Getting top dollar

Week by week as I look into getting top dollar in selling bullion and collectable coins, I would recommend not being at all shy in the transaction, be ready to have the dealer return the coins if he is unreasonable. Offer prices are jumping up a lot for generic certified gold coins. Two well-known dealers quoted much different prices Friday than Thursday as gold shot over $1200. On Thursday, dealer A offered 5% more on the generics than B. On Friday B was offering more than A. They know you don't want to ask for the coins to be shipped back--but I would advise having them do that if the dealer starts playing games on prices. The big dealers get numerous Fax sheets a day. If you are going to get accurate offers you must have a thoroughly typed out sheet of what you are selling, and get the offers in writing via a return fax.

Maybe others here have other suggestions on this topic. If you walk into the local shop without getting offers, from CW advertisers for example, you will have less bargaining power.

 

Log in or Sign up to hide this ad.

Last week I went to two shops with 5 coins. Dealer A offered $1,375 and dealer B offered $1,000 for the same coins.

 

I have three dealers near me. One I know will give me a fair and competitive price on bullion. One is great for numismatic coins. One I now just avoid completely. There are also occasional coin shows where I've sold a couple of items. I am comfortable buying from internet dealers, but not comfortable sending coins away.

 

I just sell my excess bullion to Kitco at their daily published prices.

 

If selling bullion, a local dealer who pays over spot for bullion may be better than Apmex, although the latter pays strong. How much is your time worth? $10 an hour, $50 or more? The shipping may make it well worth your while.

Selling original rolls of dimes, quarter and halves is an area hard to get top dollar. This are of collecting is highly desirable, IMO, but not an area where a regular market exists for standards of quality and standards of prices, especially for PQ rolls.

Sellers are reluctant to tell the dealer to return the coins. I sent some coins to Nachbar who week after week runs his bright, bold, and self-aggrandizing ads touting his super buy prices. The coins were no-problem, two were PCGS certified--an 1885-S $20 in MS62 and a Walker half MS65 blast white. The first he said was in reality a "60" the second he said was really a "64", not a full enough strike for his standards. And he offered between bluesheet and greysheet based on his grades. I wonder how common this sort of bait and switch is...

 

Keep in mind that when you sell them to the dealer your never getting top dollar. You can always get more selling yourself to an individual who wants them more then you do.

 

For simplicity and security, I'd prefer to just sell to someone like you. It isn't as safe to advertise that you have gold and silver coins/bars in your house.:thumb:

 

yep just look at the home invasion of that guy on craigs list trying to sell jewelry.

just not a good idea unless you put it on ebay or something.

if you are wanting to sell then a dealer i the quickest cash. just know what you want to get before you go in and if they don't meet that standard then walk away.

if they start saying well this is not a MS grade but this then just walk out. more so if the coin is already slabbed.

 

I was thinking more along the lines of buying a table at a small show or 2... and then selling what you can for retail. Yeah advertising that you have something like that at your house is definitely not smart.

 

Of course there is the cost of purchasing the table, and then you need to invest in a display case. I don't know if I'd want my Gold Eagles just sitting on the table top exposed for any quick thief to just swipe as he walks by.

 

That is true as well... It really depends on the size of your collection. If you are selling a collection worth a couple hundred to a thousand or 2... probably not worth the time and hassle to set up... Some coin shows however rent cases to the dealers for $10-$15 apiece and depending on the size of the show the table fees aren't that bad. I do however see how selling to a dealer can be appealing... much less work.. and much less hauling the stuff around.

 

It's a good policy for the dealer. They will buy the coin, not the slab. But they will most likely turn around and sell the slab, not the coin.

 

I'd ask for my coins back and find someone who will honor the slab. I'm sure someone out there thinks PCGS is respectable.

 

So, with an 1884-S $20 in a PCGS or NGC 62 holder the value is easily determined. Check CDN greysheet, then call some of the big buyers in this market. If you send to one of the others, it will not be uncommon to get the critical analysis, and the denial that the coin is a "62" or that it is even BU. If you actually sell it to this operator, he/she will then call the one who will pay "62" money, no question. And there is a huge spread between "62" money and "60" money or "58" value. There is a word for this kind of market manipulation, not a nice word either. PNG dealers should know what sound ethical practice is, and not be two-faced. There are honest errors in putting prices on coins that are raw. But if someone has been an expert in this field for a long time the errors should be minimal. The golden rule may not be mandatory, but it is quite a sensible principle.

 

If the $20 coin is a common date certified in MS62, without spots, there will be a definite price point for it. If you are dealing with rare coins, then there are other issues. I called a big dealer today that has never offered less to me because they thought the coin was over-graded. But then, I haven't offered 5 and 6 figure coins to them.

If you are offering commonly traded coins in the $200 to $3000 range, and they are no-problem coins, no spots, grease stains or the like, you are not going to be chiselled. I have had coins that I didn't think should be in a mint state holder, but traded as such, because there were very desirable features, luster, exceptional strike, etc. that outweighed the rub or light friction. Yes there are way over-graded coins. You can always send them to the grading service to test their guarantees.

 

Wise words. Coin dealing is not overdone beef. You can't eat your mistakes in coin dealing.