Best way to sell a gold coin?

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tadamsmar
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Best way to sell a gold coin?

Post by tadamsmar » Mon Jan 17, 2011 12:20 pm

My mother-in-law gave us a 1915 Austrian 4 Ducat. It worth $700 to $800 and we want to sell it.

What's the best way to sell a gold coin?

Thanks!

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bearwolf
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Re: Best way to sell a gold coin?

Post by bearwolf » Mon Jan 17, 2011 12:27 pm

tadamsmar wrote:My mother-in-law gave us a 1915 Austrian 4 Ducat. It worth $700 to $800 and we want to sell it.

What's the best way to sell a gold coin?

Thanks!
Check out APMEX on the web.

BearWolf

Shireman28
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Post by Shireman28 » Mon Jan 17, 2011 12:40 pm

Go to a couple local coin shops.

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tludwig23
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Post by tludwig23 » Mon Jan 17, 2011 12:46 pm

If you want $700-$800 you need to wait for the price of gold to rise. The coin contains 0.4430 troy oz. of gold, which is currently at $1380/oz. ($1380/oz. x 0.4430oz. = $611)

It has no numismatic value, i.e., it isn't worth anything as a coin per se, only its gold is valuable.

APMEX is currently buying for $578.

My experience from when I've sold such things is that the easy way is to call APMEX and send it to them, but you can make 10-15% more money (after fees) by selling it on ebay. I'd watch a few auctions on ebay and see what they end up sell for. Given the APMEX price, you could also go to a local coin shop and try to sell for the APMEX price and save the $20 in shipping and insurance. However you'll need to be good at bargaining, as they are likely to give you a low-ball offer.

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Abe
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Post by Abe » Mon Jan 17, 2011 12:52 pm

tadamsmar:
A 1915 AUSTRIA AUSTRIAN 24K SOLID GOLD (4) DUCAT COIN 14G
sold on eBay for $647.21 on January 13, 2011. If yours is 24K solid gold and weighs 14 grams, the actual melt value is about $612.46 based on todays gold spot price $1360.70 calculated as follows: 14 grams converted to troy oz. is .450110 troy oz. One troy oz of pure gold $1,360.70 X .450110 =
$612.46 which should be the actual gold content value of the coin. I don't know if it has any numismatic value or not. You should be able to get about $650.00 for it on ebay. Hope this helps. abe

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Post by pshonore » Mon Jan 17, 2011 1:18 pm

But remember Ebay will grab 9% (capped at $50) as a commission and another 2.9% of your Paypal payment. (Might be slightly less for $600 sale)

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Re: Best way to sell a gold coin?

Post by tludwig23 » Mon Jan 17, 2011 1:40 pm

tadamsmar wrote:What's the best way to sell a gold coin?
Wait until the collapse of civilization and trade it for ammunition and freedom seeds :wink: Risks of this approach include the risk that the person with the ammunition will just take the coin from you.

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tadamsmar
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Post by tadamsmar » Sun Jan 23, 2011 6:01 am

This is becoming a saga. My wife took it to a jeweler and was offered $350. I contacted a local guy on Craig's list and was offered $500 tentatively yesterday (estimated on current gold price).

I am going to try to negotiate the Craig's list guy up to my net earnings from an insured shipment to AMPEX, which I estimate to be about $545.

I have not called AMPEX yet. If I sell to AMPEX, i assume I take on some risk that the price will fall during shipment? Or, do they make an offer that expires in a few days to give me a chance to get the coin to them?

I don't think I will do Ebay, I have never bothered to set myself up to sell anything on Ebay.

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tadamsmar
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Post by tadamsmar » Sun Jan 23, 2011 6:08 am

What are the reporting requirements to AMPEX?

I am not sure if there are any capital gains to be reported. This was a gift from my mother in law to us at Christmas just a month ago. It was a bonus given to her late husband (who worked for stock brokerage firm) many years ago.

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bearwolf
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Post by bearwolf » Sun Jan 23, 2011 9:59 am

tadamsmar wrote:This is becoming a saga. My wife took it to a jeweler and was offered $350. I contacted a local guy on Craig's list and was offered $500 tentatively yesterday (estimated on current gold price).

I am going to try to negotiate the Craig's list guy up to my net earnings from an insured shipment to AMPEX, which I estimate to be about $545.

I have not called AMPEX yet. If I sell to AMPEX, i assume I take on some risk that the price will fall during shipment? Or, do they make an offer that expires in a few days to give me a chance to get the coin to them?

I don't think I will do Ebay, I have never bothered to set myself up to sell anything on Ebay.
If you call APMEX they will lock in a price for you. They require a credit card that they will charge if you don't ship to them in a certain amount of time. I don't know what that shipping period is, but it allows for standard delivery by USPS. I've never mailed anything in as I am local and just visit in person. I've sold several times to AMEX and all were relatively trouble free. I had one problem where the telephone rep wouldn't give me the price listed on the web site. I knew what the price was before I agreed though and as the difference was small chose to make the transaction anyway. I spoke with the manager and he said the rep in question was from a different department and was new at taking phone orders.

BearWolf

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Post by market timer » Sun Jan 23, 2011 10:07 am

tadamsmar wrote:I am not sure if there are any capital gains to be reported. This was a gift from my mother in law to us at Christmas just a month ago.
Why would you sell a gift so soon?

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bearwolf
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Post by bearwolf » Sun Jan 23, 2011 10:09 am

market timer wrote:
tadamsmar wrote:I am not sure if there are any capital gains to be reported. This was a gift from my mother in law to us at Christmas just a month ago.
Why would you sell a gift so soon?
Because Gold is selling at a reasonably high price?

BearWolf

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stratton
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Post by stratton » Sun Jan 23, 2011 4:01 pm

This must be the third or fourth thread on "how do I sell a gold coin?"

Paul
...and then Buffy staked Edward. The end.

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AzRunner
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Post by AzRunner » Sun Jan 23, 2011 5:58 pm

A reputable coin shop will give you the gold value of the coin. Just check on how they determine the value of the coin to be sold.

Norm

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Post by investorjunkie » Sun Jan 23, 2011 6:37 pm

stratton wrote:This must be the third or fourth thread on "how do I sell a gold coin?"

Paul
Maybe this means to buy more?

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tadamsmar
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Post by tadamsmar » Sun Jan 23, 2011 6:44 pm

market timer wrote:
tadamsmar wrote:I am not sure if there are any capital gains to be reported. This was a gift from my mother in law to us at Christmas just a month ago.
Why would you sell a gift so soon?
My PP is out of balance. :twisted:

Actually, she gave it to us assuming we would sell it.

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tadamsmar
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Post by tadamsmar » Sun Jan 23, 2011 6:47 pm

stratton wrote:This must be the third or fourth thread on "how do I sell a gold coin?"

Paul
Sorry, I did not think to look.

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tadamsmar
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Post by tadamsmar » Mon Jan 24, 2011 8:14 am

tadamsmar wrote:
stratton wrote:This must be the third or fourth thread on "how do I sell a gold coin?"

Paul
Sorry, I did not think to look.
Maybe I am missing something, but I only see one thread about selling a gold coin and the advice there is different since mine is worth 10+ times more.

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tadamsmar
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Post by tadamsmar » Mon Jan 24, 2011 8:19 am

Well, I decided to put an ad on Craig's list. I hope to find a motivated retail buyer who will pay close to the AMPEX ask price.

clock98
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!

Post by clock98 » Tue Jan 25, 2011 1:22 am

You might do better looking for a "Wanted Gold Coins" ad on craigslist

clock98
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!

Post by clock98 » Tue Jan 25, 2011 1:22 am

You might do better looking for a "Wanted Gold Coins" ad on craigslist

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tadamsmar
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Re: !

Post by tadamsmar » Tue Jan 25, 2011 8:51 am

clock98 wrote:You might do better looking for a "Wanted Gold Coins" ad on craigslist
Thanks, I tried that and it seems to turn up the same people as my ad.

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tadamsmar
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Post by tadamsmar » Tue Jan 25, 2011 8:58 am

Turns out that gold coins are hard to counterfeit for a profit. It's hard to produce a coin that will (1) pass a simple weight and dimensions test (i.e. density) test (2) pass a simple gold surface test and (3) be stamped out to look real.

So fake coins are rare.

Fake gold bricks are more common. One just has to hollow them out, and fill with a compostion of lead and a lighter material to get the overall density correct. You can just bore a hole in the lead to get it's density (including the hole) to that of gold. I guess closing the hole would be the hardest part.

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Post by tludwig23 » Fri Jan 28, 2011 6:39 pm

hallowendesh wrote:You can try eBay or see some local parts dealers and check their bids. It depends on how much you know about the room. There are different ways for different people better. I collect coins for many years and know that I would sell my gold coins too. This is not the same dealer I sell my silver dollars too.
What?

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