Sat 15 Mar, 2008 01:54 pm
I have some gold in the form of a single Krugerrand and a couple of 2-rands that I'd like to unload. Will they sell at a discount to gold's commodity price? Anybody have any advice as to how to sell these babies?
Gold Bullion Price and Coin Prices
Don't confuse yourself with bullion (or melt down) price of gold with (finished) coin pricing. You might want to check out the price of selling with a coin store. Even E-bay might be worthwhile, as well.
I just searched on the 'net using Google and got the follwoping links:
Also, there's a place in NY: http://www.goldmastersusa.com
We have one coin shop in this town. They add a commission to the daily quote, whether buying or selling. It's an honest shop and a fair commission. I don't know about the rest of them.
The only way to sell it (unless to private party) is with a commission.
There are coin dealers in pretty much every larger town, some of which do business over the internet. The ones I did business with bought bullion coins from me at discounts of five to ten percent. All of those dealers were located in Germany, where I lived at the time. So I cannot give you names and recommendations. But discounts in America seem to be somewhat better, judging by the websites of the shops that operate online.
For a specific example, I googled "gold bullion coins". The first hit for the search is onlygold.com, which buys Krugerrands at $894.10 for a one ounce Krugerrand. That's based on a spot price of $910.00, so their discount is two percent. For most other 1oz bullion coins, the discount is greater. You're lucky.
I don't know exactly how to cash in your gold coins, but a commercial bank might be able to help.
welcome (back) to A2k, gershen1!