Selling Gold Coins to Coin Shops - Here's What They REALLY Pay!
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- เผยแพร่เมื่อ 23 ธ.ค. 2024
- How Much will Coin Shops REALLY Pay you for your Gold Coins?
In this video I called Coin Shops all across the U.S. to find out what they would offer me for over $10,000 in Gold Coins. I have Gold Buffalos, 1oz Gold Eagles and even 1/10th oz Coins!
Did I get fair offers? Drop a comment below and let me know what you think. Your feedback means a lot to me!
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This is What Coin Shops REALLY Pay for Your Gold!
• Selling Gold Coins to ...
#goldcoins #gold #coinstore
Some dealers are very dishonest , educate yourself and like my moma told me - you better shop around.
This is why I refuse to buy mint silver and gold or graded metals because it's so hard to get anywhere near the premiums back. Most dealers just seem to look at it as an ounce of gold or silver and offer spot. I found the same thing when trying to sell the higher premium sovereign coins. They blame the customer for not wanted to pay extra.
@@walterswanson3867 the only way to get your premiums back on gold or silver is to hold them for a long time , always buy lowest price watch KITCO ; BUY LOW. SELL IT HIGH , Then you come out without losing and you can make a profit.
They aren't ideal for traders, but they are great for long term investors. I was a numismatist long before I was a gold bug. I prefer a variety of beautiful coins over a tube of the same thing, but I will be keeping them long enough that the premiums or lack thereof will be irrelevant. Most of what I own was purchased below $2k so if I have to sell without recovering the premiums I will still do great, and even better when gold goes to $3k, then $4k, and so on.
It's very interesting listening to you call all the shops and their different prices. We should know by now to call as many shops as possible in our area before we decide to actually go sell anything to them!
@@lindathomas2350 while thats great for getting a few bucks more back, it would be more beneficial in the long run to build a reputation with a shop
I went to two local coin shops tuesday to sell a gold buffalo. Both were overstocked on Gold and Silver right now. One told me he didnt want to buy, but he would give me 100-150 under spot. The other said he is not buying. F
Dont sell to 1st shop 6 out of 8 shops offered me spot 2 of them offered me 250 over spot for plat proof set 1998. I picked up the set for spot. Have to do a bit of arbitrage to pay for the higher spot price these days. The only reason I bought and sold was to buy my 100 oz silver for less money.
Dang, never knew how important shopping around where to sell is. I'll store that knowledge for the future for sure.
Shop 5 put a smile on my face :) lets me know everyone isn’t out here to take us for all
That is called customer service because if you answer a callers questions and are polite, honest and happy they called you, you just be might be a potential customer, always pays to be polite, customer service 101.
Unless, in the RARE case that prices offered are similar, people will SELL to whomever pays the most; regardless as to how polite they are.
@@tjmmcd1 More likely, people will find a dealer they like who is fair and then they will do all their business with that dealer. In a new area I call around. In my local market I support the same shop. Not going to go somewhere new because they offered me an extra $10-20 on a $3k sale.
The buffalo coins should always sell for more because the gold doesn’t have to be assayed if they are looking to melt them down. They charge more when you buy them for that exact reason.
Same shops will charge you 15% over spot for 1/10 oz and lie to your face "the us mint charges us more so we have to as well"
We're lucky to get only charged 15% more on that usually more
They do the same with platinum the old we have to pay 150 from mint than we have to make money. But ive been testing them they for the most part only offer spot. If that were true why arnt they giving atleast 75 dollars over spot, theyre double dipping thats why. Its a bit deceiving. They cant use that line anymore cause the mint is only producing proof plat now lol.
Proof gold buffalos should get a lot more premium than what these shops are offering. The mint is charging way over spot on new ones. Obviously won't recoup all that but should at least be some.
Average Coin Shop be like "Yeah We'll give you 35% under spot and then report you to the Feds"
Not here in Texas
BS
Pretty much. They and the 3 other middle men that touch your metal need to make 5%+ profit just for transacting.
I live in Ky but definitely buy from a place in Texas. Sales tax drives my price per ounce way up and Texas doesn’t charge it on bullion
You mean want too not need
Florida dealer selling silver for spot overloaded big time with silver People dumping it big time
Where?
Seems like it’s better to just buy generic gold if you’re only getting spot back. The last shop sounded the most legit.
Correct me if I'm wrong, but to have a newer Eagle graded and slabbed costs at least $30, yet it seems you LOOSE that money when it comes to sell, REGARDLESS as to what books SAY they are worth. FORGET what BOOKS say they're worth, when NO local shop will pay you that amount. What happens as local coin shops disappear in the same way stamp shops did? WHERE will we sell in times of need?
Good question 🤔
I think after the "local coin shops" disappear, I will use my gold & silver coins & bullion bars as proxies for failed fiat US currency. I have no plans to turn in real money aka "precious metals," for worthless debt certificates aka "paper money."
You would have to sell or trade it to the common man.
As an aspiring refiner, and metal smith, I see the day where I would buy from people no matter the form of currency.
Hell, for the right price, I'm always buying.
Gold, Silver, Copper, Etc etc etc. Metals are ALWAYS desirable to somebody, or the industry.
Closer to $38
Keep on stackin'!
Bullion dealers are in the business to make money. Not lose it . House always wins
Congratulations Silver Seeker, you will get to 200 K subscribers soon. From all the Stacking channels I follow, you have the second most subscribers and that’s pretty amazing, keep up the good work and thanks again for sharing
Thanks man! Hope to be number 1 someday.
I've heard that the younger generations appreciate more 9's in the purity of metals (99.99% and 99.999% pure vs 90% and 99.9%).
I would like to see metals, that are more pure, reflect that by being priced higher than 99.9% pure metals.
After seeing a younger sibling prefer 99.99% to 99.9% fine silver, I have a realistic hope that the younger generations will change the industry to pay higher for metals that are a higher purity.
Yeah I’m a zoomer (I know, not too many of us in the precious metals community lol) and I really like high purity stuff.
Boomers always seem to be ok with any purity (ie:90% silver, 22 karat gold etc.)
But everyone under the age of 30 that I know wants 4 or 5 nines fine for all PM’s. As a personal note I understand that all boomers and most of Gen X know constitutional silver when they see it, but 99% of young people absolutely do not. I didn’t even know that 90% silver coins were minted in the U.S. as currency until I started seriously looking into stacking.
You can call us stupid and that would be fair but we were never taught any of this in school (wonder why)
TLDR: Clearly labeled, high purity metals are likely to be the preference of younger generations if nothing changes.
From France, i was born in 1960,i prefer high purity gold 9999,0 not 9999,9 because no one to buy it,except in auction,and i prefer to buy,new gold coins 9999,0 for the design, and some because they made very few,they are not for investors, only for coins collectors.i mind the gold coins market worldwide,and i am agree with you in china ,asia,they prefer to buy jewelry high purity gold,and in France ,some very few young People,buy investment coins,and olders People same in America buy old coins ( Napoléon...) and don,t mind about purity.on my opinion in the futur there Will be 2 marketing,one for 90,0 old coins so beautiful, and another for 9999,0 May be 9999,99 New coins.😊
Right now there is little consumer demand in the US for precious metals. I have a feeling that when there is a greater demand in the US for precious metals, that will be a better time to sell as the dealers will want metal for their inventories.
@@Whaticansayaboutit My local store still sells 5,000+ rounds per week. And they have matched competitors prices who post buy/sell prices real time on their site.
That's what gets me about coin dealers. They try and sell you the "special yr, limited mint, blah, blah, blah" but when you ask them to buy some from you... melt price. 20% of spot, etc... they couldnt give a hoot about yr, or scarcity when buying. All crooks. They charge a premium that takes all the profit of owning precious metals. We would need to buy and hold for 10yrs to break even.
@@armenvegas Actually, you SHOULD hold for 10+ years if you want to do it right.
@mattfoley7881 i know , I do. But still they shouldn't try and sell you sparkling, "rare" coins when on the flip side they buy back the exact same coin at melting prices.
I recently had an eye opening experience here in Canada when I sold four 5-9's proof 1.222oz gold coins. After haggling, the best I got was 97% of spot. Those were duplicates from a series for which I needed one coin. I did buy that coin to complete the series but then it was a struggle to get the price down. It doesn't seem to matter what you are selling, bullion or rare proof gold, it's all treated as junk gold by dealers when you sell and when you buy it becomes a precious valuable commodity. A week later I tried to by two 1/2oz 9999 proof gold coins and even after they dropped the price for each by $210, they were still sky high and I had to pass. Lesson - don't NEED coins and buy everything as near to spot as possible, which is possible on a cooled down after market.
That should clue you in that their wholesale price is lower than spot.
@@hottuna7 Indeed
Can you please make a similar video regarding gold jewelry sell price..Thanks..
good idea
My LCS pays the same per oz for 1/10th oz gold as 1 oz... You lose a lot of premium when you sell 1/10 oz coins.
Your LCS is cheating you.
@jeffw1267 no, they're not. Why, because I don't sell my 1/10ths to them. Peer to peer only.
Thanks, Silver Seeker. Can you address my one fear. I fear that sometime in the future there may be so many sellers and/or so few buyers for precious metals that one is stuck with their holdings similar to what happened to stamp collecting. Stamp collections once worth a small fortune are essentially worthless now because there are no buyers.
Precious Metals are not stamps my friend, it's a completely different thing. I wouldn't worry too much about that.
Great series. Will you do an episode on pre 33 gold coins?
From whom I've spoke with in my area unless they are eagles, everything, no matter if gold or silver, is going to the smelter. Shops are so overwhelmed with supply and no one is buying, people are only selling. That's why buy back prices are falling.
**LCS near me saying they’ll give $150 -$200 under Spot for buffalo and eagles 🦅
Hell nooooo
Idiots will say, "Well, that's the fun with investing in physical silver and gold". Be happy if you break-even, but you'll most likely loose money on your investment. Also, how can you use it for barter, if no one knows the value of coins or rounds? Try selling a stamp collection that was worth $20,000 forty years ago.
🤨
Interesting information but keep in mind, pricing differs depending on: their current stock, location, customer preference and what they buy.
My LCS is buying under spot and selling Eagles and Buffs at a $150 premium. Im in New Orleans
Scam artists lol
🤨🤦
Seeker you should have asked coincrew, mid America coins , and Josh from Minot
The problem is people think gold is high so, you have to hedge yourself.
My Lcs in Cali sells pre 33 us and maple leaves at spot at the moment
@@treydeberry1430 the days of under melt pre 33 when spot was under 2k were the only times I'd consider buying it
Consider asking their selling prices for the same coins. Some may offer and sell for less as well
Let's go, Silver Seeker! I think this is KEY information for myself. Coin shop #5 seems like the best place.
Love these calling videos with the voices thanks for brightening my day God bless you seeker!❤
Thanks for asking shops about fractional gold!
I purchased my only gold in April (1oz Maple Leaf), it's over 300 bucks more to replace it today. I'm kinda interested in selling because I like a profit.
What would you do?
I started stacking in March and have well over 100 oz silver, will buy more if it drops below 30. I make my money in stock market and like to take a decent profit before it heads south.
Interesting video, thanks for all your great content👍
Very informational. Thank you, sir. 👍🙏
Buy rounds and bars! Stop playing the premium game. You will not get that premium back unless the spot goes well over what you payed plus the premium. Buy spot, sell spot...
I think that some people don't like proofs because they just look different compared to what they are used to seeing.
No need to tell them you're not selling today. Let them knock your socks off with a high offer if they want your gold.
It was to appease the haters that say I'm bothering coin shops when I do these... so I intentionally told them I'm not selling and asked if they would answer anyway to show the trolls that shops will happily answer my price questions regardless of whether or not they'll get the business. Shocking (sarcasm), all 5 shops had no problem with it at all.
The last shop had a foreign accent. I bet they have buyers overseas who desire more proper packaging and higher quality products. Local, being states or countries, have different markets. Great video.
I heard that too, even with the voice changer. The gift of an uncommon, older date U.S. Gold proof Buffalo in a beautiful wooden box with a CoA would go over well in Asia or among Asian-Americans. That dealer might have just the market to sell such an item.
Nowhere on ebay have i seen proof buffalos sell for less than the normal buffalos.
I never saw it on ebay I've seen it before in shops tho... but I think that's really not the case in today's market
I looked on eBay -- the 2010, 2013, and 2014 proof and reverse proof Buffaloes in the full original U.S. Mint presentation (slip case, chipboard box, wooden box, capsule) range from $3,000.00 to $3,700.00 while spot price is $2,711.00 and the cheapest raw Buffalo from the dealers listed at Find Bullion Prices is $2,815.00. So if an LCS pays melt for the boxed proof Buffalo they stand to make their usual $100.00 premium PLUS $200.00 for the presentation box. That's no "40 dollar profit!"
What you just showed, either on purpose or not, that "investing" in gold and silver must be long term. When we buy, we pay spot +premium (and
that can change depending when you buy (silver eagles for example are at around $5 or $6), and then to sell back..at spot...you lose 5-6 dollars per coin..
unless you hold it long enough to make up that 5 - 6 dollars...then you break even...kind of a scam when you think about it
Thanks for the video Seeker. 👍 Life is good.......God Bless
What is "full melt".? Thank You.
Current spot price. Melt=spot=current comex price
I have been to shops that sell proof gold one ounce coins for $10 over the business strike coins and others that sell them for more. As always you need to be willing to shop around when you go to sell anything. Thanks, Seeker!
Thanks so much SS. Brother I love your videos! Thanks so much for helping us out, for I have learned so much from you!! 👍
If my lcs is getting low, they pay spot. If their inventory is way uo, they pay $100 under
Whats the best state to sell my dollars for gold/silver and best states to buy back those dollars based on markups and any places that have taxes. Some states have taxes on some metals but not others.
Call some smaller towns as well. Try the shops in Appleton, WI.
Big price difference vs green bay. I saw every silver 1oz priced around 45 when market was 30.50
Missouri, no sales tax and cheapest in the United states
There's only pawn shops around here. I'd have to use ebay
No, these guys are definitely wrong about the proofs, but that is probably due to the nature of their business.
There are businesses that are more like pawn shops, and there are those that are more like coin hobby shops or venues for numismatics enthusiasts.
My LCS charges a higher premium for good proofs than they do for regular ounces. I just paid up for 2 buffalo proofs and one very attractive commemorative ounce. Paid approximately $2800/coin for those.
As a collector of ancient coins for 20+ years I love the beauty of those coins. The proper place to sell them for full value would be a numismatic auction in which their beauty will be appreciated and command a higher price.
Dealers don't care about gold and silver bullion in holders, gold is gold to them but they can make more money selling 1/10 at todays prices
Thank you good info.
So, whats the harm in sharing what state the dealer is in that gives you the best price. I believe you have done this before. Great videos my friend.
It is very true the proof market and OGP have fallen off they are traded as bullion unless you have an MS70 key date
Id like to see you call the Coin Dealers that are on TH-cam.
I feel like if a coin shop is going to charge a decent premium on what gold they buy they should at least buy really close to spot I realize they have to make money
The big fluctuations down are over in the metals market. Fiat currency and fractional reserve banking have taken care of that.
Money Metals Exchange, Eagle, Idaho is the best for me: buy or sell.
Thanks
95-96% of spot on 1oz gold bars when selling
Are you taxed on gold if you sold it to a coin store?
Any amount of $10,000.00 or over IRS WILL KNOW. AND THEN YOU WILL PAY TAX ON THAT .
@ rediculous
@@appleztooranges it’s true!
@@JosephShaffer-o1o is that buying or selling?
@@appleztooranges selling
Coin shops running up against costco
Is costco buying?
@ they’re getting it from somewhere.
Great stuff, thanks! It might be better to tell them what you have "one coin at a time"...seems like you're rushing the conversations.
I'm not trying to take up a ton of their time though, but you're right if I'd slowed down I would have got more detailed information.
I agree, I was going to make the same suggestion.
I've found that overall it's a hassle to treat pm as a currency. All your doing is supporting a business that is purely a waste of time . Coin shops are for the most a rip here . (Oregon)
Don't forget overhead.
Sold 4 gold eagles today in Reno and got spot $2718 ea.
nice showing that now that gold is high the pcgs graded coins aren't as valuable as once they were
Which call was mid-America coin in Oklahoma
None of them
Should have asked what are they selling for
Why just premium coins? How about some old scratched bars and maples?
Crazy 🔥🔥🔥
I bought mostly at 2k.... so how much can they really rip me off
How about doing a video on Britannias or Philamonics
Yeah ms69 adds 0 value. Unless modern coins are ms70 grading adds 0 value. So sending it in is just hopes to get 70
Very enjoyable video 👍👍
Thanks
A well-known bullion dealer will buy back my pre.-1933 double Eagle ms64 for 2565. Ridiculous...... Starts with a J
Why do some of the gold Buffalo coins have a w on some of them in the others have a f which one is better
I assume it's where they were minted.
Curious, you're sponsored by SD Bullion, which also buys back, why aren't you including THEIR buy back prices for comparison? Thanks, great program.
They post their buyback prices publically online for anyone to look up, so there really isn't a need for me to share them here. Also these are all Local Coin Shops, which SD most definitely is not.
Who in his right mind purchases 1/10 oz coins?
actually, they are the best product imo, especially if you pay relatively low for them. On Secendary market they along with 1g move the fastest.
@925inder2 Too expensive/gram gold.
I only buy it at spot or few percentage over.
@@mr.bullion6786 To many people, that’s all they can afford at one time.
We all love silver especially finding it!❤
The first guy you called is a hustler.always a reason they can't pay at least spot
On the 2nd guy I got 99% of spot but didn't get the rest. If you want to change their voice ok but don't overdue it.
$40, he could be sending them directly to the refinery.
You may be correct...he is buying under spot, and selling to the bigger, maybe online dealers
for spot, and is just the handler and not the end retail seller.
What are proofs?
Proofs, also known as deep cameo on graded slabs, are minted coins that have a different finish than their regular minted counter parts. In the case of the gold buffalo, the background is more or a mirror finish while the buffalo has more of a “rough” look to stand out. Silver proofs will have a mirrored background with a frosted appearance to the strike. Also, the dies may be polished and exhibit sharper details.
@JBeck556 thank you!
Seeker show me were i can buy 10th ounce for 290.... I cant find them for less than $309 min hell id buy alot then
I didn't say you could did I? 15% over spot is about what retail is atm
@SilverSeeker just refering to how a few of those shops were buying back on spot or 2% or more back on 10ths,id buy peoples stuff at those prices too lol,or u know a place😎😎?lol
@@RedneckCoinz ahh good call lol
this is good content
Call stefko coins in Bethlehem Pennsylvania for the next one of these type of videos.
Bunch of cheap bastardos. Except for the last shop, I tip my hat to them.
Never sell your Proof or collectibles to bullion dealers!
2nd call "Proofs are worth a little less" wtf 😂 Am I missing something? OK take the proof out of the holder and give me more.
The shop has an operational cost too. Taking in with spot price is probably pretty good already.
So you're saying we should EXPECT to take a loss? What idiot would invest money EXPECTING to take a loss? Imagine buying real estate while EXPECTING to lose money on your investment 10 years later when you sell?
@@tjmmcd1 strange question.....Not sure where that comes from?
@@quantumjump464 logic?
👍
Would be funny if you called my lcs he's so hard of hearing
Hello Silver Seeker
They are thieves. Straight up. This is why LCS need to force out of business. I’m so glad I’m not buying gold. Yet, I can get any good or service, convert to fiat for the SPOT price of my BTC.😊
Coinbase premium makes trading fees 0 as well. The price is the price like you say. The arguments these dealers put out that the physical market needs premiums is bogus.They only exist so that they can squeeze as much profit out of each transaction as possible.
Digits on a computer. Not worth anything.
Well boys ,if you don’t hold it you don’t own it! FACT!
@@Patrick-kt5mc smart man lol
This is exactly why I am diversified into Crypto. Been in Precious Metals since 2004, crypto since 2016. I must say crypto is BY FAR so much more liquid and easier to sell (instant) than Precious Metals. ROI on crypto is WAY better than Precious metals if you hold long enough. Precious Metals is a nice way to hedge tho. Not to mention, hard to find a buyer at a good price unless you sell to a collector or on eBay. My LCS pays decent prices, but some days he won't even buy, because the line of sellers is out the door.
If you understand the four year halving cycle of crypto you can absolutely make five hundred percent profit easily.
Digits on a computer. Not worth anything.
@@Patrick-kt5mc😂😂😂😂
@@Patrick-kt5mc not worth anything, but you can sell instantly at $100,000 on an exchange, that's called denial
@@82300sd Yes, if you bought it for $100,000. That's called a fact.
I enjoy these... could you try more certified pre33 in some of your calls? 🫠