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 Replies: 18 / Views: 2,946 |
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New Member
Australia
43 Posts |
Hi guys...thought I would get your opinions on this.
The other day I had a person walk into work (I work at a bank) with a box that he had found whilst cleaning up his recently deceased mothers house. in the box was a gold 1912 sovereign. He had no idea what it was and thought it was only a token and he was going to use it as a ball maker for golf (!). I followed up and did a bit of research and called him to explain to him exactly what is was and he is keen to sell. Well he came back in today and said that because he had done the right thing by him he would give me first offer for it at $500.
Is the coin worth that much considering it is in Gem condition?
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Pillar of the Community
Australia
4411 Posts |
Catalogue is over $520 regardless of whether from Perth, Melbourne or Sydney mint. I would be buying it but offering him a little less straoght up. Maybe $450 so you get an even better deal. After all he had no idea and you helped him!
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Pillar of the Community
Australia
762 Posts |
Overpriced
Bullion price for a sovereign is about $380 at the moment so unless this coin is in absolutely uncirculated condition it will be worth bullion + $50 at the most.
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Pillar of the Community
Australia
507 Posts |
Current bullion value is $380 - any margin over that is dependent on rarity, condition and demand. As a comparison, there is a slabbed MS63 Gem currently on ebay for $540, so the offer of $500 sounds to be pretty much in line with current market price. As Enworb mentioned, trying an initial offer of $450 would be fair and reasonable in the circumstances - gives them an instant cash sale with no selling fees, and no doubt would be more than on offer from the local gold buyers... |
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Pillar of the Community
Australia
7096 Posts |
I think it would be prudent to weigh and measure the coin.
o.2354 oz 21.5mm
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Pillar of the Community
Australia
762 Posts |
Quote:As a comparison, there is a slabbed MS63 Gem currently on ebay for $540, so the offer of $500 sounds to be pretty much in line with current market price. I beg to differ. Slabbed coins are notoriously over priced and the reason it is still for sale on ebay is that nobody has bought it. Catalogue value is retail value so you shouldn't be paying anywhere near retail value. I would suggest $450 as an absolute maximum.......but that is just my opinion  |
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Bedrock of the Community
Australia
21786 Posts |
After reading all of the facts presented on this thread you should advise him accordingly.
I would be rather circumspect of your position as a bank officer. and if you enter negotiations with the customer, talk to your boss first, and that your actions are approved by the bank.
Your own actions need to be observed as completely transparent by everyone.
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Pillar of the Community
Australia
507 Posts |
Sorry if it wasn't clear, but I was using the slabbed coin as a "top end" of the market example due to the substantial premium over normal prices people seem to want for them ie this is the most you should expect to pay for a coin in this condition.
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Valued Member
Australia
157 Posts |
Hi ikiriki, hmm off the top of my head, I think there could even be British sovereign 1912, no mint mark , still worth about the same as the Oz ones (for bullion), and I do concur with trout 1105 , please measure and weigh the coin , before you think about buying. If I worked in a bank I would spend all day looking for 2000 mules and wavy 20s  , I suppose they would sack me within the week tho.  |
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Pillar of the Community
Australia
762 Posts |
That is a fair point FNQ. I guess I just have a bit of an issue with slabbed coins.
Trout also has a very good point. This could easily be a scam so make sure it is genuine and be confident of the grading.
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Valued Member
Australia
318 Posts |
I don't think it is a scam.
Why go to a bank on the off chance someone knows that it was a sovereign and then assume that the bank teller would call back! Seems elaborate and based on ridiculous assumptions-
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Pillar of the Community
Australia
7096 Posts |
Quote:
I don't think it is a scam.
Why go to a bank on the off chance someone knows that it was a sovereign and then assume that the bank teller would call back! Seems elaborate and based on ridiculous assumptions-
Just looking after ikiriki's welfare. It could also be a jewelers piece for mounting in pendants ect. It could also be stolen. If ikiriki does not actually know this person he would be wise to err on the side of caution These coins ARE heavily counterfeited and most scammers will try anything to cash in on a mark. There is absolutely no problem with authenticating this coin before buying it |
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Rest in Peace
United States
9104 Posts |
 , ikiriki and FNQ. ikiriki- In your position, I wouldn't give him more than $350. Highly unlikely any dealer will give him that, and you discovered its value for him. He sounds like these people on the Pawn Stars tv show (on youtube) who are willing to sell something for $2000, until the pawn dealer brings in an expert who says it might bring as much as $18,000 at an auction, then they want $18,000. |
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Rest in Peace
United States
9104 Posts |
Quote:As a comparison, there is a slabbed MS63 Gem currently on ebay for $540, so the offer of $500 sounds to be pretty much in line with current market price. Which means if it sells, the seller will net around $460, less $30 slobbing fee is $430, and that assumes the guy wants to do ebay, knows how to take a great pix, and wants to put in the effort to sell that way. Makes my $350 carrel-on-the-bash-head figger look a lot better, doesn't it? |
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Rest in Peace
United States
9104 Posts |
Quote:
I think it would be prudent to weigh and measure the coin.
o.2354 oz 21.5mm 0.2354 is gold content, spec on a new one is Weight: 7.988052 g (0.2568 tr oz) Thickness: 1.52 mm Diameter: 22.05 mm dunno where you got the mm size |
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Pillar of the Community
Australia
4411 Posts |
I have change my mind now and agree with bigfred. He would be very lucky to get $350 elsewhere except for ebay and he may see that as a hassle. Unless you were actually in the market looking for one its prob not worth getting it at market price because you can. But at $350 you're getting a good deal for yourself, equal or more than what most dealers would pay and at the end of the day he never thought it was worth anything until you told him. |
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Replies: 18 / Views: 2,946 |
Posted 02/16/2012 02:18 am
