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 Replies: 9 / Views: 1,246 |
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New Member
United States
16 Posts |
Hi Y'all. I haven't posted in a looong time but I need some sound advice and I know I can get reliable information here. We have been collecting coins for a few years now for 2 reasons. First is because they are simply delightful to look at. Second, it is nice to collect something that you can also use as a savings account. Well, the day has come that we need to sell just about 2K of our collection, like in the next 2 days. One local coin shop said to "just bring them in and they will make an offer". I am in the Seattle-metro area. I need to know what to expect as far as how much money I will get vs. the current blue book value of the coin. Say I have a .5oz gold Krugerrand. Will I get what the current price for gold is or how much under that should I expect? Or like, for example, a Morgan that we bought a few years back for $98 and has been kept in the same condition. Do I get the current rate? We really don't want to get ripped off so I would appreciate to kind of get a feel on what to expect so we either don't look like fools or get taken to the cleaners. I would imagine we would first add up what we value the part of our collection we are selling, but I haven't an idea how the whole selling of the coinage works. Especially for gold and silver bullion. Thanks in advance for answering my embarassing questions.  Becka |
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Pillar of the Community
United States
819 Posts |
I'm not the best on giving advice for these things, but I can pretty much tell you that you'll lose some value simply because you've got to sell in a hurry.
Now, on the bullion, you should do alright. I think my local dealer tends to sell Kruggerands at something like 660 an ounce, and buys them at 630. So, you should be able to get 315 for an half ounce one. (Please keep in mind this isn't necessarily the actual price of a Kruggerand. Bullion prices change daily, and dealers offer different prices for buying.) Hopefully he'll have something posted on a board in his shop, advertising his buy/sell prices for bullion.
As for Morgans.. that's out of my league. :(
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Bedrock of the Community
United States
20753 Posts |
For one thing you didn't specify you were in a hurry to sell. If so, then you will be at the mercy of any dealer and if they know or sence this, you'll get low balled excessively. If you do not know the value of what you have, again, you will be offered much, much less than the coins are worth. I would STRONGLY suggest you find out exactly what you have prior to selling those or any coins. For one thing DO NOT take those coins to a coin store or shop. Always remember they must give you the least amount for your coins due to they must sell for a great profit to support the store and their families. Your coins would have to sell enough to pay for all utilities, taxes, insurance, rent, etc plus possibly support an entire family. You must really find out the value of your coins. Start with the Red Book. Then check out what they are selling for on ebay. Then go to the PCGS web site and check the prices there. Next check out on line dealers such as Millersmint or the many, many others out there. My final suggestion is go to google, type in coin shows and your state or nearby states. Then, if any near and soon, go to the coin shows with your coins. If big enough you'll have many dealers that you could get offers from and with such competition, comes the better deals. If you just go to one coin store, your at their mercy. Good luck and let us know what happens. And don't forget most coin forums have buy/sell sections and the members of most coin forums are a lot more professional in that field than a coin store. |
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Pillar of the Community
United States
1691 Posts |
Post some pictures..we'd love to add to our collections!... Also take them to a local coin club meeting and let them evaluate them for free(if you decide to keep them) They can determine which coins should go for melt and which coins to sell at a premium...the coin club gets 10% commission for doing this ....win-win for all!
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Pillar of the Community
United States
1984 Posts |
It sounds like you are in an emergency situation. A lack of clarity and focus will get you ripped off. Here are some practical tips on what I suggest you do: 1. Relax. Take a breath. Your anxiousness translates into desperation and anyone with half a brain can smell desperation like fresh skunk roadkill. 2. Eye your collection carefully. Are there any items you would not part with until they are pried from your frosty lifeless fingers? Set these aside. You may want to bring them with you to the coin store, however. Why? If these coins are rare or conditionally rare, a dealer might (MIGHT) take note of this and offer a bit more for the other coins. Also, it never hurts to get an idea of current value for your collection. 3. Be educated about what you have for sale. If you are selling a 1/2 ounce gold bullion coin, find out the current "Buy" price. Just as a guide, you can currently sell a 1 ounce Krugerrand to APMEX for $674.70. APMEX is also buying $1,000 bags of 90% silver coins for $8380 for and selling for about $8680. If you are selling collectible coins as more than bullion, then you must know the grade and current value of what you want to sell. You can get a current wholesale value on US coins by spending a couple dollars to download a Dealer Greysheet. I'm not sure I am allowed to post a link but the word greysheet with a dot-com at the end does it for me. Make a list. Bring your list AND your greysheet with you. The Blue Book has no practical value except to get you ripped off. Make notes of their offer price. If the prices are significantly below greysheet bid and you know your coins are graded accurately, politely decline to sell, UNLESS... 4. You really, really, really, need the money. Then you're probably going to be offered $8.30 for a Morgan, $3 and change for silver halves, almost nothing for foreign, etc. etc regardless of collectible value. 5. If there is more than one shop in the area, get more than one offer. Or take the same 10 coins to as many stores as you can get to and compare the offers. Don't say, "Well, Dealer A offered me X." Just accept what you're being told as information. 6. I could go on, but I think you get the drift. If you have the time, post a list of what you're thinking of selling and we could help you know what to expect. Good luck HABIB |
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New Member
 United States
16 Posts |
Thank you for taking the time to share your valuable information. I had no clue of the greysheet, but I will get it for sure. We have a really good relationship with one particular store that is owned by 3 really nice women. One day we were in there and caught a customer stealing some coins that were worth some big bucks and we stopped him before he could leave. Then there was another day where we made 2 purchases, one for a couple hundred dollars and then we found somem more stuff and spent a few more hundred. The new employee rang us upand not only did not charge us for an $85 coin the first time, but the 2nd time gave us a handwritten receipt but didn't run our credit card. We noticed on the way home. As much as it sucked, we truned around and went back to correct the situation. The owner said they would have never known about it and was shocked there are sctually honest people in the world. I am thinking that she is our best bet for selling to. There is also a guy in another city that is hardcore 7th day Adventist and had a srtong moral obligation to be fair in his dealings.
I used to have my own business and know it is not cheap to keep the bills paid, so I would buy one a 60/40 split becuase I was nice. But it is a different story when you are delaling in coin and currency. I don't know the % of the value that they give the seller because it is so different. than other retailers. We have about 8 or so gold bullion, a LONG time ago I had posted here about the Australian Silver set with the Dragons and come to find out it is from the special ones that they only made 1,000 of them. They have to be worth some bucks. I don't want to insult Bobby by peddling coins here since I haven't posted in a year or so. Plus I don't have my 50 posts to sell yet. ;)
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Pillar of the Community
United States
1231 Posts |
"Australian Silver set with the Dragons"
Are you talking about the 2000 Year of the Dragon coins?
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Bedrock of the Community
United States
14454 Posts |
if you werent in such a hurry to sell the collection I think maybe a trading assistant on ebay (Like SusanLynn and Bobby) would probably get you the most money but you are just about at the mercy of the dealer since its an emergency situation. I would probably go to the dealer you mentioned above because it seems you have a good relationship with them |
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Bedrock of the Community
United States
20753 Posts |
By now you must realize if in a hurry, you loose. Regardless of how much you trust someone in a coin store, as you know, they have to make a living and will attempt to make the largest profit possilble. Sure wish you would take some time and look into other possibilities. And as to the 50 posts thing, hate to say it but you could cheat and spend a few hours posting all over the place as many have done in the past. Good luck and keep us posted.
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New Member
United States
16 Posts |
"Australian Silver set with the Dragons"
Are you talking about the 2000 Year of the Dragon coins?
Yes, the 3 piece set. Ours have the dragons mirrored finish with the frosted background.
I think what we will do is drop some gold bullion now, and then just sell the rest over time. So I will post some coins for sale prolly later this week. Thanks everybody!
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Replies: 9 / Views: 1,246 |
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Posted 09/03/2007 08:58 am
