Greetings---I have a collection of modern commemorative gold and silver coins that don't have any rarity value---they just have bullion value. I am probably going to sell them to one of my local coin dealers, and I am wondering what is a standard/fair commission that I should expect to pay the dealer these days? I have heard online of some sellers paying up to 15% of the current spot value for each coin (which sounds too steep), while I've heard others paying as low as 3%. What is standard/fair?
what type, kind, name, year or country of modern gold and silver coins that you have?. can you give more specific?.
These were purchased by a relative who passed away, and there is a pretty wide range of types, but some examples are below. I have been told by a couple fairly knowledgable people that there is not a strong secondary market for these types of coins, so are generally only worth their bullion value. They said the dealer would probably end up sending them to be melted. 2000 Australia Sydney Olympics commemorative gold set 1998 Nagano Olympic Proof gold coin 1998 San Marino 5 gold coin set 1999 Isle of Man 30th Anniversary First Man on the Moon presige edition 2 coin gold/silver set 2002 Germany's First Gold 100 Euro Mint Set 1999 Australian Nugget Proof Set 2 gold coins.
typically my trading desk gives you spot value, with a 2% commission to buy or sell. they typically deal with at least 3 to 5oz gold or 500oz silver. but you get he fairest price. send me a pm, I can find out.
I thought that too, but I actually tried to sell one of them on ebay a number of months back as an experiment, and ended up getting less than bullion value for it, even though I have a good (100% positive) ebay feedback rating. Maybe because the coins are not well-known (if it was a Krugerrand, I might have fared better). Also, I would like to be able to wait to lock in the price on a day when the spot price is high, and you can't do that with a one week auction. I'm not completely opposed to ebay, but I was turned off by the last experience, and I'd be fine just getting near spot value.
The percentages can vary, but as rule of thumb dealers buy such gold & silver coins at 10% less than spot, and sell it for 10% more than spot.
Thank you GDJMSP. Is there any other fairly painless and risk-free way to sell coins at a lower commission, or do you think the local dealer is my best route outside of online auction? (For example, I've seen some companies online that offer to buy gold at/near spot, allowing you to lock in your price today, and then mail your coins. But I have no idea who is reputable, and who is a scammer, and don't want to find out the hard way.)
APMEX appears to buy at spot, or even above spot for some items. For comparison's sake they are currently buying 1oz. AGE's for $30 above spot and selling for $60 above spot. That assumes a transaction of at least $10,000 however. I've never sold to them, so I can't speak to the process, but they are reported to be reputable. Of course they only list buy prices for common items, and yours aren't on the list. But an e-mail or phone call would likely get you an answer. --Paul
Are you looking to buy or are you looking to sell ? hard to say based on that comment. There are many reputable dealers, quite a few right here on this forum. And just about any of them would likely buy your coins. Just a question of at what percentage. Go look in the Numismatic Resources section, you'll find a list there that I would recommend.
One of the coin shops near me works basically the same way. He will buy for 20% less than the price he sells at, whatever that going rate happens to be. This seems fair and you can walk away with the cash the same day.
Here is the formula I would use (not liable if you do this and it tanks): Posted in 2 categories (1 bullion, 1 coin related) 1 Penny starting bid (gets immediate attention, reduces insertion fee) 10 Day Auction (only because you said they aren't well-known, lowers risk) Posted to end on Sunday afternoon to early evening (CST) Free Shipping, Insurance *optional* at buyers risk at cost + $1.50. Keep in mind USPS requires "registered" to insure bullion / coins... minimum charge is $10. (*Optional* because if you set it as "required", but with free shipping, then eBay messes it up.) Now, if the buyer opts not to buy the insurance (unlikely for large sums), then you can still choose to protect yourself by buying it. Depends on your risk tolerance. At the very least get Signature Confirmation. Post the auction, then post to your eBay Blog (easy to set up) using your keywords in the title and message and linking to your auction with the keywords. Post here in the auctions forum and link to your "all seller's items" page. Should work for you... barring a really, really low feedback score or some other unknown factor. OR you could PM me to do it for you. Hope that helps! Thanks, Michael
a dealer in Omaha was going woth what he called a 7% slide 7% lower on buying and 7% profit on selling.
Thanks to all who replied. I found a pretty friendly and seemingly trustworthy local dealer who will buy bullion for 7% below spot. Paying nearly $70 per 1oz coin still seems like a lot, but sounds like this may be the best I can do without facing the uncertainty, inconvenience and delays of going through Ebay or selling to someone outside of my area. I'm going to sell little by little to this dealer and see how it goes. If anyone knows a good dealer in the North Bay area (just north of San Francisco) who you think might be able to offer better than 7% below spot, please PM me. Thanks!
Dude try CL, you can at the very least get Spot price for the gold on craigslist. I buy and sell bullion all the time on CL.
Since I got a PM on the subject I thought I would share my experience. This one lady I met on CL needed to unload some gold and silver and asked where we could meet she seemed kinda sketched about meeting even at the bank and wasn't sure really want to do.. so I volunteered to call the local police department and actually they where really kool with the whole thing we meet at the local PD, the cops even looked the coins we where selling and where interested.. they where very nice to us, we did two deal in a two week period at the pd in the loby. I mean who is gonna rob you at the police department? If they try they have like 5 guns in their face.
Right Now, (3/24/09) the wholesale dealers are buying Maples @ 3% over spot. Big firms like Monex, can’t get enough of them. Pawn and Local guys want to sell to the wholesale dealers in a riskless transaction and will try to do 5% under spot. Don't do it! Many people, like me, will always pay spot! I need the gold. Monex is out of Krugerrands, Buffalos, and nearly all fractional. Were it not for their Austrian Mint connection they would be in pain! Most wholesalers are pre-selling orders so expect a 3 week delay for eagles. The reason I share that info is because I am letting you know that there is an industry wide shortage of generic bullion. You are in the drivers seat! A few weeks ago, Spectrum, Monaco and several others were out of Saint Gaudens too! Right now all generic gold is in high demand. Good Luck.
