I'm going to sell come circulated common date Gold US coins to feed my copper habit. I know the Double Eagles have about $1100 bullion value and the Eagles have about $550 in bullion value. I also know dealers have to have a margin to stay in business. What should I reasonably expect to actually get assuming Gold is 1136.95? (This is the price of gold which makes the Double Eagle contain exactly $1,100 and the Eagle $550 in bullion value.
Gold buy price is usually within 10% of its bullion value compared to current spot price. I know of one store that does below 10%. Another does exactly spot. Another does above 2%. And another does plus 10%. So best idea is to shop around and get qoutes. I find jewelers typically pay about spot. And pawn shops pay the most. Coin stores tend to pay a little under. They all have margins but gold is attractive. So within 10% is what I would say you should expect to recieve. Also by copper habit do you mean copper investing?
I'm actually speaking of Early Date Large Cents. Thanks for the help. I hadn't even thought of Pawn Shops. There's twenty of those for every coin shop.
I looked at Pawn shops here in town and they were ridiculously low. 50% to 60% of melt if they would even take it. There must be a huge difference in markets for Pawn Shops. I'd put it on here or Ebay if I could take decent pictures, but so far all I am doing is using the ones I find elsewhere. I don't know the subtleties of grading gold so I'm of little use in determining whether the pieces have been cleaned or polished or have simply toned differently from those I would try to use for a standard. I know dealers wouldn't do this, but I've never bought gold a coin that was "cleaned" according to the seller and I've never sold a gold coin that wasn't "cleaned" according to the buyer. It's a little too coincidental for my taste. I'm just about ready to send them in to a grading service so at least someone better than me can make that call. I have a slabbed 1901-O MS61 Eagle that looks just like a raw 1892 Eagle labeled MS63+ to me. The difference in price almost doubles (or halves depending on the perspective). I do admit like the raw Eagle better because it is surrounded by die cracks connecting the stars on the obverse and the letters of the legend on the reverse which I usually see on Large Cents.
Avoid pawn shops, unless you like losing money. Most coin shops I deal with pay between 2-5% below spot. So, using your $1,100 you could expect to get about $1,025. However, if there is a premium due to date or condition that figure will climb. If a place won't go at least 90% of spot I'd keep looking, and even that really isn't too good. Guy~
Go to a coin show! They have people there who offer more than the B&M, that is their business (buying old coins from people who know their worth). This past Sunday, the person in front of me on line in Fort Lauderdale sold a St. Gaudens for 1100. I would aim for no less (maybe a little less, but not much).
