Coin Novice And Wife Need Some Guidance

You should be able to get at least spot price locally and sell it to another stacker who will give you full value

The grade would be something, I'll guess they are shiny new,,,,I say in person eventually, no to the bay and more no, no no.....Time I say is on your side, serveral years have passed so do not hurry now.....

Don't mess with grading them. They are "bullion" coins and their value is based on their gold content. Few people collect Krugerands that are in extremely fantastic condition. The cost for grading them would just be money out of your pocket. (some other gold coins I would respond differently)

If you are near a big enough town with 2 or 3 coin shops or and place that sells bullion, call them up and ask what they are paying for 1-ounce krugerands today. Have kitco.com/market on your computer and compare their price to the gold spot price. Are they paying you spot? $50 back? You might also ask if they can buy 5 or 10 or however many you have. They may tell you they will pay that amount in a check or check/cash combo. I doubt anyone is giving you $10K cash, so some places will discourage sales that high.

I think your goal should be to get within $50 of the current spot price. You can also ask if their price is good for today? the next half hour? will depend on the market when you actually get to the store? A really reputable dealer will change his buy price throughout the day as gold prices rise and fall constantly (like the stock market). You will probably get a better price when the market it open (weekdays before 4:00 central time).

Don't stress too much, just call a few guys up. You can google places to buy gold in your area. Those guys have to buy gold to sell it. :)

Welcome to the forum!

I'll second Fat Freddy's suggestions. Educate yourself on exactly what you have and what it's worth. The spot price of gold fluctuates constantly and the Kitco charts are extremely useful for helping you calculate what your coins are worth at a given point in time.

Depending on where you live, it's very possible you have a good and reputable local coin shop (LCS) near you. Some of the best precious metals purchases I've ever made have been through my LCS. However, the relationship I have with my LCS, the mutual trust I've established, has developed over years of repeat business with them. And regardless of relationship, due diligence by you is ALWAYS required in any transaction. Fortunately, your Krugerrand coins are recognized the world over and shouldn't be difficult to sell to a reputable bullion dealer for a little over current spot price. Note that Krugerrand coins typically do not command the higher premium over spot price that the American Gold Eagle coins bring. Also, if your coins have been seriously mishandled or damaged, bullion dealers may offer less for coins that aren't in resealable condition. None of this may apply to you in any transaction, but these are a few of the things to keep in mind when shopping around for the best selling price.

In addition to legitimate local bullion dealers, you might consider seeking a sell quote from one of the large national bullion sellers. For example, APMEX.com frequently lists their current "buy" price for popular gold coins right on their web site. If interested, the next step might be to give them a call and request a formal written (faxed or emailed) buy offer for your coins. Regardless who you decide to sell to, make sure you understand the terms of the sale and, most importantly, know the settlement terms so you know when to expect your check or bank wire. I wouldn't do business with anyone who didn't agree to almost immediate payment in full to you once they had receipt of your coins.

There are other things to consider when buying or selling precious metals so please don't base any buy or sell decisions on this or any other message board. It's the Internet. Take any suggestions or discussions with a grain of salt and, please, always follow through on your own due diligence.

Finally, and this is a personal opinion of mine, I would avoid discussing any pending PM sale with anyone outside of your immediate family. As for me, I don't discuss coins with anyone in real life other than when visiting my LCS dealer. When I want to discuss coins, I come here to the forums where no one knows me from Adam! In all seriousness, though, a casual comment in front of the wrong person could be disastrous resulting in theft or worse.

Good luck and be careful!

I think the bottom line on mandated reporting to IRS is transactions of >$10K. But---I'm not any authority on tax matters. I'm smart enough to keep myself out
of trouble, but that's easy for little leaguers like me. Get professional level advice from a pro (like a CPA, NOT any of the "storefront tax preparers") to be safe.

Edit---Coinwatch correctly added one important thought. Maintaining strict silence and confidentiality about what you have and are about to sell is critically
important. Letting anybody (other than LCS staff) in your world know any details of what you have would be inviting disaster. The good majority of coin/PM
thefts aren't random---they're based on knowledge of the target.

to the forum

A couple of things you need to consider. When exactly did you acquire them ? In 2011 gold surged to $1900/oz , if you took them in trade at $1700-$1900/oz and now want to cash them in at $1330/oz , you are going to lose money.

They are just bullion, no numismatic value. I can't recall ever seeing a Krug in a major slab, so spot price is what you are aiming for. I would shop them around to local coin shops and pawn shops. But as mentioned, do it discreetly, ten coins are worth $13,000. Take one with you to get a price and then after a deal is made on price, bring in the rest.

APMEX and other reputable online dealers will also buy gold at spot. But as an Authorized Purchaser of the U.S. Mint, APMEX is only required by law to buy Gold Eagles, not foreign coins.

Craigslist is another way, but no one will offer you spot prices. Buyers are just as wary as sellers on CL. Why take the chance, if you are a buyer, if you are not going to get a great deal for under spot.

As far as taxes go, if you paid taxes on the original sale of the motor home, then you won't get taxed on the sale of the coins that taken in barter. The gov't taxes everything, but rarely double dips. If you consult a tax expert, you may even be able to write off a loss if you cash in the coins at a considerable loss in barter value.

Gold has surged $150-$200 in the last couple of months, unless you took them in trade for over $1400/oz, you may want to hold on to them a while longer, if at all possible.

This is really not that hard if you focus on their situation. They have a few (let's say 3-4) and want to liquidate and we'll say within 3-4 months on that. This is not in their wheelhouse and they have obviously busy lives about to get busier. Call all the gold purchasing places, including the coin shops located 30-45 minutes south of you. If they don't give you a buy price on this bullion valid at that moment, move on (it will change as the market does). Within 30 minutes you'll be able to determine the best mix of location, safety, business type and price. From there, it's up to you to decide if getting the extra $100 or so total you might get is worth the extra hours of effort it will require and whether you're wiling to "gamble" on short term market moves that might increase or decrease the value a couple hundred. You are simply selling a physical commodity. All my opinion. Good luck.

MY suggestion:
Sell one piece at a time.
Minimize your risk.
Cost average.
Avoids tax problems.
Where you live (in what state and what city) may come into play.
A town near me requires coin dealers to hold purchases of gold coins. Many dealers
refuse to buy gold for this reason.
Do not lose hope. The CCF will walk you through this.

By several, just how many ounces are we discussing, if you don't mind my asking?
Are you near a large city where coin shows are held?
Again, details please.

Third party grading is not worth it for your bullion pieces.

A little more patience on your and your wife's part will pay dividends.

The more details that we have the better that we can serve you.
And congratulations with the 'soon-to-be' new addition to your family!
THAT is a great reason to sell now.