Question About Selling Bullion To Local Dealers - Coin Community Forum (2024)

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Coinage

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Question About Selling Bullion To Local Dealers - Coin Community Forum (3)

Canada

159 Posts

Question About Selling Bullion To Local Dealers - Coin Community Forum (4)Posted01/02/2009 06:13 am

Hey,

I just bought 50 Silver 1oz Maple Leafs. I've never bought Bullion before and I was wondering how re-selling this stuff works. I paid about $20 per 1oz Coin. So, say the spot price is around $15, when it comes to re-sale, am I expecting to sell at $15? Do I sell at the spot price or is it fair to adjust the price considering what I paid for it?

When I bought it, the price was around $11, but I guess the dealer has to make money and has to pay for shipping costs and whatever, I paid about $20 per coin.

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FreezerBurn

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Question About Selling Bullion To Local Dealers - Coin Community Forum (11)

United States

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Question About Selling Bullion To Local Dealers - Coin Community Forum (12)Posted01/02/2009 07:37 am

You can expect to get spot or less. What you paid for the coins doesn't matter.

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wd1040

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Question About Selling Bullion To Local Dealers - Coin Community Forum (19)

United States

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Question About Selling Bullion To Local Dealers - Coin Community Forum (20)Posted01/02/2009 1:22 pm

No. I sell my bullion through Craigslist and local classified ads to local buyers who will meet face-to-face in a bank.

NEVER SELL TO DEALERS OR PEOPLE WHO OFFER YOU SPOT!! Look at the dealer prices and sell it for around theirs.

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Coinage

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Question About Selling Bullion To Local Dealers - Coin Community Forum (27)

Question About Selling Bullion To Local Dealers - Coin Community Forum (28)

Canada

159 Posts

Question About Selling Bullion To Local Dealers - Coin Community Forum (29)Posted01/02/2009 2:39 pm

That's smart business for dealers because you buy Bullion over priced and sell back cheaper. I feel a little ripped off.

WD1040, I like your idea about selling on Craigslist... thanks for the Tip.

I have some long term goals of flipping between Silver and Gold and amassing a horde over time.

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Coinage

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Question About Selling Bullion To Local Dealers - Coin Community Forum (36)

Question About Selling Bullion To Local Dealers - Coin Community Forum (37)

Canada

159 Posts

Question About Selling Bullion To Local Dealers - Coin Community Forum (38)Posted01/02/2009 8:43 pm

I looked up "Silver Bullion" in my local CraigsList and there are a lot of people selling Silver, I was surprised.

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snaz

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Question About Selling Bullion To Local Dealers - Coin Community Forum (45)

Canada

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Question About Selling Bullion To Local Dealers - Coin Community Forum (46)Posted01/03/2009 01:13 am

Yah, your best bet is ot sell it privately, be your own dealer, don't sell it to one.

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wd1040

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Question About Selling Bullion To Local Dealers - Coin Community Forum (53)

United States

3098 Posts

Question About Selling Bullion To Local Dealers - Coin Community Forum (54)Posted01/03/2009 01:19 am

Yeah, and don't contact the ones that are buying. Take a picture and post one of your own with a $10 higher price and at the bottom, write "price negotiable."

There will be some stupid or just rude people offering super low (like someone offering $750 for my Krugerrand) but still respond by saying, "how about $$$?"

And so.... that's basically how you sell on Craigslist...

oh yeah! And take good pictures, host high quality ones on imageshack or whatever and give them the link to see. Also, write a slew of possible key words like gold bullion silver coin coins bar money investment depression recession inflation economy hedge ... etc so the searcher can pick up your listing.

Also, make your title easy to read, like instead of saying "Maple Leaf 2009," write "~~~~~~~~~~~~~~~~~~~~MAPLE LEAF ROLL 2009~~~~~~~~~" so more people can see it.

Other than that, good luck selling! And remember to meet at a bank during the day.

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Coinage

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Question About Selling Bullion To Local Dealers - Coin Community Forum (61)

Question About Selling Bullion To Local Dealers - Coin Community Forum (62)

Canada

159 Posts

Question About Selling Bullion To Local Dealers - Coin Community Forum (63)Posted01/03/2009 02:09 am

yeah, I noticed some of you guys have some really nice camera equipment... I think I'll just copy and paste a pic of a 2008 Silver Maple Leaf coin instead.

Can you buy 2x2 type sleeves to protect 1oz Silver coins? I would hate to sell a scratched up coin in the Future.

Yeah, I'm good with advertising; how about this for a heading...
**

BUY SILVER

& a Gun! Are you ready for the WORLD Depression!?** haha! Question About Selling Bullion To Local Dealers - Coin Community Forum (69) Question About Selling Bullion To Local Dealers - Coin Community Forum (70)No, I'm just kidding, I'm not that much of a slime ball.

Do you think selling OLDER maple leafs with the date on the coin would want to make people negotiate a little harder since they would know the approximate price that I paid for an Oz 5 years ago.

Meeting up at a bank seems like VERY good advice. Have the Silver in the safety deposit box and once the money is in hand, put it into the account and walk-out clean.

Thanks.

James.

Edited by Coinage
01/03/2009 02:17 am

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wd1040

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Question About Selling Bullion To Local Dealers - Coin Community Forum (72)

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Question About Selling Bullion To Local Dealers - Coin Community Forum (73)Posted01/03/2009 02:14 am

Quote:
yeah, I noticed some of you guys have some really nice camera equipment... I think I'll just copy and paste a pic of a 2008 Silver Maple Leaf coin instead.

Gosh... I should have taken one for you. Are you looking to sell singles or the whole roll? For the roll, I also put up a pic of the roll.

Quote:
Can you buy 2x2 type sleeves to protect 1oz Silver coins? I would hate to sell a scratched up coin in the Future.

I just had it in the roll until I sold it. I don't think they scratched...
Also more importantly, do they have milk spots? If not, then I'm buying a roll of 2009s Question About Selling Bullion To Local Dealers - Coin Community Forum (79)

Quote:
**BUY SILVER & a Gun! Are you ready for the WORLD Depression!?**

Just wondering about the gun laws up North... is it the same across the country or is BC suddenly more left about the issue than everyone else?

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Coinage

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Question About Selling Bullion To Local Dealers - Coin Community Forum (81)

Question About Selling Bullion To Local Dealers - Coin Community Forum (82)

Canada

159 Posts

Question About Selling Bullion To Local Dealers - Coin Community Forum (83)Posted01/03/2009 02:22 am

Well, I'm assuming the Gun Laws are the same across the country. Not too many people are into guns on the west; seems like Guns are more popular in the East. You need a licence and you can only have a hunting rifle in your trunk during hunting seasons. I'm probably not the right person to ask about Canadian gun laws. I'm sure others could answer your questions on this subject. I'm actually thinking of getting a gun licence, mostly for target practice on the weekends and I believe that every man should be able to protect himself, loved ones and possessions.

Quote:
Gosh... I should have taken one for you. Are you looking to sell singles or the whole roll? For the roll, I also put up a pic of the roll.

I want to hold off and see what happens in the Market before I sell, when I do, I would sell whatever I had, singles or rolls. I'm just stocking up at the moment, I'm not looking to sell yet.

Edited by Coinage
01/03/2009 02:27 am

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FAQs

What are the rules for selling bullion? ›

For sales occurring on or after January 1, 2023, a sale in bulk occurs if the total market value of the monetized bullion, nonmonetized gold or silver bullion, and numismatic coins sold in a single transaction is $2,000 or more, or is equal to or exceeds the adjusted amount as computed by Revenue and Taxation Code ...

What is the best way to sell bullion? ›

Sell to a trusted gold buyer

You're most likely to get the best prices selling online, as these merchants have lower overhead and can thus offer better prices. You may also be able to find local bullion dealers in your area, in which case these dealers can also be a good option.

How can I sell my silver coins for the most money? ›

You have several options, including local coin shops, online precious metals dealers, online marketplaces, and direct sales to collectors. Rare coins are best sold direct to collectors who may pay a healthy premium. If you need to sell a large quantity of silver coins, then a dealer is ideal.

What is the easiest gold coin to sell? ›

The Easiest Gold Products to Sell

Gold American Eagles in quarter and half oz varieties balance affordability with instant recognizability. These have a higher premium than their one oz counterparts, but the higher total cost between these and larger coins should make selling them easier.

How many gold coins can I sell without reporting? ›

Understanding What Triggers Reporting

For example, if you sell gold worth more than $10,000 in cash, that's a clear trigger for reporting. Similarly, selling large amounts of specific types of metals—like over 25 ounces of gold coins—might also need to be reported. Keeping track of all your transactions is crucial.

How many ounces of silver can you sell without reporting? ›

Silver sales that require reporting are 90 percent silver US coins with a face value over $1000 and silver bars 0.999 fine totaling 1000 troy ounces or more.

Is it better to sell gold bars or coins? ›

While gold bars give you the best option if you want to preserve your wealth, gold coins offer the best value when selling. Of course, gold bars will offer the best value when buying but they don't give you the flexibility that you want when you want to sell.

What is the profit margin on a bullion dealer? ›

Usually, when you decide to buy gold, you go to a bullion dealer. Above the spot price*, the premium* range can vary from 2 to 20% depending on the brands and the type or collection of your coins, ingots, or bars. This means that the bullion dealer makes two to twenty percent gross margin.

What is the most profitable way to sell silver? ›

Take it to an in-person silver buying location like a jeweler or pawn shop, or sell it online. If you want to compare lots of options, selling online will help you find the most buyers with the most competitive prices.

Are silver coins hard to sell? ›

You can sell your silver coins to a shop that buys and sells silver and gold. Just know that precious metal dealers will only see your silver coin collection as an investment in precious metals and will pay you according to that without including their numismatic worth.

Which silver coins have the best resale value? ›

Some of the most valuable silver coins based on year include Morgan silver dollars minted from 1878-1904, Mercury dimes from 1916-1945, and Walking Liberty half dollars minted from 1916-1947. Key dates from those series in pristine condition can be worth thousands.

Should I clean silver coins before selling? ›

Should you clean old coins? In almost all situations the answer is no, you should not clean old coins. When a coin is graded, the condition of the coin does not include its cleanliness. Collectors of old coins will fully expect a patina to have developed, and most will appreciate the appearance.

How can I sell my gold coins without getting ripped off? ›

Get Multiple Quotes

Contact several reputable buyers and provide them with accurate information about your gold, including its weight and purity. Request quotes from each buyer and compare their offers. Be cautious of buyers who make significantly higher or lower offers than the average market price.

How much can I sell a 1 ounce gold coin for? ›

American Eagles 1 Ounce
Weight:Spot Price:Buy Price:
1.00 oz$ 2,421.96$ 2,550.32

Where is the safest place to sell gold coins? ›

Local gold bullion dealers.

You can find gold bullion dealers by searching for things like “gold bullion” or “gold coin collectors” located in your city. For gold coin collectors, check that they're members of trusted organizations such as NGC or PCGS.

How much gold can you sell before paying taxes? ›

If you sell gold coins worth more than $1,000 within a year, you're required to submit Form 1099-B. Transactions involving gold items like U.S. 90% Silver Dimes, and gold coins or bars with more than 50% pure gold content also require reporting.

Do bullion dealers report to IRS? ›

When a consumer sells a reportable quantity of specific bullion or coins, precious metals dealers are required to file Form 1099-B with the IRS.

How much taxes do you pay for selling bullion? ›

The Internal Revenue Service (IRS) classifies gold and silver as collectibles. Hence, they are taxed at a maximum rate of 28% on long-term capital gains. If the gold or silver is yours for less than a year, any gains are taxed as ordinary income, which is often higher than the long-term capital gains rate.

Can you sell gold bullion without certificate? ›

In short, you don't need a certificate of authenticity to sell gold bullion. Even less so to appraise it.

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