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

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 ...

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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