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 Replies: 11 / Views: 2,087 |
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Valued Member
United States
314 Posts |
So a couple of years ago I decided to buy the occasional gold coin. I started with a local coin dealer with good reviews. In hindsight the experience was not very good. I bought 2 Krugerrands. The guy gave me a shiny one and one that was moderately tarnished. I did not know better and thought no big deal since I told him I was strictly interested in gold content. Come to find out it IS important to get the best looking coin possible as this does impact the premium or discount when selling. I haven't sold anything yet but I can imagine that this will matter. So then I went to ebay and that experience varied from horrid to perfect. Although I have had excellent experiences buying a few items from private sellers, it seems to be somewhat risky and time consuming. What I learned about the big bullion sellers was to avoid buying the random date type offerings with low premiums as you are likely to get an older coin that has been handled a lot. The big sellers would accommodate exchanges but that is a painful for both parties. My best experiences were buying the low premium specials offered occasionally by the big dealers on a new current date coin. This doesn't help if you are looking for older coins (i.e. I like the older pandas versus the newer ones) but I figured I should concentrate on the best coin possible with the lowest premium possible. Twice a year a big coin show comes to town and that has worked out well also. You get to see the coins up close, you can shop around for the lowest premium and there is a reasonable selection of older coins as well as the latest offerings. For example they had a lot of the Queen's beast gold coins. So it is ebay, big dealer specials on current coins, no tax, free shipping and no premium for using a CC and I get points back from the CC company! |
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Bedrock of the Community
United States
94367 Posts |
Sounds like a good strategy!  to the CCF! |
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Pillar of the Community
United States
4333 Posts |
Dealing with the local shows for the last ten years, I've found they cannot compete with online store bullion prices. They seem amazed when I show them the price differences.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
Canada
1051 Posts |
New coins from high volume online dealers is the way to go. A lot of retail is headed that direction...not only is there less overhead for the business, but an ever growing segment of society has little interest in physically interacting with a seller. Sad but true. ebay is good for buying from reputable sellers, but the selling fees kill any motivation to sell there. I get a discount for "cash" (EMT or bill payment) instead of using a CC with the online stores. |
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Bedrock of the Community
United States
36826 Posts |
I've always had great luck buying my bullion from APMEX and JM Bullion as their prices are hard to beat. Even there random date coins always show up in Mint State. Tarnish is not a big issue and a quick dip in E-Z-Est will remove that. If you use a credit card the dealer charges you their costs so you are leaving gold on the table. Always pay by check for the best price. Locally, cash is the way to go. |
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Valued Member
 United States
314 Posts |
OK! So not that I am going to sell anything at the moment but when I do, no ebay because of flakes and fees. That leaves your local coin shop. The drill would be to shop around for the best offers, i.e. best premium/least discount from spot? |
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Pillar of the Community
United States
4333 Posts |
Locally the LCS is paying just under 70% of spot.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Valued Member
United States
314 Posts |
Is that a typical rate? That sounds terrible! I take it that the buy price from APMEX, JM, Bay, Pinehurst et al is better? Just noticed that APMEX now charges sales tax on ebay purchases. |
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Pillar of the Community
United States
3343 Posts |
Sold a couple grubby common $10 US pre 1933 eagles yesterday for 96% of melt. Buy low, sell high, and find a good LCS. 70% of melt is ridiculously low, more what I'd expect for sterling flatware.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
07/02/2019 3:59 pm
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Pillar of the Community
United States
4333 Posts |
70% is the only game in town. I don't know how a brick and mortar even stays open at that rate.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
4333 Posts |
Anyone can quote online prices. And then you get the shipping rate?
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
3343 Posts |
Volume I guess fistfulladirt. The shop also does a lot of estate jewelry and flatware, so they don't survive just on metals.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Replies: 11 / Views: 2,087 |
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Posted 06/07/2019 6:26 pm
