easy to sell gold coins now?

[eg-migration]

My son has a gold coin which he paid over $2500 for last fall. I don't know what it is. He needs to do house repairs and took it to a dealer in the St. Louis area. He was told that there are lots of gold coins for sale now because people need money and he would not pay more than $2100 for the coin.

Is this a story to get the coin cheap or is there really a glut now?

 

[Bruceswar]

If you can give us a date / mint mark and or photo of the coin that would solve a lot. You might have been taken when you bought it or maybe this buyer was trying to take you. Also I would like to recommend you PM James. He will be able to help you a ton.

 

James_EarlyUS <--- PM him

 

 

 

As for the gold market right now... It is really hot and buyers are buying like crazy. Without knowing the coin it is impossible to say what your situation is.

[rons]

Is this a story to get the coin cheap or is there really a glut now? It could very well be a story or the flip side of the coin ( pardon the pun ) is perhaps he paid too much last fall. Gold has been on a roller coaster with mostly uphill climbs so as Bruce stated we need more information about the coin. Pictures would be sweet too

I sold several gold coins here on the boards recently so this is a good place to test the waters. And James will give you the straight scoop on the coins value. Good luck

[GWGuen-migration]

Hi, I'm the son in question here. The coin is a Liberty $20 gold piece dated 1908. It's been rated and is in a case. It looks like the rating agency is Numismatic Guaranty Corporation of America. Here's what it says on the label:

 

1908 NO MOTTO $20

MS 66

 

There's also a bar code and a number to go with the bar code. If you need that number, too, then I can post it. I'll try to take a decent picture of the coin tomorrow and post it here.

 

The local person I spoke with said that the book value for this coin was $2,750 but the best he could offer for it was $2,100 right now. Obviously I didn't expect to sell it to him for its full book value but I don't know for sure that $2,750 is an accurate value for this coin and I don't know if a buying rate of $2,100 for a $2,750 coin is normal or not.

 

This dealer has actually looked at this coin before, just after I got it last Fall. I'd been given his name as a reputable person to tell me what the coin might be worth. Unfortunately, I lost the paper where I wrote down what he thought it was worth back then but he did make the same comments about the coin both times he looked at it. He said that one of the edges looked a bit rough from what he could see through the case and he overall thought that the coin had been given a generous rating.

 

I don't know that I'm going to sell this coin or not. We do need to do some repairs so that we can sell our house but I was really more interested in what the coin was worth right now.

 

Thanks,

GWGuen

 

[Bugmann1974]

I just looked through the Heritage auction house archives and It seems that the dealer is just trying to low ball you. 1908 No motto $20 in MS66 seem to be selling for $2700 and higher.

 

http://www.ha.com/common/auction/pricesrealized.php?src=&ID=&optGlobalSearch=1&globalSiteDropdown=www&txtSearch=1908+%2420+ms66+no+motto+NGC&cmdSearch=Search+Auction+Archives&hdnSearch=True&txtLotNo=&stage=1

[JIM F.]

Rarcoa has them at $2,900.

 

 

[AB]

I just looked through the Heritage auction house archives and It seems that the dealer is just trying to low ball you. 1908 No motto $20 in MS66 seem to be selling for $2700 and higher.

 

http://www.ha.com/common/auction/pricesrealized.php?src=&ID=&optGlobalSearch=1&globalSiteDropdown=www&txtSearch=1908+%2420+ms66+no+motto+NGC&cmdSearch=Search+Auction+Archives&hdnSearch=True&txtLotNo=&stage=1

 

The dealer he took the coin to said the value was about $2,750, which seems about right, but that he would only pay $2,100 for it.

 

Dealers have got to make money so his buy price seems about right, maybe a little less than would be desired.

 

If it were me though, you could sell it on eBay probably for closer the the $2,750 but then you've got to cover about 15% in fees plus worry about shipping.

 

My two cents...

[James_OldeTowne]

Hi, I'm the son in question here. The coin is a Liberty $20 gold piece dated 1908. It's been rated and is in a case. It looks like the rating agency is Numismatic Guaranty Corporation of America. Here's what it says on the label:

 

1908 NO MOTTO $20

MS 66

 

There's also a bar code and a number to go with the bar code. If you need that number, too, then I can post it. I'll try to take a decent picture of the coin tomorrow and post it here.

 

The local person I spoke with said that the book value for this coin was $2,750 but the best he could offer for it was $2,100 right now. Obviously I didn't expect to sell it to him for its full book value but I don't know for sure that $2,750 is an accurate value for this coin and I don't know if a buying rate of $2,100 for a $2,750 coin is normal or not.

 

This dealer has actually looked at this coin before, just after I got it last Fall. I'd been given his name as a reputable person to tell me what the coin might be worth. Unfortunately, I lost the paper where I wrote down what he thought it was worth back then but he did make the same comments about the coin both times he looked at it. He said that one of the edges looked a bit rough from what he could see through the case and he overall thought that the coin had been given a generous rating.

 

I don't know that I'm going to sell this coin or not. We do need to do some repairs so that we can sell our house but I was really more interested in what the coin was worth right now.

 

Thanks,

GWGuen

Hello GWGuen - sorry it took me so long to respond, but I was unavailable during the long weekend.

 

I reviewed some recent Scotsman and other sales of MS-66 Saints, and recently closed sales suggest to me that they are valued around $2700 for certified examples. That is the ballpark of where they "hammer" during an auction.

 

Typically, the consignor gets about 95% of hammer value, which yields $2565. So at $2100, the buyer wants to make a $465 profit, which is a 22% markup.

 

In my opinion, 22% is a very beneficial markup (for the seller) for items with substantial numismatic value. Saints are typically seen as bullion items, and one would expect the profit margin to be more like 5%. However, it's debatable whether any MS-66 coin is considered just a chunk of gold!

 

So to make a long story short, the offer sounds a low to me, but that's as someone who is not closely tied to bullion. I would think you can probably find a buyer at around $2400 - $2500 (shipping will take away some value). I'd urge you to call Heritage or SilverTowne for a competing offer, just to confirm. If I can be of further assistance, I am in St. Louis and can be reached at:

 

3I4-574-I785

 

PS: You could always try just consigning the coin to auction yourself, as that will typically get you the most for it. Then, however, you will have to wait five weeks or so from the end of the sale to receive your proceeds.

[James_OldeTowne]

I just looked through the Heritage auction house archives and It seems that the dealer is just trying to low ball you. 1908 No motto $20 in MS66 seem to be selling for $2700 and higher.

Please remember that the auction house takes 15%, which knocks you down to $2300, then typically, the seller's fee is 5%, which brings you down to $2200.

 

Couched in those terms, $2100 outright would be pretty fair (though again, I personally think that's low.)

[comicdonna]

It would seem that the best place to try to sell this coin first (if you decide to sell) is in this forum. There is no consignment or listing fees here.

[James_OldeTowne]

It would seem that the best place to try to sell this coin first (if you decide to sell) is in this forum. There is no consignment or listing fees here.