Unlike shares in the gold mining industry, gold coins are a tangible rather than a liquid investment. Due to rising gold prices in the current economy, many gold coin owners believe this is the best time to sell them. Indeed, many gold coins have been appraised at higher values than gold bars due to guaranteed amounts of pure gold within each coin. Selling is very hard indeed.
How much i loose on selling gold to dealer?
You never hear about selling gold coins. You can sell directly or to coin shops. Banks no longer deal in Gold. I’m sure there are “agencies” out there, but like any other business, they need to make a profit so just be sure you’re comparing their prices to other avenues. You paid 20% over premium and sell your gold under spot. This video has some recommendations on the best coins to stack: you can’t understand what to buy without knowing the cost of selling. In other words, the value of what you’re buying!
Quick Fact
- The price you will offer for your gold coins of a local coin shop is directly based on how close a competitor is to them. Also coin shops don’t pay the most as they have to make a living from it. Good shops still pay well… especially for Gold Eagles right now, you should expect at least 75 over spot if not more.
- US/Canada Bullion, is what you should have as the bulk of your stack in N. America. Maples are the most popular foreign gold coin in the U.S. American gold retail market must be very strange, in the UK and any gold is very easy to sell.
- Gold sovereign for the British, yes you gotta freakin’ love sovereigns, maybe for the aesthetic and historical element to them, and more for the fact you won’t paid VAT on them in UK and more as the sovereigns are free from Capital Gains Tax for UK residents
- Easier to sell popular design formats to coin dealers who will be looking to re-sell them over the counter.
- But that doesn’t mean that you will get back the premium you paid. For this reason, buying “exotic” old gold like those old gold roosters at about spot can be a smart move.
- Coins are more liquid: Those 2-grams, 5-gram and one-ounce bars are so muck counterfeited that most buyers don’t immediately trust them – they want to have them verified. Regardless of whether that’s even a legitimate concern, always be advised against bars.
You can get back your premium when people rush on gold, but in general you lose what you paid for premium. Typically, 5% below spot, depending on the coin. It depends on what you pay for the coin – if you paid 5% above spot to buy it and the coin shop will pay 5% less than spot to buy it, then you lose approximately 10%.
US Dealers want one of three things...American Gold Eagles (eagles are always going to be more popular), Gold Buffaloes (still about as liquid as any gold eagle), American Silver Eagles, and now-mint generics. All things that are easy to resell for a quick profit. They’ll buy your junk silver, and Morgans & Peace Dollars, but for very low cost (most of the time), so they can offer them cheaply. Also, US dealer will buy cheap your Europeans gold coins: when you try to sell Libertad and Ducat you will get paid 95% of spot, for Canadian coin you can get 98% or 99% of spot for pristine Maples. still up from when I bought them a couple years ago, but lower than I expected. Really interesting thing to learn… I think they are closer to spot if I was selling an American Gold Eagle since they said that’s their most popular gold coin.
The Gold eagle has been in 2022 selling and buying over spot. 1oz Gold Eagles are selling for anywhere from $200 to $250 over spot right now (end 2022). There is a local shop that is paying over $100 ABOVE SPOT for 1oz Gold Eagles right now and selling them for $200 ABOVE SPOT… the margin is there because of the high premium on 1oz Gold Eagles currently.
A gold coin dealer is a small operation that mainly has local buyers. They probably also don’t hedge so are exposed to falls in spot price, and thus want to be sure something sells soon, especially if spot has been falling lately. Some don’t even know what they are Queen Victoria sovereigns and 20 French “rooster”Francs. They mostly deal in US coins.
In order to receive the best offers, owners of gold coins should keep all certificates related to their coins in a secure place such as a safe deposit box. Certificates of authenticity provide gold dealers with helpful information as far as assessing a gold coin’s value accurately. The better the condition of the gold coins, the better the chances an owner has of receiving a good offer as well.
Gold coin owners are advised to enlist the services of at least one reputable gold dealer; these professionals have a working knowledge of varying gold prices that changing markets dictate. They are also familiar with the percentages of gold bullion in specific coins by the coins’ striking years as well as countries of origin. Gold coins have a definite advantage over gold bars, since it is extremely rare to find a gold coin with its identifying information removed. Gold bars are struck with unique serial numbers, some of which are scratched or melted away in order to make tracing and authenticating the bars more difficult.
It is not uncommon for a gold coin seller to receive various quotes from different dealers, and one dealer’s offered amount can be slightly higher or lower than the next. The reason for this fluctuation is that different gold dealers operate with different beliefs as far as whether gold prices are about to rise or fall on any given day. However, offered gold coin prices should fall approximately within the same 10% to 15% range in either direction. If the coin owner encounters an offer that is significantly higher from one dealer, this should be a red flag that the offer could not be entirely legitimate.
It is well worth a seller’s time and effort to investigate selling gold coins both online and to brick-and-mortar gold dealing businesses. Many gold coin sellers place their coins up for bids on popular auction websites such as eBay and have had success receiving good offers. Sellers who would like to go this online route should first familiarize themselves on how to avoid auction fraud before placing their gold coins up for bids.
Even with the popularity of online auctions, other gold coin sellers have still found that an established storefront gold dealer is still often the best source for the best offered price. While gold dealers normally do not offer the full amount of the coins’ value, many of them depend on word-of-mouth referrals for gold coin sellers. Therefore, these dealers are willing to offer good prices for quality gold coins that will still allow them to make a profit through reselling.
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