Howdy, all.
I’ve got a gold coin to sell–nothing special, just a standard 1 oz Gold Eagle. Having never done this, I have no idea how much below spot I should expect to get. I called a pawn shop and was asked “What’s the least you’ll take for it?”. Whuh oh.
So, roughly how much should I be trying to ask for it?
Thanks in advance.
check out this thread.
Sorry I’ve got nothing substantive to add, but I would say that the question: “What’s the least you’ll take for it?” is a question you’ll probably have to answer at some point.
I agree that it’s a little circumspect coming from a pawn shop, but (as the OP suggests) the book value doesn’t mean much. It’s all about the most someone will actually pay for it and the least you’ll be willing to sell it for.
Look in your yellow pages for “coin dealers.”
We, a large coin concern in Ohio, pay full “spot” gold price for eagles.
That’s $438 today.
You shouldn’t have to take less than about $10 under the spot price of gold. A small dealer should still pay that much.
I’d suggest checking out eBay first. Gold coins are auctioned off all the time, and it shouldn’t be too hard to find one similar to the one you’ve got. I strongly caution against taking it to an unknown dealer until you get a little more educated.
A US Gold coin would sell from a dealer for a small but significant amount more than spot, and thus it should fetch spot or damn close to it from a dealer. Avoid Pawnbrokers.
This is so cut-and-dried, it doesn’t deserve to go to eBay.
I do this for a living the last 30+ years.
American gold eagles are currently being traded on a wholesale basis nationwide among coin dealers at buy/sell spot+$10/spot+$17. Period. This is our dealer-to-dealer wholesale buy/sell.
It doesn’t matter that you live in NY or CA or anywhere, this is the price.
What you need to make as a local small-time dealer is your business.
Call all the dealers in your phone book, or in a phone book in the next town. If they come close to offering you spot price or just under, take the money and run. There just isn’t anywhere to go beyond that.
If you have a rare gold coin, then put it on eBay. But you don’t. You have an American one ounce gold eagle. I have 150 of them in stock. You can come in and buy as many as you have money for at spot+$28/coin. It’s that easy.
What, they aren’t owned by the State of Ohio? 