Gold Coins, 1/10oz Eagle $5 coins - need some advice

[ibwaltb]

Salutations INGOers,
I'm looking for advice from folks who regularly deal with coins.
There's a couple 1/10oz $5 coins I'd like to unload. They're dated 1999.
What would be your suggestion for unloading these? I've watched a handful of youtube videos and see varying opinions.
Some say coins are slightly more valuable than raw metals/spot price because they're already in a 'unit' that is capable of exchange, etc...

So if you had a handful of these to sell would you:
1) Look online for a buyer via a business site?
2) Call around to local Indianapolis stores to see who will provide the highest price?
3) Post on local sites like FB_Marketplace, INGO, etc.?

Pricing wise:
1) What should be pricing expectations be relative to the gold spot price?

I know there's some gold wizards on here....

 

[indyjohn]

I'm not familiar with that coin. If it is collectable, then you would advertise it for sale in the appropriate venues and sell it to the highest offer. If it is only a vehicle for the metal it is made from, then anywhere you take it is going to net essentially the same payout. In other words, if you're selling it for its gold content, you will get the day's market ask anywhere you go.

Go to a coin dealer near you and ask their opinion.

 

[bwframe]

Interesting.

I have often wondered about those that keep gold for SHTF currency. How would one exchange their gold for payment with your average sole that doesn't know or understand anything about the current market or even where to exchange?

 

[4sarge]

Interesting.

I have often wondered about those that keep gold for SHTF currency. How would one exchange their gold for payment with your average sole that doesn't know or understand anything about the current market or even where to exchange?

I'm in that same boat a lb of Gold, Silver, or a handful of Diamonds does not mean much to me, when usable items, ammo, tools, medicine or food would be valuable to me.

 

[snorko]

Spot price at Monument Metals, who generally has good prices, is $2,412. So spot or melt would be $241,20 for what is a common standard U.S. gold Eagle. Their price for a 1/10th oz Eagle si +/-$282. Fractional gold coins have higher premiums.

So you might get spot or just over sot at a coin shop. Or price it below the $282 enough to make it a bargain for someone here.

 

[PGRChaplain]

Cheapest one on eBay was around $250

 

[Magyars]

Spot price at Monument Metals, who generally has good prices, is $2,412. So spot or melt would be $241,20 for what is a common standard U.S. gold Eagle. Their price for a 1/10th oz Eagle si +/-$282. Fractional gold coins have higher premiums.

So you might get spot or just over sot at a coin shop. Or price it below the $282 enough to make it a bargain for someone here.

Generally you get slightly less than spot when selling to a coin store.

 

[Magyars]

Salutations INGOers,
I'm looking for advice from folks who regularly deal with coins.
There's a couple 1/10oz $5 coins I'd like to unload. They're dated 1999.
What would be your suggestion for unloading these? I've watched a handful of youtube videos and see varying opinions.
Some say coins are slightly more valuable than raw metals/spot price because they're already in a 'unit' that is capable of exchange, etc...

So if you had a handful of these to sell would you:
1) Look online for a buyer via a business site?
2) Call around to local Indianapolis stores to see who will provide the highest price?
3) Post on local sites like FB_Marketplace, INGO, etc.?

Pricing wise:
1) What should be pricing expectations be relative to the gold spot price?

I know there's some gold wizards on here....

View attachment 365514

You could try SilverTowne in Winchester

 

[ibwaltb]

Thanks for the replies. I've done a little bit more digging.
I've got one quote online $242/coin from JM Bullion; they're selling the same coin for $344, so about a 30% markup. Will check around locally next week.

 

[rosejm]

You'll always want to shop around both local shops and national retailers for the best price. But also realize, like a car dealer they've got to make money and have overhead to pay for. If you do ship it off (insured), don't forget that cost too. If you find a fairly priced local shop, make friends and frequent them - then spread the word.

I wouldn't take anything (much) under spot for gold. Gold is gold no matter its form. But I wouldn't expect much over spot from a retailer either, unless it was something in high demand.

Somewhere in the $260-275 range is a 10-15% premium and between bid/ask for retail unit pricing. That seems like a very reasonable private sale price, given the retail markups of 40% or more for gold Eagles.