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gold coin

hi- you sound pretty dern' knowledgable about gold based on a previous post! I have a Mexican gold coin,1947, uncirculated, 37.5 grams. I don't know anything about coins and i am wanting to sell it. On ebay in the last couple of weeks this coin has sold for a little over 2K and based on previous sellers of the same type of coins it's clear that these are gold-sellers versus someone like me who is doing a one-off. But is that the best way to sell it I wonder given that ebay takes 9% for their commission and i forget how much but Paypal then takes another, lesser, bite on top of that? yet the sellers wouldn't go that route if it wasn't a good one...? And similarly buyers wouldn't have any incentive to buy it on ebay if that wasn't a good idea. Still, someone is taking a hit, right? Thanks for any insight. I had the coin for about four years and this is the highest gold has been--this year--since then. thank you again!! Leticia

Elle Elle asked infernactual in Other - Finance & Legal 6 months ago | Report

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    infernactual

    Hi Elle Elle,

    I'm no expert on gold, particularly not gold coins. I can give you some very basic advice though:

    1. Typically gold coins are worth more than gold bullion. People want minted coins more than bars. This is particularly true for American Eagles, Krugerands etc. i.e. coins that have been marketed are in currencies that we know and value. Also coins have collector value, particularly if they are uncirculated.

    2. Your coin, unfortunately sits at the bottom of the collectors list because it is no longer a popular coin and there were so many struck that they are not that hard to find. Still the fact that it is uncirculated should help.

    3. You have about 1.2 ounces of gold in that coin which means it should be worth about $2,100 melted down - and ideally worth more as an uncirculated coin. gold bid is $1743, but you have a little more than 1.2 oz. so that's about right.

    4. I would NOT sell it on eBay. I would call a local coin shop and ask them what they would give you for it. Then I'd do a little Internet research and see if any online dealers would give you more. Choose someone national/reputable.

    I don't see any reason to pay a fee for selling the coin. One of the great attractions of Gold is that it is very easily bought and sold (i.e. liquid).

    Good luck and enjoy the proceeds. Also, don't feel rushed into anything. Gold should hold up fine despite the usual fluctuations.

    infernactual answered in Other - Finance & Legal 6 months ago | Report
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