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 Replies: 14 / Views: 1,615 |
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Pillar of the Community
United States
619 Posts |
I found a local pawn shop with some 1/10 ounce AGEs at $10 above spot. Unfortunately, most all of them have scratches or glue, and some even have rim damage. Is it even worth buying any of these? Edited by CPC24
08/03/2011 7:12 pm
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Valued Member
United States
59 Posts |
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Pillar of the Community
 United States
619 Posts |
My mistake; I meant gold. I fixed the post.
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Pillar of the Community
United States
830 Posts |
I wouldn't pay over spot for them, might be too hard to resell them for anything but melt price.
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Pillar of the Community
United States
1081 Posts |
They are worth their weight in gold, but you would probably have to get them for spot price as they will be more difficult to sell.
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Pillar of the Community
United States
667 Posts |
The good news is that $10 over spot is not all that bad for the 1/10. Premiums can range up to $30 for the damage free UC ones. I currently have found a good source for $5 over spot but that is rare for the better ones. The other good news is that you don't need as large of an increase in the spot price of gold to start to turn these into the black. I would consider them if you are just looking for bullion quality gold, though I would like to get them closer to spot. Another thought is that when APMEX has then in this condition they sell out fast. Just remember you will not get the same price when selling as the better ones but then again you are by=buying them cheaper. |
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Bedrock of the Community
United States
12437 Posts |
Glue can be easily removed without further harm, either through soaking in water or the use of a solvent. The rim damaged coins might be ex-jewelry that were mounted in a bezel, the 1/10oz size is popular for jewelry.
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Valued Member
United States
287 Posts |
Make him a nice offer on all of them, say $5 per coin over spot.
soak in acetone for the glue ones and they will likely clean up, then sell the worst of the others for $5 over spot and break even on them. You'll be left with some nice coins for a very low premium.
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Pillar of the Community
United States
651 Posts |
stuff like that will never get spot. this is from experience from having been around dealers, and that's because they could only retail them for spot. an unblemished will have a pre,ium as they are more desirable.
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Pillar of the Community
United States
830 Posts |
Yeah the places around here that buy for melting only offer 80% of spot. I'm not saying those coins are that bad, I'm just saying if they had to be sold for melting.  Edited by GoThunder
08/03/2011 9:05 pm
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Valued Member
United States
287 Posts |
you can easily sell the dinged ones for at least spot, just don't sell to a LCS, I certainly never ever do...ever. Heck, you can melt them for 95% if you deal with the refiner...it is all about cutting out the middleman. But almost any AGE shouldn't be melted no matter what some "dealer" or pawnshop says.
Get in touch with me, I'll buy them for spot unless they are torn up badly or bent (3% under if so). I can sell them for 5% over on a quick deal, probably more like 10%. You have to deal with bullion people, not numismatic people, for stuff like this! "gold is gold" is the motto around my usual customers/friends. $5 over spot like I said is about 3%...offer him spot if you want, but if/when those glued ones clean up, you'll be sitting on 10%-15% premium coins that you paid just 3% over for! 1/10 AGE are just about the most liquid coin there is!
Edited by jimineez
08/03/2011 9:44 pm
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Pillar of the Community
United States
619 Posts |
I don't have the cash for all of them. However, he also has a Mexican 2 Peso coin in good shape for $90. I might just get that right now.
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Pillar of the Community
United States
830 Posts |
Quote:
you can melt them for 95% if you deal with the refiner What kind of volume would be required to deal with a refiner? Got any good names? Thanks |
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Valued Member
United States
287 Posts |
Silver sometimes has minimums, gold normally does not. But they will pay much more if you have a nice quantity.
Kitco: paying 91% for gold if small quantities
Midwest: pays 95%, but you'll usually lose a bit on a waste factor if jewelry, hopefully not if coins but I've never melted coins!
Millennium precious metals: much less known, claim they pay 99%, can't say but never read any horror stories with them, I may try soon.
Market Harmony: only 88% on small quantities of 22k and lower, much more if over 5 oz. But will do 95% if it is .999 gold (one reason pure gold is better than 22k/917. However, these guys do pay for the silver contained in the coin too.
Edited by jimineez
08/04/2011 09:31 am
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Pillar of the Community
United States
830 Posts |
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Replies: 14 / Views: 1,615 |
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Posted 08/03/2011 5:15 pm
