Selling American Eagles !oz

Just going to say if they offered below what you wanted, why did you sell it then? Clearly you could have said "no thanks" and walked away. People want to blame the dealers. The dealers have overhead and a shop and have to make a profit too when they go to sell it to someone else so they have to buy low.
As far as a PR70 proof coin goes they should be 69 or 70 it's not rare when it comes to the gold and silver eagles. Meanwhile the dealers have hundreds or thousands of BU Eagles that bullion buyers eat up at around spot so his option is to pay you raw bullion prices or pay you for the grade and the slab and let it sit there for 20 years hoping for that one person that is looking for a graded PR70 and willing to pay top dollar to come into his store just to move it.

Regardless of what the home shopping channels told you, PR70 modern Eagles aren't rare, yes it's the top grade, but they should all be PR69 or 70 unless mishandled and they don't pay premiums for graded examples because they won't sell at the higher price not when everything else is sold at near spot.

You have the right to walk away and not sell, the dealer isn't forcing you to do anything. He couldn't care if you sell him your modern Eagles or not, there will be another trying to sell coming in the door in a couple minutes and there will be people coming in trying to buy at spot or below all day long.

The market regulates itself. There is no additional value to a PR70 graded modern eagle coin over spot prices unless you find a buyer with money to burn that is building a registry set. A coin or bullion dealer isn't going to hunt down that one guy and the registry set people already have what they need for the most part excepting the most current issues or the rarest ones.

Easiest way to explain it is jewelry. You pay like $1000 for a necklace with about $300 in gold. They aren't going to give you $1000 for it, they are going to offer you less than $300 and if you are lucky maybe the full $300.
In the end its only worth what it's worth at melt and not more. It's up to you if you buy it for more than melt and up to you if you decide to sell it, but it's only worth what it's worth at melt.

Welcome to bullion coins. The vast majority of buyers aren't collectors, they are stackers. They don't care about grade or rarity at all. They want to buy low and sit on it and sell high that's their game. When you add in that modern PR70 eagles aren't rare at all then a dealer can only offer you spot because the people coming in to buy regularly wont pay much more than that, and if you don't want to take his offer, so be it, have a nice day then.

The scam here isn't the bullion or coin dealer you are trying to sell to. The scam is the person that got it graded and convinced you it was worth more than bullion spot price. Even the mint markup on proof coins ungraded, we know going into it we are overpaying and it's only going to be worth melt unless we find a collector that appreciates proof coins that wants to buy it.
It's why when I do buy proofs from the mint I buy silver or gold proofs and not clad.
And if I decide to sell them one day it will be most likely because the melt value goes up high enough to turn a profit for myself like it did around my birthday 2011.

 

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And, if you want to keep up with some coin series, like the Kennedy Half, you need to buy a large quantity, keep your one and try to dispose of the rest. That's why I quit collecting halves and all of the new dollars.

 

Isn't all they come in. Try ebay next time. All these golds are 70's these days. Think your going to get ment any place else

 

Well at least your catching on

 

See. Intelligence comes with age. Buying coins from the mint already puts you behind the 8 ball. I hear ya brother. Can you imagine if you bought all the mints stuff. After maybe 50 years you'll might break even

 

Yeah nobody said collectors are smart.

 

Alan. You have nothing special here. There a dime a dozen

 

Your bitter. But it is what it is. Your thinking is. Thinking someone is dumber(lets be honest) then you are. I feel your pain. Chech out

 

Many collectors are "emotional" about their hobby.
That's already losing .... emotional purchases usually never financially work out the way one *hopes* it does. Kinda like finding rare million-dollar worth mint errors in pocket change.

 

Again, thanks for the responses, but why is no one willing to change? I know the US Mint makes coins for currency, but, when they make the "special" coins, why is everyone so intent on paying more from anyone? We are paying more from a dealer, the Mint itself, or another collector? If your only getting spot - 10% for them, what's the point? I know that there may be a market for them, but, who is looking out for the public. All I have seen in the responses is that only the truly "knowledgeable" should be buying coins. How narrow minded is this? How did we lose the differentiation between the graded and non-graded coins without a fight?

 

You haven't learned anything from this thread, have you Alan?

 

The public can look out for the public. If you are stupid enough to pay over spot for gold and think a dealer will reciprocate because it’s in a slab than you deserve to lose your money.

Gold is gold, silver is silver, they only have metal value that the market will pay for it at a given point in time. That’s called the free market and hopefully it never changes because it’s the best system we have.

If you decide to buy a proof, have it slabbed, put it in a special box, shoot it to the moon and back - guess what, it’s still just gold or silver and is still worth only spot price. Unless YOU find the right buyer.

We DONT need the government sticking their greedy noses in everything, they’ll just muck it up worse.

 

One can make similar arguments for many things ...

• new / used cars
• boats
• homes / apartments / townhouses
• new / used sports equipment
• Investment Advisors
• < list your favorite hobby/profession here >

 

Stocks, bonds, real estate.... hey, why aren’t these regulated too? Oh, wait, they are.

Regulation does not equal guaranteed profit.

 

Sadly, some folks aren't here to learn. The agenda here is bellyaching.

 

What's sad is that you answered his question way back in post #2, yet this thread is now at 5 pages.

 

Coin collecting is not like health insurance. There are no regulations. You get what you want and live with it. The old computer term WYSIWYG.

 

What's the point in buying a ticket to a baseball game? Once the game's over, you can't get anything for the ticket.

Coin collecting is not, YouTube videos aside, all about buying low and selling high.

 

If I am not educated in stock trading, it's probably not a good idea for me to throw $2000.00 at the stock market.

We aren't talking about coins. We are talking about bullion.

I know you feel wronged. However I most imagine the dealer you sold to was not begging or forcing you to sell him your bullion. If gold and silver are of interest to you then please stick around and learn. If your intent to continue complaining about the injustice done to you, then I am done with this thread and wish you the best.

 

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