Friend is looking to sell some KRands in the Orange Co, CA area

Elcontador · July 9, 2019 2:33PM

Can you recommend any brick & mortar place(s) where he can sell them and not get ripped off? I have no idea what the bid / ask is on these, as I don't deal with bullion or gold numismatic coins.
Thanks.

Namvet69 · July 9, 2019 2:41PM

Go to Apmex or other bullion dealers to check spot gold prices and do the particular rands have numismatic value? Peace Roy

TommyType · July 9, 2019 3:36PM

Liberty Coin in Signal Hill?

Can't say I've ever sold them anything, but they are my favorite brick and mortar coin dealer, and I ASSUME upstanding bullion dealer.

Justacommeman · July 9, 2019 4:17PM

If he wants to cross county lines CNI near LAX is as transparent as it gets. Electronic up to the second buy/ sell board. I’ve been using them for years buying and selling. Won’t use anyone else. Link below.

I’ve never dealt with Heritage or Stacks on bullion but I believe they might have a toe in that pool. Not sure

mark

https://www.golddealer.com/

BillDugan1959 · July 9, 2019 4:42PM

@Justacommeman That CNI website is a nice site. We sure don't have anything with that kind of straight-forward transparency in this neck of the woods.

jmlanzaf · July 9, 2019 5:11PM

@Elcontador said:
Can you recommend any brick & mortar place(s) where he can sell them and not get ripped off? I have no idea what the bid / ask is on these, as I don't deal with bullion or gold numismatic coins.
Thanks.

98% of gold value is about the max. Depending on where you go, the offer should be 95% to 98%.

Justacommeman · July 9, 2019 5:27PM

With spot at $1393 CNI’s buy price is $1374

m

CascadeChris · July 9, 2019 7:27PM

Patchins is good, or Quigley down at Main Street coin in Yorba Linda.

jdimmick · July 10, 2019 2:18AM

Check around, also most people when they want to sell , want cash on spot, so they will not take the time to ship to places like apmex. also, several are afraid of any kind of reporting, or taking a check, so that's out also.
I have nobody buying 1 oz gold over the counter, and haven't for a good while, (so gold price is up, you sure cant tell) I have had to ship everything that's come in. I have noticed since the price run, most of the places that buy from the dealers are now at 97% to 98% of spot max. So if I want to make 3%, I have to pay 93-94% , and don't want the big stuff.

I begged a lady to carry here 1 oz krands yesterday to another dealer, but she said they were way back!

keets · July 10, 2019 4:34AM

wherever he sells he should expect somewhere around spot -$25, things are really bad right now and it's a buyers market. if you are so situated the best thing to do is buy Gold and hold till the premiums change.

MFeld · July 10, 2019 5:16AM

@Elcontador said:
Can you recommend any brick & mortar place(s) where he can sell them and not get ripped off? I have no idea what the bid / ask is on these, as I don't deal with bullion or gold numismatic coins.
Thanks.

Jeff, If you can't do better elsewhere and if you are OK shipping, currently, I could get you $10 back of spot. Feel free to call me or PM me with specifics.

ricko · July 10, 2019 5:47AM

I have not looked at KRands on the BST.... but that might be a resource...Cheers, RickO

oih82w8 · July 10, 2019 6:31AM

I would be careful on selling Krugerrands for spot...some have numismatic value too...the 1967 (I have been looking for) has other than intrinsic value.

FredWeinberg · July 10, 2019 7:00AM

I'd recommend Patchin's

Tony Patchin - great guy, honest, etc.

skier07 · July 10, 2019 9:57AM

Try OC Rare Coin (Costa Mesa) at 949-204-1652.

logger7 · July 10, 2019 10:29AM

Camino Coin in Burlingame.

Dave99B · July 10, 2019 10:33AM

Speaking of Krugerrands….I was in a coin store six months ago when a lady (40ish) walks in and plunks 15 gold Krugerrands on the counter. She asks the dealer "I'd like to sell these. What are they, and what are they worth". She apparently had no clue what they were. She was blown away by his offer. She sold them on the spot.

Dealer asks: "If you have any more, please feel free to bring them in and we'll buy them as well".

Lady: "Will do. I have 200 more at home. My Uncle, who recently passed away, left these for me."

Me (in my head): "Wow.....nice Uncle!"

Dave

crazyhounddog · July 10, 2019 10:35AM

@Justacommeman said:
If he wants to cross county lines CNI near LAX is as transparent as it gets. Electronic up to the second buy/ sell board. I’ve been using them for years buying and selling. Won’t use anyone else. Link below.

I’ve never dealt with Heritage or Stacks on bullion but I believe they might have a toe in that pool. Not sure

mark

https://www.golddealer.com/

Thank you for the link Mark. They do have great prices👌🏻

BAJJERFAN · July 10, 2019 4:33PM

@Dave99B said:
Speaking of Krugerrands….I was in a coin store six months ago when a lady (40ish) walks in and plunks 15 gold Krugerrands on the counter. She asks the dealer "I'd like to sell these. What are they, and what are they worth". She apparently had no clue what they were. She was blown away by his offer. She sold them on the spot.

Dealer asks: "If you have any more, please feel free to bring them in and we'll buy them as well".

Lady: "Will do. I have 200 more at home. My Uncle, who recently passed away, left these for me."

Me (in my head): "Wow.....nice Uncle!"

Dave

Do you remember what the offer was? Selling more than 25 of those as a lot requires the [honest] dealer to issue her a 1099-B as well as be aware of related transactions.

BAJJERFAN · July 10, 2019 4:36PM

@crazyhounddog said:

@Justacommeman said:
If he wants to cross county lines CNI near LAX is as transparent as it gets. Electronic up to the second buy/ sell board. I’ve been using them for years buying and selling. Won’t use anyone else. Link below.

I’ve never dealt with Heritage or Stacks on bullion but I believe they might have a toe in that pool. Not sure

mark

https://www.golddealer.com/

Thank you for the link Mark. They do have great prices👌🏻

$40 over spot for an AGE isn't as great as those cozy $15 over eBay specials that include free shipping and whatever CC reward points you can walk away with. Not sure that I would be a buyer of gold at current pricing.

BAJJERFAN · July 10, 2019 4:49PM

@FSF said:

@BAJJERFAN said:

@Dave99B said:
Speaking of Krugerrands….I was in a coin store six months ago when a lady (40ish) walks in and plunks 15 gold Krugerrands on the counter. She asks the dealer "I'd like to sell these. What are they, and what are they worth". She apparently had no clue what they were. She was blown away by his offer. She sold them on the spot.

Dealer asks: "If you have any more, please feel free to bring them in and we'll buy them as well".

Lady: "Will do. I have 200 more at home. My Uncle, who recently passed away, left these for me."

Me (in my head): "Wow.....nice Uncle!"

Dave

Do you remember what the offer was? Selling more than 25 of those as a lot requires the [honest] dealer to issue her a 1099-B as well as be aware of related transactions.

I've seen dealers that didn't care about that nor the $10K cash limit.

No doubt there are some of those

Moldnut · July 10, 2019 4:53PM

Bob Patchin even posts his prices on a board, so you don’t even need to ask.
They have a nice shop for raw coins at fair prices too.

amwldcoin · July 10, 2019 6:51PM

I've lost a few good sales over the years due to this.

@FSF said:

@BAJJERFAN said:

@Dave99B said:
Speaking of Krugerrands….I was in a coin store six months ago when a lady (40ish) walks in and plunks 15 gold Krugerrands on the counter. She asks the dealer "I'd like to sell these. What are they, and what are they worth". She apparently had no clue what they were. She was blown away by his offer. She sold them on the spot.

Dealer asks: "If you have any more, please feel free to bring them in and we'll buy them as well".

Lady: "Will do. I have 200 more at home. My Uncle, who recently passed away, left these for me."

Me (in my head): "Wow.....nice Uncle!"

Dave

Do you remember what the offer was? Selling more than 25 of those as a lot requires the [honest] dealer to issue her a 1099-B as well as be aware of related transactions.

I've seen dealers that didn't care about that nor the $10K cash limit.

BAJJERFAN · July 10, 2019 7:03PM

@amwldcoin said:
I've lost a few good sales over the years due to this.

@FSF said:

@BAJJERFAN said:

@Dave99B said:
Speaking of Krugerrands….I was in a coin store six months ago when a lady (40ish) walks in and plunks 15 gold Krugerrands on the counter. She asks the dealer "I'd like to sell these. What are they, and what are they worth". She apparently had no clue what they were. She was blown away by his offer. She sold them on the spot.

Dealer asks: "If you have any more, please feel free to bring them in and we'll buy them as well".

Lady: "Will do. I have 200 more at home. My Uncle, who recently passed away, left these for me."

Me (in my head): "Wow.....nice Uncle!"

Dave

Do you remember what the offer was? Selling more than 25 of those as a lot requires the [honest] dealer to issue her a 1099-B as well as be aware of related transactions.

I've seen dealers that didn't care about that nor the $10K cash limit.

If you don't push the envelope with a customer then someone else probably will. OTOH that customer could be someone enticing you to break the law just so he could slap your wrist [or worse] for doing so.

COCollector · July 10, 2019 8:14PM

Long Beach Expo Sept 5 -7.

I know you're looking for brick-and-mortar shops. And I'm not sure what offers you get for bullion at that Show.

But at least you can shop around lots of dealers.

Justacommeman · July 10, 2019 8:49PM

Skirting the law is never the right move.

m

csdot · July 10, 2019 8:59PM

@Justacommeman said:
Skirting the law is never the right move.

m

Those laws are there for a reason. The government needs honest hardworking Americans to know their place.

thebeav · July 11, 2019 3:56AM

You're crazy if you ignore the laws and the proper paperwork.
Those K's could easily turn up as stolen, no matter how honest your customer appears. Even though you did your due diligence and are not complicit in receiving stolen material.
One thing leads to another and now you're caught !
I've seen it happen.....More than once.....

jmski52 · July 11, 2019 6:09AM

Lots of good advice & info in this thread. $10 back of spot seems to be the best option at this point.

Even tho' I haven't dealt with CNI, I've used their prices as a good reference from time to time.

Apmex is very legit, but I suspect they will bite you more than a little bit when selling.

BAJJERFAN · July 11, 2019 7:22AM

@jmski52 said:
Lots of good advice & info in this thread. $10 back of spot seems to be the best option at this point.

Even tho' I haven't dealt with CNI, I've used their prices as a good reference from time to time.

Apmex is very legit, but I suspect they will bite you more than a little bit when selling.

Maybe they've changed, but APMEX used to have a buy price with their product listings which indicated to me that they were looking to buy that particular item. They were one of the better payers at around $15 over for AGEs and around $10 over for Leafs. No buy price meant that they'd likely buy them, but not for top dollar.

TwoSides2aCoin · July 11, 2019 7:28AM

Buy. Don't sell. That's my advice.

BAJJERFAN · July 11, 2019 8:22AM

@TwoSides2aCoin said:
Buy. Don't sell. That's my advice.

Not at current prices. 2 months ago maybe.

MilesWaits · July 11, 2019 8:36AM

I have yet to find my local dealers offering anything other than spot when I sell.

thebeav · July 11, 2019 8:43AM

@MilesWaits said:
I have yet to find my local dealers offering anything other than spot when I sell.

For K-rands ?
Wow !

MilesWaits · July 11, 2019 8:45AM

Not K Rands but this thread has become generalized towards selling gold.
I have never liked the K Rand, too bland. I want my bullion to have some bling.

TwoSides2aCoin · July 11, 2019 12:56PM

@BAJJERFAN said:

@TwoSides2aCoin said:
Buy. Don't sell. That's my advice.

Not at current prices. 2 months ago maybe.

Current prices are fine. I've been buying and selling since I can remember my first zit in junior high school, Tom.

logger7 · July 11, 2019 1:10PM

@BAJJERFAN said:

@FSF said:

@BAJJERFAN said:

@Dave99B said:
Speaking of Krugerrands….I was in a coin store six months ago when a lady (40ish) walks in and plunks 15 gold Krugerrands on the counter. She asks the dealer "I'd like to sell these. What are they, and what are they worth". She apparently had no clue what they were. She was blown away by his offer. She sold them on the spot.

Dealer asks: "If you have any more, please feel free to bring them in and we'll buy them as well".

Lady: "Will do. I have 200 more at home. My Uncle, who recently passed away, left these for me."

Me (in my head): "Wow.....nice Uncle!"

Dave

Do you remember what the offer was? Selling more than 25 of those as a lot requires the [honest] dealer to issue her a 1099-B as well as be aware of related transactions.

I've seen dealers that didn't care about that nor the $10K cash limit.

No doubt there are some of those

I was at the Baltimore show where I was paid over $10K in cash for stuff I sold, walked into BoA where the employee was miffed he had to fill out an 8300 form or something. No big deal, the only big red flags are shady profiles like drug dealers, etc. who could trigger investigations as with Silvertowne.

BAJJERFAN · July 11, 2019 3:05PM

@logger7 said:

@BAJJERFAN said:

@FSF said:

@BAJJERFAN said:

@Dave99B said:
Speaking of Krugerrands….I was in a coin store six months ago when a lady (40ish) walks in and plunks 15 gold Krugerrands on the counter. She asks the dealer "I'd like to sell these. What are they, and what are they worth". She apparently had no clue what they were. She was blown away by his offer. She sold them on the spot.

Dealer asks: "If you have any more, please feel free to bring them in and we'll buy them as well".

Lady: "Will do. I have 200 more at home. My Uncle, who recently passed away, left these for me."

Me (in my head): "Wow.....nice Uncle!"

Dave

Do you remember what the offer was? Selling more than 25 of those as a lot requires the [honest] dealer to issue her a 1099-B as well as be aware of related transactions.

I've seen dealers that didn't care about that nor the $10K cash limit.

No doubt there are some of those

I was at the Baltimore show where I was paid over $10K in cash for stuff I sold, walked into BoA where the employee was miffed he had to fill out an 8300 form or something. No big deal, the only big red flags are shady profiles like drug dealers, etc. who could trigger investigations as with Silvertowne.

My understanding is that those are rarely looked at. SARs are a whole nuther matter.

logger7 · July 13, 2019 10:30AM

@BAJJERFAN said:

@logger7 said:

@BAJJERFAN said:

@FSF said:

@BAJJERFAN said:

@Dave99B said:
Speaking of Krugerrands….I was in a coin store six months ago when a lady (40ish) walks in and plunks 15 gold Krugerrands on the counter. She asks the dealer "I'd like to sell these. What are they, and what are they worth". She apparently had no clue what they were. She was blown away by his offer. She sold them on the spot.

Dealer asks: "If you have any more, please feel free to bring them in and we'll buy them as well".

Lady: "Will do. I have 200 more at home. My Uncle, who recently passed away, left these for me."

Me (in my head): "Wow.....nice Uncle!"

Dave

Do you remember what the offer was? Selling more than 25 of those as a lot requires the [honest] dealer to issue her a 1099-B as well as be aware of related transactions.

I've seen dealers that didn't care about that nor the $10K cash limit.

No doubt there are some of those

I was at the Baltimore show where I was paid over $10K in cash for stuff I sold, walked into BoA where the employee was miffed he had to fill out an 8300 form or something. No big deal, the only big red flags are shady profiles like drug dealers, etc. who could trigger investigations as with Silvertowne.

My understanding is that those are rarely looked at. SARs are a whole nuther matter.

It all depends what the SAR is for. With FinCen and all the other regulatory entities, if there are enough concerned reports something may be done, but who knows? Bank workers and others can file suspicious activity reports hoping for the 15% fink referral bonus even if they are baseless.

topstuf · July 13, 2019 11:27AM

"Bullion" has taken on too many shades of variation.
At one time dealers in Oakland, CA had to hide them to keep the windows intact.
Something about Mandela protests or whatnot.

Maple Leafs have gone through the "HOW MANY NINES" phase.

When I occasionally lighten the load, I divest of Rands and Maples and retain the pile of AEGs and some misc. stuff picked up along the way that's sorta immaterial to my stash.

Gold SHOULD be gold. But it's not.

Friend is looking to sell some KRands in the Orange Co, CA area

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