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Selling To Local Coin/Bullion Dealers Vs. Dealers At Coin Shows

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au_investor_4732's Avatar
United States
4 Posts
 Posted Today  8H 8M ago Show Profile   Bookmark this topic Add au_investor_4732 to your friends list Get a Link to this Message Number of Subscribers
I have Krugerrands, Canadian gold coins, and other coins that I'd like to sell. I didn't buy them - my aunt did but is no longer able to handle her personal finances. I am her power of attorney.

Should I sell these coins to local coin/bullion dealers or dealers at coin shows? I'd like to hear about your experiences.

As I see it, the main advantage of a coin show is the convenience of being able to get offers from multiple dealers at a time instead of having to drive all over the place to get offers from individual dealers. In theory, this should allow me to sell at a better price due to all that competition. The main advantage of a local dealer with a physical store is that it's easier to trust such a dealer. Assuming that it's been around for years, I know that it's not a fly-by-night operation, and it has enough satisfied customers to stay in business for all those years.
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2284 Posts
 Posted Today  2H 20M ago  Show Profile   Bookmark this reply Add livingwater to your friends list Get a Link to this Reply
Wherever you can get the best price, local coin store, coin show. You could also check some of the online dealers like J M Bullion. J M Bullion posts what they will pay for some coins on their buy back page but you have to insure/mail the coins to them. I would not sell on Facebook or similar and meet someone, just my opinion. Sold coins on ebay gives a general range of coin values.

There's a big difference between bullion coins and collectable coins with numismatic value. For just bullion coins/bars dealers usually offer to buy at a percentage below daily spot price and sell at a percentage above spot price. Collectible coin values depend on each coin and their condition.

Realize there may be tax consequences when selling. Coins are considered a collectible, the IRS can tax their capital gains. Technically a person is supposed to keep records of what they paid and what a coin sold for. If no records were kept there's a cost basis formula I think. Some people sell coins for cash so no record of transaction but they might get audited and caught. You probably should learn about this before selling.

Also if your aunt is poor and might need to apply for Medicaid in a nursing home the government can go back 5 years checking her finances, if any of her assets were given away, sold. This might change her qualifying for aid.
Edited by livingwater
Today 1H 20M ago
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hfjacinto's Avatar
United States
7308 Posts
 Posted Today  1H 15M ago  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I found the best prices to be at the coin shop. They pay cash! Bullion is basically spot less a small premium. There isn't much difference in bullion pricing.
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