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 Replies: 21 / Views: 4,525 |
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New Member
Canada
24 Posts |
Hi all, I have made the decision to sell my gold coin collection that I have slowly built over the past 8 years. I still love coin collecting, in fact I am selling the gold with the intention of having the funds to acquire a complete set of high grade MS silver dollars. I was wondering if any other fellow members may be able to provide some insight into the best way of selling the gold. I considered Craigslist, but there just seems to be way too many risks associated with this. As well, it seems Craigslist is mainly littered with low-ballers looking to make a quick buck off someone's lack of knowledge rather than a genuine collector. I am also worried to use ebay or other online bidding sites for such high value items due to various risks. I live in Vancouver, Canada and there are several large coin shops in the area. While most shops offer competitive rates, they of course pay based on spot price, and offer about $50-100 under spot per ounce. Also, depending on the coin I have noticed the selling prices from the shops can be significantly larger than what they pay. For example, on the 22kt half ounce gold RCM coins from the 1980's, the best shop was willing to pay $846 for it, but was selling it for $984 at a spot price of $1780 CAD. I understand that coin stores have overhead costs and need to make profit. The thing is, if the spread is $100+ on each coin, that adds up to thousands overall on my entire collection. Ideally, I would hope that I would be able to sell them to genuine collector(s) for a fair price, which would leave both of us feeling like we made a good deal. If anyone is from the area, do you know of any clubs or community groups/forums that are used by collectors? Or possibly any other alternative ways of selling them online in a safe manner? Thanks!  |
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Pillar of the Community
 Canada
9863 Posts |
"Dipping" is not considered cleaning...
-from PCGS website
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Valued Member
Canada
395 Posts |
Looks like you were offered around 95% of spot which is not that bad, thinking that you'll get the same price as a dealer is wishful thinking though, it will take alot of time and effort get an extra 40-50 dollars per coin which is what you could expect selling to a collector. That being said if you were in my area I could get higher then 95% I would expect more around 97 maybe even 98 for a good quantity like that(obviously some will still try to offer peanuts). Good luck it's alot of money involved with all that gold so pretty risky.
Edited by Talonbat
07/10/2016 7:46 pm
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Pillar of the Community
Canada
818 Posts |
 I wish I had your problem... I agree: ebayIf you were to go this route, some of the members here could probably direct you on the safest way to ship without worrying about dishonest buyers. I've never sold anything so I'm the wrong person. Obviously it would be tracked packaging with some type of insurance. Or perhaps someone here would be interested in buying them from you. Or even better, getting you those MS dollars in exchange. Edited by AgHoarder
07/10/2016 7:58 pm
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Pillar of the Community
Canada
1046 Posts |
Edited by torgemco
07/10/2016 8:19 pm
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Pillar of the Community
 Canada
5394 Posts |
You will get your hat handed to you if you sell this sort of material on ebay. The ebay fees and the associated PayPal fees will kill you. You are not going to get much better than 96 to 97 percent of spot on RCM gold quarter and half ounce coins. Most dealers including myself melt this stuff. It is worth far more as scrap gold than a collector coin. No one is going to pay retail for these as they are PST and GST Both Taxable. A buyer is way better off with 9999 fine where there are no tax implications. Edited by Pacificoin
07/10/2016 8:47 pm
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Pillar of the Community
Canada
1984 Posts |
I dont know if there are "melters" in Vancouver but here in Toronto there are places you can go in the jewellery district and get gold and silver melted. You would do better there I think.
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New Member
 Canada
24 Posts |
Thanks for the replies. It's sad to think that such beautiful coins would be melted down, but at the end of the day it's whatever is most profitable. $40-50 over the dealer's buy price per coin would be fair, but I would imagine it might take months or years finding buyers. I guess its between 97% of spot, or patience and an extra few bucks :D .
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Pillar of the Community
Canada
2845 Posts |
Just curious, are most dealers inclined to negotiate trades? Using this as a general example, if a customer sold gold at 97% of spot might a dealer be somewhat more flexible on the sale price of MS silver dollars as they have an opportunity to profit on both sides of the deal? My thought is that selling price versus purchase price, it's the difference between the two that matters most.
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Pillar of the Community
Canada
5394 Posts |
Done all the time. Coin dealers love trades if they make money on both ends.
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Pillar of the Community
Canada
1046 Posts |
would you mind trying too upload some better photos no offense one of these is a au(gold) sovereign 4 me i`d like to know the year tia  Edited by torgemco
07/10/2016 11:36 pm
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Pillar of the Community
Canada
867 Posts |
Be thankful you live in Vancouver where J&M will buy most of this stuff at Au values....if do sell privately, you take a big risk being a victim. Make sure you meet any prospective buyer at your bank unless someone can suggest a safer place.
Finally, Gold has risen quite sharply the past two weeks....you are tempting karma by trying to eke out the last dollar. Last year, you would have kissed the person if they told you Au was going to hit $1750+CAD in 2016.
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Pillar of the Community
Canada
5394 Posts |
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Moderator
Canada
10456 Posts |
Maybe the dealer offering you 95% melt price might be willing to give you good deal on the high grade MS silver dollars, if they knew you were going to spend that money on their coins... dealers have much better wiggle room on numismatic items, than they do with gold.
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
Canada
3692 Posts |
I'd love to see what you have and would pay spot for .999, but we live very far away.
Regarding refiners in said districts: avoid them. Most will not even open the door if they don't know you, as they don't deal with the public. They are predators, so beware of them, too. Realistically speaking, they will not offer you a good price on anything lower than .999 (24 karat) gold because they sell only 24 karat, therefore they have to refine it (labor plus materials).
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Pillar of the Community
Canada
9863 Posts |
Gold has dropped just over $40 CAD since you first posted.
Hope that if you decided to sell as bullion you did so yesterday IMO.
"Dipping" is not considered cleaning...
-from PCGS website
Edited by DBM
07/12/2016 10:00 pm
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Replies: 21 / Views: 4,525 |
Posted 07/10/2016 7:44 pm
