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how much do coin dealers pay a retail customer?

Started by BrendaM,

14 posts in this topic

BrendaM

BrendaM

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I'd like to cash in several gold bullion u.s. coins all ungraded, but in original US Mint packaging: gold buffalos, first spouses, eagles, some modern commemoratives. I'd like to know what I should expect a reputable coin dealer to pay over the counter, if I were to pursue that option, i.e., is it reasonable to expect to receive spot gold prices (around $1280/oz) or is that unrealistic?

Over the last several years, I've been reading about coins, coin collecting, studied the ngc/pcgs auction prices and coin explorer webpages, etc., and decided to create a spreadsheet of exactly what I've got. The spreadsheet is huge, mostly silver bullion, but 8-10 gold bullion pieces in U.S. Mint packaging of various sorts; the number of coins I've recorded so far is in the hundreds. 

I've put a couple of the coins up on eBay, but it was quickly apparent most eBay bidders were not willing to pay even spot prices for the gold buffalos. Combined with the 15% fee costs (final value at the 6.15% rate + PayPal 2.9% + insured registered USPS mail costs), the take-home for me as a seller would be between 1/3 and 1/4 less than spot prices for gold. The coins didn't sell b/c I wouldn't accept the low-ball offers. 

At this point, I'm exploring my options: over the counter at a certified dealer, continue with eBay, or I've recently discovered Great Collections in Irvine, CA., about 20 minutes from my home in Orange County. 

If any of you golden souls could point me in the right direction, I'd be grateful. In the meantime, I'll continue working on my spreadsheet, as I've got decades of USMint annual proof coin sets and hundred of pennies (wheat back, Indian heads, etc) to record and organize. Here's a link to the spreadsheet if anyone's interested: https://www.dropbox.com/s/o27v8z1945l2o28/NumismatixInventory.xlsx?dl=0 

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LINCOLNMAN

LINCOLNMAN

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As a fellow collector, I appreciate your dilemma. I'm guessing that you're doing your homework (Red Book, price guides, etc,) , so the only advice I would give is to attend the Long Beach show in February. Go during the week and bring a sampling of some of your better coins and see what you are offered. It will be a bit of a grind and may be daunting, but you should be able to answer your question and find a number of reputable dealers of your material without going door-to-door. 

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Conder101

Conder101

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What a dealer will pay is a very broad topic.  It varies considerable depending on what you have and what he needs.  If what you have is common material he probably has plenty and it is slow moving stock so offered prices will be low.  If it is rare or currently in high demand it will be a quick turnover for him and he will offer much closer to "market prices" because the quick turn allows him to operate on a smaller margin.

Most modern bullion is just that, bullion and you will probably be offered spot or a little below.  Gold or silver eagles maybe slightly more but not much.  Slabbed bullion unless they are 70's will probably be treated like raw coins.  Modern commemoratives, I'm assuming US commems, are common and slow moving don't be surprised if you are offered melt value.  Once again slabbed 69's or 70's may do better.

Most modern proof sets are dead in the water. 

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casman

casman

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I recently consigned with GC and sold both raw and graded 70 Buffs.  The raws pulled in more than the 70's.  As far as the dealer route, I don't think they offer anywhere near spot, likely 20 percent less.

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thebeav

thebeav

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Oh my, the competition here (Buffalo) is pretty heavy for bullion related pieces. After all, it doesn't require any brain or physical work because the material is easily 'turned-over'. If I would have ever tried to pay 20 back, or even 10 back, there's no way I would have ever gotten anything. I was always happy to work on 15 bucks for a one ounce gold item, I would just hope that you had 20 or 30 of them to really make it worth while. It's easy money..... 

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Nutmeg Coin

Nutmeg Coin

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You could call around to major buyers who are on CCE and the other dealer networks and see what they offer, you will have to ship.  Apmex, Upstate coin, maybe numismatic buyers like Heritage.  You should get a small premium over spot price.  I agree ebay and Great Collections are a real loser for those.  Do not sell bullion products or common Saints or type gold Libs. up to MS64 through auction because they will bring wholesale and you will be hit with substantial percentages.   Cash and gold buyers are terrible in what they offer usually, even for relatively honest precious metals buyers the hassle of putting out all that money to make a few percent is not advantageous.

With numismatics dealer advantage comes in buying quality high grade at generic prices, coins that will grade over a certain level, cac and so forth, even as they deliver a scary critical analysis.  But it looks like you have bullion related issues which are easily researched on ebay, (or othter auction) in their advanced auction results, with "sold" checked.

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casman

casman

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1 hour ago, Six Mile Rick said:

Gold and Silver raw is played off as bullion.  Have you thought of having Great Collections submitting the bullion for grading? That may improve your sales greatly.

Rick

Maybe you missed my post above but if raws sell for more than 70's why have them graded?

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Conder101

Conder101

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14 hours ago, Six Mile Rick said:

Have you thought of having Great Collections submitting the bullion for grading? That may improve your sales greatly.

If it doesn't grade really top end though it is still just bullion but now with the expense of grading reducing your net return.

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Six Mile Rick

Six Mile Rick

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21 hours ago, casman said:

Maybe you missed my post above but if raws sell for more than 70's why have them graded?

O-K so we are taking the short term --- non graded gold coin sales. ------  10% below gold melt prices if you get the right guy!!  That's all.

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