I took 2 five ounce gold coins to my local dealer, and they only offered bullion price (ie. 5 x 1775) for each coin. I decided not to sell as I thought the guy was low balling me. The coins in question are a 1990 5 oz. gold Penny Black Proof (approx. 30 minted), and a 2007 5oz. gold 90.00 Bermuda San Pedro Triangle (approx. 50 minted). I might be wrong, but I thought the rarity of both coins would merit something over the going price of gold bullion. Any thoughts?
Most LCS would rarely offer more than melt price for foreign gold coins due to lack of information on those coins or local demand for those coins.
I agree. Most local dealer will just turn around and wholesale this out. You are much better to either sell on Ebay or go to a large world coin show like CICF next April. Btw, I know its easy to get caught up in rarity, and by most accounts 30 mintage is rare, but if there is only demand in the world for 10 then there are too many. Conversely if a US coin had 264,000 struck, but there is demand for 10 million, then its an expensive coin. "Rarity" is only rare if there is demand. Chris
Thanks guys for the input...this particular dealer has always been fair to me in other transactions, so I guess that he was legit with this one - even if there was no sale.
