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Where's a good place to sell a gold coin?

S

sornywrx

Member
Yesterday my 17 month old was busy snooping through some old boxed up junk we had in our closet. She brought out what looked like a clamshell type jewelry box, maybe like earring size. I opened it and there was a gold coin in a protective case with a certificate of authenticity saying it was 1/2 oz of gold and has a serial number. Apparently it was a commemorative coin from the 1988 Olympics in Seoul, South Korea. They minted 120,000 1/2 oz gold proofs and this is #006868. I didn't think it was real at first but researched a little and am 95% sure it's real. We are thinking about just hanging on to it but we would love to pay off some debt with it as we've been trying to get debt free. I saw some of these on eBay, selling for $875-900 and people asking $1000 (but not selling for that when I looked).

Is there any place besides eBay? I assume the CASH 4 GOLD type places all over will just offer $500 or something and won't be a good way to get top dollar.

This is what it looks like:

1987_KOR_09567.jpg
 
you definitely don't want to sell to scrap gold buyers. I don't know how much you can fetch at the local collectible places though. You can go ask them.
 
sdifox said:
you definitely don't want to sell to scrap gold buyers. I don't know how much you can fetch at the local collectible places though. You can go ask them.
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That's another problem.. I live in a rural area and would have to drive like an hour and a half to any collectible type places or coin shops. Might have to give them a call though. I've been looking for a coin-bay type place but haven't found one.
 
ebay or local auction is your best bet. Why sell to a middleman (for significantly less) when you can sell directly to a collector unless you're desperate for cash?
 
Mandres said:
ebay or local auction is your best bet. Why sell to a middleman (for significantly less) when you can sell directly to a collector unless you're desperate for cash?
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That's what I was thinking too. Maybe I'm over thinking it because it's not like this is $50,000 worth of gold. I just hated to list on eBay and sell it there then find out "Oh dumb ass, you should've sold it HERE because they pay even more!" BTW, I don't need immediate cash. So eBay/PayPal would be more than fast enough.
 
sornywrx said:
Damn,if I could get $1200 that'd be awesome. The last completed one on eBay went for $875 so I guess it's a supply and demand thing. I don't know if low serial numbers help any... This one being 006868 of 120,000.
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I don't think the numbers matter all that much, unless it's like 88888 or something Chinese people would fork out extra cash for. There are 120,000 of them out there.

You can't email the collectible guys and send them some pictures, all you need is a range of how much they are willing to offer first.

another link

http://www.apmex.com/Product/14366/1988_1_2_oz_Proof_Gold_South_Korean_25000_Won_Olympics.aspx


You need to find out how much gold is in that coin. Gold is like 1770 an ounce now.
 
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sdifox said:
I don't think the numbers matter all that much, unless it's like 88888 or something Chinese people would fork out extra cash for. There are 120,000 of them out there.

You can't email the collectible guys and send them some pictures, all you need is a range of how much they are willing to offer first.
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I saw that the pandaamerica.com site has an email link if you are interested in selling them coins so I just sent them an email. Since they're selling for $1264, the highest price I've seen anywhere so far, maybe they'll offer as much or more than I'd get from eBay. I'm thinking my eBay price will be more like $850-900 from what the other completed auctions ended at. Then I'd have eBay and PayPal fees too unless I did a money order.
 
Red Storm said:
I would never sell anything truly valuable on eBay. Try local.
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Well it just seems wrong, so I understand what you are saying. That's why I didn't already list it on there. But as I said I live in the boonies so there's really no place local. Maybe a jewelry store in town but I'm thinking the guy there might low ball me since he doesn't even sell coins at all. Might try it though.

I was joking to my wife about Craigslist because I'm sure that's an easy way to just get mugged.
 
Red Storm said:
I would never sell anything truly valuable on eBay. Try local.
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I'm not sure a coin worth under a thousand bucks counts as "truly valuable". I'd sell it on ebay, take the cash and be done with it. 800 bucks is sweet for something you didn't even know you had and probably won't appreciate much in value outside of gold prices going up.
 
BudAshes said:
I'm not sure a coin worth under a thousand bucks counts as "truly valuable". I'd sell it on ebay, take the cash and be done with it. 800 bucks is sweet for something you didn't even know you had and probably won't appreciate much in value outside of gold prices going up.
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Good point(s). My wife and I discussed gold prices going up and with 1/2 oz I don't think it's a big concern. I mean if gold even goes up $100/oz in the next year that's just $50 on this coin.

I have emailed a few places. If they offer $900+ I'll probably sell to them. if it's a lot less I'll try eBay. If I can sell it for $850-900 on eBay that should leave $800 after fees and like you said, $800 for something I didn't even know I had 24 hours ago is pretty sweet.
 
sornywrx said:
Good point(s). My wife and I discussed gold prices going up and with 1/2 oz I don't think it's a big concern. I mean if gold even goes up $100/oz in the next year that's just $50 on this coin.

I have emailed a few places. If they offer $900+ I'll probably sell to them. if it's a lot less I'll try eBay. If I can sell it for $850-900 on eBay that should leave $800 after fees and like you said, $800 for something I didn't even know I had 24 hours ago is pretty sweet.
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You do have to factor ebay fees and stuff like that.
 
BudAshes said:
I'm not sure a coin worth under a thousand bucks counts as "truly valuable". I'd sell it on ebay, take the cash and be done with it. 800 bucks is sweet for something you didn't even know you had and probably won't appreciate much in value outside of gold prices going up.
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Except it's not $800. Fees are percentage based, so the more your item is worth, the more money eBay takes as a cut. And then Paypal.

I think it's worth the hour drive to a collector.
 
jagec said:
Only if you do it wrong.
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Well I have a concealed carry permit so I'd be armed but that doesn't mean I wanna go all Dirty Harry and put myself in a situation. I've got such shitty luck with Craigslist anyways (selling cars) that I really hate to deal with people on there anymore.


Red Storm said:
Except it's not $800. Fees are percentage based, so the more your item is worth, the more money eBay takes as a cut. And then Paypal.

I think it's worth the hour drive to a collector.
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I'm trying to balance out the fees thing (Paypal AND ebay) vs the cut the collector would take. Maybe I've watched Pawn Stars too much but I just expect them to offer $500-600 for it. I emailed a local shop and they said I'd have to bring it in before they'd offer anything (no surprise there) but he made sure to keep using the term WHOLESALE PRICES and told me to keep that in mind.
 
Red Storm said:
Except it's not $800. Fees are percentage based, so the more your item is worth, the more money eBay takes as a cut. And then Paypal.

I think it's worth the hour drive to a collector.
Click to expand...

ebay fees are atrocious. i just sold a couple phones, 180 in my paypal account, -$14 for shipping (2 different items, thats fine), then - $24 in total ebay fees!

i get it, the exposure is nice. but $24 worth for less then a $200 sale? it makes me sick and it regularly makes me hit up craigslist despite the risks.
 
ebay will be your best bet. anywhere local will need to make a profit, and ebay you can be selling to the end consumer. the fees probably won't be as much as a dealer will want
 
I just checked, eBay final value fees are 9.0%.. so if it sold for $900 it's be $81 in fees. PayPal is 2.9% + 30 cents. So it's be $26.40. So if the coin sold for $900 that's $107.40 in fees. ugh... As much as I hate to give eBay/payPal my money I'm afraid a dealer will be even worse and offer $600.

Then I'm thinking well it's not like I paid money for this coin, I mean it's a free surprise and money I wasn't even expecting anyways so maybe I don't need to be greedy about it. Just don't want to get ripped off either and give it away for a lot less than I should.
 
I sold 20 oz of real crap gold, like 10k crap gold, to a local jeweler guy in NYC around 2 years ago and got 3 grand. I figured after he smelts it, removes the crap metal, he has maybe 3-4 oz of pure gold. So, I think I did ok. Check how much gold is going for per oz, then ad 15% on top of that and you have your price.
 
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