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11 Mexican Gold Coins 50 Pesos-Price

 
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Author Previous TopicReplies: 7 / Views: 587Next Topic  
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United States
3 Posts
 Posted 05/12/2021  11:06 am Show Profile   Bookmark this topic Add XCoNGAMMA to your friends list Get a Link to this Message
Hello,

New user here and I apologize if this is the wrong area for this post.

I am trying to sell 11 Mexican Gold Coins(50 Pesos) 37.5Gr ea.
Years 1921-1931

Trying to understand the lingo for selling gold. For example spot price, over spot? I have called a few business that buy gold and have gave varied offers for buying the gold, but I dont fully understand what it means and I dont want to get a bad deal.

I'm trying to get the most out of the coins, but I do understand a business has to make profit. If anybody can offer any words of wisdom I would greatly appreciate it.

thanks, Sean.


Pillar of the Community
United States
7282 Posts
 Posted 05/12/2021  12:33 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
Normally if you sell at the "WE BUY GOLD!" local places, they will take you for a ride. Glad you came here first!

"Spot price" is the going rate of gold per ounce on the market. It fluctuates during the business day.
A screenshot from the website:
https://www.kitco.com/market/



So you will need to know the weight of thses coins as well (search engine - "what is the weight of a 50 peso Mexican gold coin?")

You also can look on eBay SOLD items for a set like this, but I do not recall personally seeing an almost complete set like yours before, which might be more collectible (?).

I am not a Mexican coin collector so don;t really know if sets are normally found. However, you could look up each one individually by date as well to get a good idea of what they sell for.

Remember coins in slabs are graded by a company and tend to bring in a little more of a profit. However, that gets into a whole new category of if it would be worth it to get these graded. A coin has to have a very high grade typically to be worth a lot more than ones in typical condition. Its a gamble (and expensive one) that some people take without knowing anything about grading, and even experienced people are taking a gamble. So if you want to get these slabbed/graded to see if you can make more of a profit, then you would need to post pics of each online in this forum so our experienced graders can give you an idea if grading would be good in this case.
The slabbed Half dollar No FG farce: Download No-FG half vs. Grading Company Claims report here:
https://tinyurl.com/yalrstjz or higher resolution version: https://tinyurl.com/y7rksxu8

- How much squash could a Sasquatch squash if a Sasquatch would squash squash?
New Member
United States
3 Posts
 Posted 05/12/2021  1:22 pm  Show Profile   Bookmark this reply Add XCoNGAMMA to your friends list Get a Link to this Reply
Thank you Earle42. Appreciate the info. This is actually a complete set, the missing coin was just taken out at the time I took this picture. Each coin weighs 37.5 Grams. So going by the kitco.com Gold spot price, 1 coin is worth Bid:$2,196, Ask:$2,197 currently. Each coin year does correspond to the year on the plaque/coin holder.

I will take pictures of each coin up close, front and back and submit them here to have experienced graders see what they think. Should I make a new post in the coin grading forum for that?

Also, do people buy gold from here? If someone was interested in them on this forum, what would be the best/safest way to process that transaction?

thanks again.
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Canada
4186 Posts
 Posted 05/12/2021  1:39 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
According to my (older) krause catalogue, this coin has 1.2057 ounces of pure gold, and none of them are rare. I know that my LCS could never sell them for more than the bullion value, which would be about $2200. That means that he would pay about $2000 each for them, and if there are no immediate buyers he would likely wholesale them to a refiner and get about $2100 each. His profit is about 5-6%, and if the price drops by 2% overnight, well there goes 1/3 of his profit. Margins are very slim on this type of coin.

There may be larger markets where the demand is better, and people would be willing to pay a premium for high grade slabbed coins. I can't tell from the pictures if any are very high grade. It probably does not make sense to sell these on ebay unless there is something special about them. The fees and the risk mean that you may as well sell to the dealer with the best offer. But remember that you can't compare offers unless they are made at the same time, due to the offer being based on the price of gold at the time.
Pillar of the Community
United States
7282 Posts
 Posted 05/12/2021  4:23 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply

Quote:
I will take pictures of each coin up close, front and back and submit them here to have experienced graders see what they think. Should I make a new post in the coin grading forum for that?

Also, do people buy gold from here? If someone was interested in them on this forum, what would be the best/safest way to process that transaction?


Our forum Father, Bobby, has made a rule to wisely require 50 quality posts on this forum before buying or selling is allowed. It weeds out the fly by nights who would come here to take advantage of someone.

The grading forum would be the place to post them.

I am not sure how much you know about coins so let me stress not to try to clean them up or make them look more shiny in any way. This will ruing the value to collectors.

Another thing I would likely do if this was my set would be to look at online coin auctions like Heritage to see if a set like this has been sold before.
https://coins.ha.com/

Most people do not have enough disposable income to buy a set of gold coins such as this, but there might be someone out there who would like a full set without having to track each coin down individually - which might take some time.

Hobby high rollers are on auctions sites such as Heritage.

I admit if it were mine, I have a very trusted friend who is a dealer with a large youtube presence and runs:
portsmouthcoinshop.com
If this set were mine, I would be asking his advice. If you choose to contact him, you can tell him Earle42 sent you if you want. Please do NOT think I am ASKING you to. I am just saying feel free to use it as an ice breaker/inroad if you feel so inclined. He and I correspond regularly.
The slabbed Half dollar No FG farce: Download No-FG half vs. Grading Company Claims report here:
https://tinyurl.com/yalrstjz or higher resolution version: https://tinyurl.com/y7rksxu8

- How much squash could a Sasquatch squash if a Sasquatch would squash squash?
Edited by Earle42
05/12/2021 4:25 pm
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United States
101920 Posts
 Posted 05/12/2021  4:35 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
to the Community!


Quote:
Also, do people buy gold from here? If someone was interested in them on this forum, what would be the best/safest way to process that transaction?
Be aware that we have very strict Buy/Sell/Trade Rules here.
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1718 Posts
 Posted 05/12/2021  7:44 pm  Show Profile   Bookmark this reply Add jfransch to your friends list Get a Link to this Reply
Beautiful set. The 1921 is a collectable date and worth more than the gold value. Other than that one date, most Mexico 50 peso gold Centenarios sell for a slight premium over gold value. They really only obtain a numismatic premium in grades MS63 and higher. Before the pandemic closed the local coin store I frequented, these were selling for spot plus 5%. Obviously he was paying less than that. Very interesting holder because that is not a complete set of Centenarios, it does not contain the later dates 1943-1947.
"Suppose you were an idiot, and suppose you were a member of Congress. But I repeat myself."
-Mark Twain
New Member
United States
3 Posts
 Posted 05/13/2021  2:55 pm  Show Profile   Bookmark this reply Add XCoNGAMMA to your friends list Get a Link to this Reply
Thanks everyone for all the great info! I will be posting the coins very soon to determine if it would be beneficial or not to have them graded.
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