anyway, I would appreciate it if folks on this forum could steer me to several dealers at the upcoming Baltimore show who would be willing to BUY at Bid price based on info. from the Coin Dealer Newsletter Greysheet (U.S. Gold grid -- front page at the bottom).

Thanks in advance!

Unknown · November 4, 2013 8:44AM

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WTCG · November 4, 2013 8:57AM

I will be at Baltimore and normally I will buy generic gold but they have to be priced at current levels regardless of what the owner originally paid for them. Plenty of dealers would do the same.

If the coins are PCGS or NGC graded the process should be straight forward but raw coins are always bought at the BU bid which is always lower than MS60 numbers.

SellStock · November 4, 2013 8:57AM

Thanks for the info., but I'm a bit confused by your response:

"If you want MS63 prices you will have to submit to get the grade first before selling and then be prepared for the critical analysis"

What do you mean by "you will have to submit to get the grade first..."? These are slabbed PCGS MS63 $20 coins. I also have a couple in MS60 and MS-62. I'm not looking for upgrades, just an outright sale of MS60, MS62, and MS63.

Thanks!

Unknown · November 4, 2013 9:02AM

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Pokermandude · November 4, 2013 9:08AM

"We Buy Gold" virtually always means they want to buy gold as cheaply as possible below melt. You come to them with a PCGS slabbed coin, and they know you won't accept their typical 10-40% back of melt offer. They would rather buy up random broken jewellery/rings/etc on the cheap and scrap it instantly. If they bought your piece at a fair price (right at, or very close to melt) they'll actually have to hunt down a retail customer to turn a profit, and may lose money if spot drops in the meantime.

joebb21 · November 4, 2013 9:14AM

Rarecoa is probably your best bet on this.

You can walk up to their table and they will have a buy and sell spreadsheet for your taking pleasure.
As others have mentioned, assuming the coin has no copper stains or such you should be able to sell to them no problem

roadrunner · November 4, 2013 9:48AM

Heritage and Rarcoa are typically the biggest buyers...and their checks are good too. I've seen Heritage pull bids by Friday/Saturday at a major show when gold was getting hit and they had bought enough.
You can't buy everything if all the dealers want to unload at the same time.

I'd be happy to buy MS63 Saints/$20 Libs at slightly above the buy prices of Rarcoa or Heritage ($20-$25 more per coin). Those guys will pay about $25-$50 less per Saint if spotted (unless CAC stickered).
Those guys normally are paying around 95-96% of their sell prices. Most of the wholesalers who play with gold just flip those coins right back to these bigger players.

No one is buying generic gold .

Actually, "everyone" is buying generic gold if they can get it cheap enough from uninformed sellers. No surprise that you got nowhere with those first 6 dealers.

Type2 · November 4, 2013 9:53AM

Put them up on the BST.

jdimmick · November 4, 2013 10:02AM

I agree with the above statements, never had a problem selling generic in Balt. (in fact, this is actually the first time I wont be bringing any with me) . The thing you have to remember is you cant expect to get tip top dollar, you have to leave a little room for the major players to make a buck. and its typically not that much per coin 25-40 range I d say.

As others said, rarcoa / heritage always seem to be my best play. Apmex does good with bullion, but their buy on old coin gold is a bit back from the above noted. There are several others on the floor that buy as well.

AUandAG · November 4, 2013 10:08AM

Why not try our BST board? Look under the navigation in the upper right of your screen. No cost to put them
up for sale and no sellers/buyers fees. Put a pic and the price and see if they sell before you go off to Balt.

bob

TomB · November 4, 2013 10:27AM

I would think Heritage and APMEX would be good outlets nearly all of the time for this material.

s4ny · November 4, 2013 9:35PM

Just a matter of price. These generic PCGS and NGC Double Eagles
are worth around $50 over melt. At most.

Check eBay "sold" listings. Take away the final value fee and
PayPal fees that the seller paid. Small sellers are not getting much
above melt when they sell an MS62 1908 No Motto Saint.

The proliferation of 1 oz coins from the US Mint has really diluted
demand for pre-1933 generics.

TireKicker · November 4, 2013 11:28PM

<< <i>Put them up on the BST.

>>

+1

Unknown · November 5, 2013 1:12AM

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roadrunner · November 5, 2013 1:21AM

<< <i>Just a matter of price. These generic PCGS and NGC Double Eagles
are worth around $50 over melt. At most.

Check eBay "sold" listings. Take away the final value fee and
PayPal fees that the seller paid. Small sellers are not getting much
above melt when they sell an MS62 1908 No Motto Saint.

The proliferation of 1 oz coins from the US Mint has really diluted
demand for pre-1933 generics. >>

Please ship me all the MS62-MS63 PCGS/NGC Saints you have at $50 over melt. I'll even pay for your shipping. The US mint producing too many or too few 1 oz AGE's has ZERO to do with the price of Mint State Saints. There are over 5 BILL ounces of above ground gold in the world. Do you think a few million common AGE's from the US mint makes a difference in the world's gold balance, or that US buyers of AGE's drive the world bullion market? You want 1,000 1 oz AGE's tomorrow? You can easily buy them. Go luck in buying 1,000 PCGS MS62 Saints in one day. And even if you could, the back half of those coins will cost a lot more than the first half did.

You can avoid the excessive Ebay fees simply by taking your coins to a show (or mailing them to a major wholesaler as listed above). Small sellers can sell their coin to a big buyer and get just as much money for it as any coin dealer could selling it wholesale. $50 over melt is $1322 per MS62 Saint. Where do I sign up for that? You could make a 1,000 phone calls today and I doubt you could buy a single coin at that price....or even at $1372. Small sellers are stupid to sell MS saints on Ebay if fees are sucking off their profits. Same comment for selling these at major auctions....it's just dumb. The last time that MS62 Saints may have been worth $50 over melt was probably back in 2002-2004 when gold was $275-$450/oz. Thinking back on it, I think the cheapest I ever bought a MS62 Saint for was around $425 back in Sept 2002....gold was $320/oz at the time.

TwoSides2aCoin · November 5, 2013 1:29AM

Some dealers do not like gold unless it's at a price they like it at. I like it at a fair price.

Unknown · November 5, 2013 1:54AM

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SellStock · November 5, 2013 2:03AM

Thanks for the info. everyone. A few observations....

WTCG: I agree with you. I never did or could understand why dealers or anyone else would say "I'm in this for $xxxx, so I can sell it for $yyyy." What the original owner paid for a coin should NEVER matter. Whenever someone tells me that, I know it's a coin I should never buy -- especially if it's far away from asking price. The ONLY time this might matter is if it's a coin with a single digit pop. Alos, I think the last time I bought raw coins was about 35 years ago when I was in high school.

RoadRunner: Great info. and I couldn't agree more with all of your comments. Also, I see you beat me to the punch re: MS62-MS63 PCGS/NGC Saints for just $50 over melt.

AUandAG: Great suggestion. I'll have to check out BST but I have almost little time between now and Baltimore to post them. Perhaps next time.

Appreciate all of your responses!

PerryHall · November 5, 2013 2:04AM

It doesn't cost anything to try the BST. If it doesn't sell, the Baltimore show can be a fall back position unless you need the money to spend at the show.

SellStock · November 5, 2013 2:15AM

"Personally I don't know how a collector goes to a show like Baltimore and misses Rarcoa, Heritage and all the other major buyers. I guess its possible, but a stretch. If you go shyly to the outer edges of the coin show or to people who have little gold in their cases, the message should be that is not something they deal in much"

Chessman: Not sure if you were referring to me, but one of the major players that was mentioned in this thread as a "major buyer" of generic gold was one of the ones who said my problem-free, PCGS-slabbed $20s "wasn't right for them."

Just sayin'.....

roadrunner · November 5, 2013 2:22AM

<< <i>"Personally I don't know how a collector goes to a show like Baltimore and misses Rarcoa, Heritage and all the other major buyers. I guess its possible, but a stretch. If you go shyly to the outer edges of the coin show or to people who have little gold in their cases, the message should be that is not something they deal in much"

Chessman: Not sure if you were referring to me, but one of the major players that was mentioned in this thread as a "major buyer" of generic gold was one of the ones who said my problem-free, PCGS-slabbed $20s "wasn't right for them."

Just sayin'..... >>

I've had the same situation occur with one of those biggies. They stopped buying by some point at the Jan FUN show. I had to wait a few weeks/months for the market to pick back up to sell. Those guys easily get stuffed with coins on pull backs. And on run ups they can't get enough material. 2 or 3 large dealers aren't large enough to handle all the gold that comes out of the woodwork during sell offs. In that respect the market is somewhat illiquid at times. Gold pulls back hard about every 6 months and you'll find many dealers somewhat cash poor during these periods.

SellStock.......20 post since Sept 2002. Wow, that shows amazing restraint.

Dealers willing to Buy Generic Gold in Baltimore?

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