looking for advice on selling gold coins

rmorgan · October 3, 2018 7:52AM

I've been asked to help my brothers sell three double eagles (1899, 1903,1904) in circulated conditions. From what I recall, none of these would reach VF condition. I know I can go to a coin dealer or to a gold/silver dealer. I understand they all buy gold (and 'junk' silver) at a discount because they have to make a profit, so none of them offer the current price for gold (or for silver).

I'd like to hear suggestions as to the best way to sell these three gold coins (which seem to have only intrinsic value), and what percentage of spot should I expect. ...also, is this advice applicable for junk silver as it is for gold?

PerryHall · October 3, 2018 8:23AM

Try the BST Forum with good pictures.

logger7 · October 3, 2018 8:36AM

You should be able to get around spot price, but there is no premium on common date circs.. Dillon Gage was paying 99% of melt on gold, others like Apmex may give you around spot.

Swampboy · October 3, 2018 8:39AM

My WAG is 70-75 of spot but there are folks here who do this every day who might help out

@PerryHall's advice is solid

skier07 · October 3, 2018 9:02AM

PTVETTER · October 3, 2018 2:38PM

As already stated anything around melt is a good offer!

Elmhurst · October 3, 2018 2:58PM

If there are any coin shops near you, you can take them there and expect to get about 95% of bullion. if I recall correctly that would be: gold price x 0.9675 x 0.95. If you can afford to hold them, I would keep them,

ChrisH821 · October 3, 2018 2:58PM

@Swampboy said:
My WAG is 70-75 of spot but there are folks here who do this every day who might help out

@PerryHall's advice is solid

I'd be insulted if someone only offered 70-75% of spot for pre-33 US gold. I want to say my LCS offers 97% or something like that on common gold.
Looks like Stacks bid is melt based on the chart that @skier07 posted. Of course then you have to deal with shipping.
http://www.coinflation.com/gold_coin_values.html

BryceM · October 3, 2018 3:51PM

Also be aware that there are counterfeits in the world. A local dealer who can inspect them and weight them is a good option. As others have said, somewhere around 95% of spot price is good. You can sell to an on-line dealer, but you'll end up waiting a few weeks to get paid. I'd guess the usual dealer turns about $20-25 profit on an ounce of gold.

jwitten · October 3, 2018 3:56PM

I would try to get spot for them. Don't settle for much less at all. That probably means selling them on these boards. Ebay will bury you in fees, and local guys will offer less.

291fifth · October 3, 2018 4:04PM

Your coins are low grade (for gold coins) so getting spot will probably be a challenge. Beware of spending too much time or money trying to wring every last cent out of them. If the offer is reasonable, take it and don't look back.

blitzdude · October 3, 2018 4:35PM

Sell them to me. Lets see em.

Gluggo · October 3, 2018 5:45PM

Yes lets see them!

jwitten · October 3, 2018 5:58PM

@1peter1223 said:
Would be hard to get spot for them . OP states none are VF , they are raw, and the dates are common dates . Basically bullion value.

But there are people out there who buy normal bullion at spot. I would rather have these at spot than a generic bar.

coinpalice · October 3, 2018 6:27PM

the 1899 dated one is worth a little more then the 1900's dated ones

philographer · October 3, 2018 6:29PM

@skier07 said:

Sad that a 64 Saint is only $100 over melt 😭

rmorgan · October 3, 2018 8:27PM

Thanks for all the responses. My brother has these in a safe and it probably has been a year since I saw them (no current photo ops), but I did note that the 1899 was significantly more worn than the others. I am not expecting any numismatic added value. But when I next get my hands on them (figuratively speaking), I'll give my best assessment of grade, just in case.

The coins were bought by my dad in '93 from a reputable gold/silver investment dealer who is still in business, so I have high confidence that they are authentic.

One small gold place said he would pay 90% spot. I haven't yet asked any local/independent coin dealers, but when I asked them about the junk silver, they said 9x face value when the melt value is 10.5x face. I was resigning myself to that large of a discount off spot, and then I thought I'd ask here.

So I have inquired of the original gold/silver investment dealer and I'm waiting to hear his response. I have the original receipt from '93, just in case that helps in any way. And that investment broker is only a half-hour away.

Again, thanks for the responses. All of this discussion has helped me get a better bearing - at least it has encouraged me to seek more than 90% of spot.

BTW, my interest in coins is about collecting and not as an investment. So when I work with my brothers, and when we are talking about coins that are expensive only for their gold, I choose to treat these as something to sell.

ARCO · October 3, 2018 9:20PM

@rmorgan said:
I've been asked to help my brothers sell three double eagles (1899, 1903,1904) in circulated conditions. From what I recall, none of these would reach VF condition. I know I can go to a coin dealer or to a gold/silver dealer. I understand they all buy gold (and 'junk' silver) at a discount because they have to make a profit, so none of them offer the current price for gold (or for silver).

I'd like to hear suggestions as to the best way to sell these three gold coins (which seem to have only intrinsic value), and what percentage of spot should I expect. ...also, is this advice applicable for junk silver as it is for gold?

A local dealer will probably give the best price when you factor the hassles of Ebay and auction fees or posting pictures and selling here. These gold coins are very common and have very little movement in price away from spot. You just want to avoid unnecessary transaction costs.

MrEureka · October 3, 2018 10:44PM

It should be easy to get 98% of MELT (about 95% of spot) at any coin show.

PerryHall · October 3, 2018 11:34PM

@MrEureka said:
It should be easy to get 98% of MELT (about 95% of spot) at any coin show.

Agree. Take it to a coin show and shop it around. Also, don't forget that the BST is FREE.

ricko · October 4, 2018 7:07AM

I agree with @PerryHall ...The BST has no fee, gets good exposure, and if you post pictures you will get offers. Cheers, RickO

derryb · October 4, 2018 7:14AM

Make sure your brothers understand that each of the coins contains .9675 oz. of gold, not a full ounce.

TwoSides2aCoin · October 4, 2018 8:47AM

Buy 'em all the time. Tell your brother to contact _____@- _________.com , for details.

Spam intentionally omitted.

calgolddiver · October 4, 2018 9:36AM

BST forum here at our host

asheland · October 4, 2018 1:11PM

Good luck with them.

BillDugan1959 · October 4, 2018 1:26PM

I am super uncomfortable with any transaction where a significant amount of gold leaves my hands before I am paid-in-full, in cash. This would especially be true when dealing with approximately 3 ounces of gold. I would prefer a face-to-face cash transaction (no mails or having the gold leave my sight), even if I got 2% less.

A certain $75 give-up beats a $3,600 possible loss in my book.

jmlanzaf · October 4, 2018 3:20PM

@BillDugan1959 said:
I am super uncomfortable with any transaction where a significant amount of gold leaves my hands before I am paid-in-full, in cash. This would especially be true when dealing with approximately 3 ounces of gold. I would prefer a face-to-face cash transaction (no mails or having the gold leave my sight), even if I got 2% less.

A certain $75 give-up beats a $3,600 possible loss in my book.

Why does the gold have to leave first? The terms should be payment first.

On the flip side, payment should be made via PayPal so a claim can be made.

Of course, once you've tacked on $50 in payment fees and shipping, I can probably do better at the local coin store than on BST. I'M not sure why everyone thinks gold margins are so high for dealers.

BillDugan1959 · October 4, 2018 5:50PM

And please refresh my memory: in a normal commercial sale, how long can a PayPal transaction be reversed by the initiating party?

jmlanzaf · October 4, 2018 7:19PM

@BillDugan1959 said:
And please refresh my memory: in a normal commercial sale, how long can a PayPal transaction be reversed by the initiating party?

If funded by credit card, it depends on the credit card. Could be 6 months.

jmlanzaf · October 4, 2018 7:20PM

@1peter1223 said:

@jmlanzaf said:

@BillDugan1959 said:
I am super uncomfortable with any transaction where a significant amount of gold leaves my hands before I am paid-in-full, in cash. This would especially be true when dealing with approximately 3 ounces of gold. I would prefer a face-to-face cash transaction (no mails or having the gold leave my sight), even if I got 2% less.

A certain $75 give-up beats a $3,600 possible loss in my book.

Why does the gold have to leave first? The terms should be payment first.

**On the flip side, payment should be made via PayPal so a claim can be made. **

Of course, once you've tacked on $50 in payment fees and shipping, I can probably do better at the local coin store than on BST. I'M not sure why everyone thinks gold margins are so high for dealers.

To be really covered with Paypal you need to send as Payment for merchandise . The seller would get 3% deduction because it was merchandise he sold you .

If you send it as FF( Family and friends ) , gift , that technically is not allowed and is defrauding paypal of a legitimate charge they should be collecting .

I would think if you used paypal gift and the 3K+ coins turned out to be fake paypal would give you a hard time if they backed you up at all .

Not saying that is the case here just giving an example why paypal CC ( merchandise purchase ) is best option when parties are unknown to each other .

Isn't that exactly what I said?

rmorgan · October 4, 2018 9:16PM

I know you guys are discussing this in theory. For me, I have no intention of selling on eBay.

I intend to sell to someone who is an expert (won't come back later and claim the coins are counterfeit) and is local so we can do business face-to-face, coin-to-payment. It's not worth it to me to try to squeeze out a few more dollars and bear the risk of a remote and faceless transaction.

jmlanzaf · October 5, 2018 4:42AM

@1peter1223 said:

@jmlanzaf said:

@1peter1223 said:

@jmlanzaf said:

@BillDugan1959 said:

>
Isn't that exactly what I said?

Not quite , you just mentioned "paypal" . Many sellers ask to be paid paypal Family and friends as a "gift" . This to avoid the 3% fee. This actually puts buyer at risk because this is a no no with paypal. Credit card is safest for the buyer .

If you read the entire statement, I referred to using PayPal so a claim can be made and referred to tacking on the payment fees as a result - none of which applies to friends and family. Well, unless you can issue a charge back against family. LOL. Although even then, it doesn't matter how you use PayPal (commercial or family/friend). What matters is how you FUND the transaction. If it is funded by credit card, that's all that matters.

jmlanzaf · October 5, 2018 4:46AM

@rmorgan said:
I know you guys are discussing this in theory. For me, I have no intention of selling on eBay.

I intend to sell to someone who is an expert (won't come back later and claim the coins are counterfeit) and is local so we can do business face-to-face, coin-to-payment. It's not worth it to me to try to squeeze out a few more dollars and bear the risk of a remote and faceless transaction.

That is the BEST avenue and you won't be sacrificing any money. The people who want to buy on BST here DON'T want to pay retail. They are paying wholesale plus. Given the margins on gold, local wholesale will beat wholesale plus.

Generally, cash for gold places like the one you mentioned have about double the bid/ask spread of coin shops. The closer you can get to the market maker, the better. If you are in or near a decent sized city with a couple coin shops, you should be able to find someone paying 96 to 98% of melt.

Good luck.

rmorgan · October 5, 2018 6:06AM

@jmlanzaf said:

That is the BEST avenue and you won't be sacrificing any money. The people who want to buy on BST here DON'T want to pay retail. They are paying wholesale plus. Given the margins on gold, local wholesale will beat wholesale plus.

Generally, cash for gold places like the one you mentioned have about double the bid/ask spread of coin shops. The closer you can get to the market maker, the better.

Thanks. That is the type of information I've been seeking.

If you are in or near a decent sized city with a couple coin shops, you should be able to find someone paying 96 to 98% of melt.

I live in a suburb of a major metropolitan area. A local coin show this weekend, and a regional coin show the following weekend. A couple of great opportunities to seize.

looking for advice on selling gold coins

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