new to bullion - Confusion over gold/silver value spot, vs. numismatic

Discussion in 'Bullion Investing' started by TylerH, Mar 18, 2024.

  1. TylerH

    TylerH Well-Known Member

    Hi All

    I inherited some gold /silver bullion and Im trying to wrap my head around it a bit (New to this)

    Some of the bullion is in coins, specifically the gold being Canadian Maple Leaf 1oz coins (2021) and Silver US eagles (2021)

    Where I need education is that when going to sell, should I chose, I see that 1 oz gold at spot is say 2160. BUT then I see the 2021 Maple leafs selling at 2275 - Same with the silver eagles.

    Does this matter when selling? Will I just get spot, or a little premium because of the coins? I know if it was like 5-10 coins not a big deal but like, at 50 coins thats a $5000+ difference, etc....

    I hope I'm making my question clear as it is tricky to ask a question when you are already new and confused as is :)

    Thanks
     
    GoldFinger1969 likes this.
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  3. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    A lot of your answer will depend upon how you choose to go about selling. If you sell lump sum to a dealer, you have to remember that he has to make money when he resells, so you won't get a premium price. If you want to secure the maximum value, you will need to consider marketing them yourself and the headaches that will come along with that. You can also look at places like APMEX. They show what they pay for bullion on their website.
     
    The Half Dime likes this.
  4. TylerH

    TylerH Well-Known Member

    Thank you Randy! I also am curious is this something worth send to PCGS to try and get some "70s" and sell that way?
     
    GoldFinger1969 likes this.
  5. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    I'll leave that question for somebody else to answer. I don't mess with graded bullion. I won't touch the stuff myself.
     
    charley and Heavymetal like this.
  6. desertgem

    desertgem Senior Errer Collecktor Supporter

    Because of the high value, I suggest ( if you haven't done so) to consult with a tax specialist, both IRS and most State, as they expect to receive their share. States especially vary. If you sell to a dealer in most states, they have to report it as well over a certain amount. An yes many do buy and sell and don't report it. Of course many regular people like us do hand to hand and not report anything I suspect.
     
    GoldFinger1969 likes this.
  7. Evan Saltis

    Evan Saltis OWNER - EBS Numis LLC Supporter

    Don't, its just simply not worth it.
     
    GoldFinger1969 likes this.
  8. The Half Dime

    The Half Dime Arrows!

    Randy couldn't have said it better. Individuals will naturally pay more for a coin than a shop because individuals often use it for investing and not resell, or possibly reselling if they could get more out of it. For example, my local coin shop is buying ASEs at $2.50 over spot, and gold at melt.

    Just know that you can get the extra money, especially if you have a buyer. For example, I have a buyer of war nickels; 1 sell them to him at $1.25 each, but LCS's would likely give me no more than 75 cents for one. I myself will give no more than $1.15 for one.

    Here's a tip: if you're buying, go with an LCS for most stuff. If you're selling, find an individual. ;)
     
    Randy Abercrombie likes this.
  9. Dima

    Dima Member

    I'm a big fan of slabbed coins and am pretty active in the PCGS Set Registry. Even I will suggest not slabbing generic bullion. Of course, there are some exceptions; for example, the 2020 V75 privy mark Eagles did/do command quite a premium - especially if slabbed and graded top pop 70. But I think that's quite a rare exception. And at that point, we get into the gray area between bullion and collector coins..
     
    slackaction1 likes this.
  10. Cheech9712

    Cheech9712 Every thing is a guess

    I would only sell a few as needed. And sit on the rest.
     
  11. pmbug

    pmbug Taking steps on my thousand mile journey

    It was my understanding that folks who send coins to be graded generally buy Mint sealed tubes (guaranteeing that they have never been handled or already picked through). If you have a bunch of loose coins, they are not likely to grade very high.
     
    Evan Saltis likes this.
  12. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I would say NO. Unless you are sending in dozens or hundreds, it's not enough of a premium to have a 70 or even 69. I've bought modern 1-ounce 70's at maybe a 3-5% premium to spot gold. The economics don't work.

    Now....if you had many sub-1 oz. coins where the premium to spot was huge and you got them at spot...that's different. But that's an outlier.
     
  13. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Tyler, do you intend to keep any/all of the bullion ? Are you a collector of numismatics and would you deploy $$$ into those ?
     
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