What to accept for my gold in relation to spot.

I have not done it either, but a local dealer I was visiting once, (don't usually deal with), but he had two boxes an employee was unpacking. I was just looking and asked him, and he said it was a deal he completed that morning. The boxes had hundreds of ounces of gold coins. OTOH, I have loaned money to another dealer to complete a $80k purchase.

Point being many dealers cannot swing this deal, but many others can. Ask the dealer for proof of funds or references for similar deals if concerned. Another option could be escrow. Give the coins to a third party, they clear funds, and then transaction completed.

 

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I believe you'll find there's only one state that requires proof of responsibility (i.e. by bond). Interstate, outstate dealers avoid doing business in that state. I've lost funds paid in advance to 3 dealers filing bankruptcy, assets confiscated by state, (2 still are in business) and 2 that were closed, Principals imprisoned.

Unless trading in negotiable assets, a promise and $1 may just buy a cup of Coffee/etc..

JMHO

 

I did the deal this morning. You guys were kind enough to offer your thoughts which helped. There's no reason why I cannot share the details with you. Just remember that it was important to my and my siblings to not take the risk of shipping coins. And I gained some future "street cred" with my local dealer. BTW, he had no problem swinging a check over $100K.

Gold spot was $1828 at the time of transaction.

1 oz. Maple Leafs - $15 over spot.
1 oz. Kruggerands - $15 over spot.
1/2 oz. and 1 oz. US Mint gold medals - 2% under spot (these were headed to the melt pot).
Ungraded GSA 1884-CC Morgans in original boxes with COAs. Typical baggy MS-62/63 coins (I kept the good ones for myself) - $285. This was a real surprise. These have skyrocketed in price since last August when I had the same dealer appraise them at $195. This month's Greysheet has them at $245 so the dealer paid a premium for them.

So he made some money, I liquidated an estate to my siblings' satisfaction, and didn't have to deal with the hassle, risk and expense of shipping coins. Probably left a little bit of money on the table compared to the very best I might have been able to do, but it was worth some money to avoid exposing my siblings to risk they don't understand.

 

Sounds like you did very well indeed. Glad it's settled to everyone's satisfaction.

 

Sounds like an equitable deal all the way around. Nice job. Hopefully your siblings will appreciate your efforts.

 

Maybe in the distant future those early 1980s medals will be rare, along with the gold commemoratives from that era - because the majority will have been smelted.

 

Maybe, but they made TONS of them, and the collector base is smaller now. I own some of the $5 gold coins, but bought them below melt and do not have any hope numismatically for them. I simply liked the SOL design.

 

@Publius2 those are all fair numbers. The gold medals are hard to sell and 2% under is still fair. The GSAs have really exploded (not as much as 1921 Peace Dollars but still a good deal). I think you might have sold near the current peak for those (and you received more than what that dealer sheet I linked says).
Well done overall!