I agree completely!
Originally Posted by braillediver
Search Ebay for closed and running auctions. This will give you an idea of interest and value. Find some local coin shops and browse and ask questions.
This is a very different market then headphones- condition is everything. It’d be wise to know and understand what you have before trying to sell them.
Gold is currently at an 18-year high- something like $475 an ounce. Bullion coins that have no specific collectors value say a Krugerrand or Canadian Maple leaf should sell for a few dollars below the spot price of gold.
I sold a Maple leaf once- 1 ounce pure gold. A jewelry store offered me $180 and a coin dealer \ gold buyer paid $10 (or something along those) below spot gold = $240 when it was at $250. Know what you have and what it’s worth before selling- there’s a lot of sharks out there just waiting for an ignorant newbie to wander in and ask how much they can sell something for. If they offered $400 you might jump on it but it might be worth $460 or $4600. This is why so many shops offer free appraisals- what a better way to get to see what people have and see who’s ignorant of the real value. Also understand that a dealer has to sell an item for a profit- he knows the market and where to sell it so that’s how he makes money. Don’t expect to sell a coin that sells for $100 for $100- the dealer is taking some risk, investing his money and needs to make a profit.
But Heck Ya Gold is Up!!!
Too many dealers will skin you alive if they can. The standard technique is to bad-mouth your coin, state that it is not the grade another (or the same!) dealer told you when you bought it, and then offer you a pittance for it, all with the feigned attitude that they are doing you a favor. Such people are the reason I lost interest in the hobby years ago. Get your hands on one of the standard coin books, and make sure it is up to date. Offer to several dealers before you sell. Oh, and good luck! Hang on to the gold as long as possible, as it is going to keep going up for a long time, IMO...