Hi there. I have some gold and coins that I my father left me that I am trying to sell. I went to some coin/jewelry stores today to get some estimates. This is what I have: 3 1oz Mark Twain medallions 3 1oz Grant Wood medallions 1 1/2 oz Will Cather medallion 1 5 oz Suisse gold PAMP The price of gold was 1416 today and the highest offer I received was this: $7610 for the medallions and $6550 for the gold bar. Can anyone tell me if this is a decent offer? Also, if my coins, bars, etc. don't have any numismatic value, how much under the spot price is fair?
So let me get this straight, you went to sell 11.5oz of gold today and were quoted $7610? If I'm doing my math right, 11.5oz x$1416 = $16284. What you were offered was less than half of melt value.
7610+6550= 14,160 When you figure in purity %, they have a business and have to pay rent, and salaries, plus the smelter makes something too, it's probably a fair ballpark. Best just to sell small items 1 at a time when you know exactly what it is worth and what they are paying you. Rather then get hosed in 1 big lot. Always weigh your item on a scale, divide by 31.1 (grams per ounce) multiply by the gold content ( .90%, .995% whatever) then multiply that by the spot price. Then the gold place is always going to take a percent for themselves. You can ask them and they will tell you. So then you multiply that final number by whatever their cut is minus from 100, so you know how much they are going to offer you before you come in. If it's well below that number, then they are trying to cheat you. Always know the value of what you are trying to sell before they make an offer so you can compare.
Their offer is fair. They are making roughly 8-10% off the transaction. And a business does need to keep its doors open.
I know you didn’t ask about this but it bears mentioning. You mentioned your father left them to you so my assumption would be your father is departed. Understand that cash is fleeting. It comes and then it goes far too quickly. Think about the possibility of feeling loss or remorse when dad’s coins and then the cash are gone. Just something that is worth consideration. Good luck.
So they are taking $2500 for the exchange ? 15%. Ampex lists these but says out of stock. https://www.apmex.com/product/14479/u-s-mint-1-oz-gold-commemorative-arts-medal-mark-twain
What is APMEX? Sorry, new to all this. Also, now I'm more confused. This says 1 oz. of gold whereas other posts say it is 90% Gold and 10% Copper. Doesn't make sense unless it weighs more than an ounce right?
Yes, they weigh more than 1 ounce. 1981 Mark Twain Gold Medallion Specifications: Designer: Matthew Peloso Mint: West Point Bullion Depository (no mint mark) Mintage: 141,000 Sales: 116,371 Composition: 90% gold, 7% copper, 3% silver Weight: 34.60 grams Diameter: 32 mm Thickness: 2.95 mm Edge: Plain APMEX is a Bullion exchange that buys and sells precious metals.