Coin dealers that offer a fair price?

[HeavyT]

I'm thinking of cashing in on some gold coins, mainly to free up funds for new purchases,  and was wondering if anyone could suggest a coin dealer that would pay a fair price.

In the past, most people I've spoken to only look at the gold content and offer bullion price without taking the coin's actual value into account. For example, they would offer approx. £200 for a 1987 Sovereign, and also offer the same £200 for a high grade 1937 Sovereign!!!

There doesn't seem to be any recognition of rarity and numismatic value. I understand that they're business and have to make money but I'd like to be able to get something reasonably close to market value.

[Elements]

Post them with photos and expected price on the classified ads on here.

Facebook or eBay are alternatives

[Sherabnamdhak]

So you have a high grade 1937 sovereign then. Lol. 

[Lowlow]

Nothing to do with the OP's post except that it sparked a memory for me.  When I was young I wanted to sell a gold eagle, nothing special except that it was 1oz, I wanted to buy something and needed a little cash.  I called a pawn shop and told them what I was selling and asked if they were interested and they said yes and said they'd pay spot for it, so I was like okay fine and then went to a lot of trouble to get to the shop.  Once I got there they told me that they would give me 50$us for it.  I was like .. uh, no, you really won't, then I was like why did you BS me and make me waste time and energy coming down here ?  Then they tried to argue with me that the coin was only worth 50$us and that they got them all the time, and I was like .. okay, fine, smartass, then I'll give you my number and anytime you get a 1oz eagle for 50$us you can call me and I'll give you 100$us for it, which is double what it's "worth".  Of course that was the end of that conversation.

[tbone]

58 minutes ago, HeavyT said:

There doesn't seem to be any recognition of rarity and numismatic value. I understand that they're business and have to make money but I'd like to be able to get something reasonably close to market value.

I think it depends on the dealer and your relationship (or lack of).  Some are honest and are looking for what they see as a fair markup.  Others don't give a damn if they rip someone off (but from my experience anyway most are fair).  And sometimes you talk to a very inexperienced kid that is used to just testing jewelry or calculating melt value for every coin that comes in.

For a 1937 proof sovereign I'd be selling on ebay or maybe Heritage (or post on TSF ).  I've built a good relationship with my LCS so that could be an option for me too, but again it depends on the dealer.

Also, to state the obvious, you have to know the est. market value of your coins before walking in the door.  Don't look to the dealer to "educate" you or you might get a real education!

[sovereignsteve]

1 hour ago, HeavyT said:

I'm thinking of cashing in on some gold coins, mainly to free up funds for new purchases,  and was wondering if anyone could suggest a coin dealer that would pay a fair price.

In the past, most people I've spoken to only look at the gold content and offer bullion price without taking the coin's actual value into account. For example, they would offer approx. £200 for a 1987 Sovereign, and also offer the same £200 for a high grade 1937 Sovereign!!!

There doesn't seem to be any recognition of rarity and numismatic value. I understand that they're business and have to make money but I'd like to be able to get something reasonably close to market value.

Go to a coin dealer who sells bullion as well as numi coins. They will know the difference between the two and will pay a fair price.

The bullion sells for, well, bullion price, so they will give you a little below spot and sell for a little above spot. They have to make the profit to cover all their costs.

Re: the numismatic coins, they will be able to assess the grade and rarity and know what they can sell for. If they treat you fairly they will pay you a reasonable percentage of this value, again, to make a reasonable profit.

In my experience, a dealer will pay around half of Spink prices, depending on how accurate they are for those coins. Obviously at the lower end, the percentage will be more.

One dealer that springs to mind is Chards.

However, you will achieve better prices for numismatic coins via other routes.

[Goldmick]

Would be good to put them on here if even only to see what coins they are I'm sure the will be some help from us lot. Eg price how rare and Grade you might even get good offers on here I found the for sale UK sales on here very good 

[sixgun]

5 hours ago, HeavyT said:

I'm thinking of cashing in on some gold coins, mainly to free up funds for new purchases,  and was wondering if anyone could suggest a coin dealer that would pay a fair price.

You will get a better price here. Put the coins up on the selling section with good photos. Put a slip of paper with the date and your username. You don't have a selling record. Sometimes people want to get a coin first before they pay in these circumstance but if you deal with an established member here you will not get cheated. They value their reputation too much. This is the Silver Forum where there is a spirit of helping our fellow collectors, not one of diddling them.

[Paul]

I have not used these personally but they look totally reputable to me

 

[HeavyT]

Thanks, everyone. Few people have suggsted that I try listing them here on the For Sale Forum, I'll do that at some point and see what happens.

By the way, I'm an established seller on eBay and have sold lots of items in the past but I tend to only do Buy It Now rather auctions listings as I've lost money before. Things have become slow so I'd been thinking that maybe selling direct to a dealer who pays fair might be an option. I've found some buyers on eBay are worse than dealers, I once had someone offer me £25 for MS66 Sov, bloody cheek!

 

[Pete]

As others have previously said - contact a few numi dealers and get an estimated price.
Our usual bullion dealers will pay you at best spot for the weight only regardless of rarity, condition etc.
Send them a high resolution photograph.
You will likely be disappointed in their offers.

With a real value rather than a highly optimistic one from say Spinks or other coin catalogues, try listing here for a couple of weeks and see what happens. There are some very experienced people on this forum who will buy at a fair price.

Buyers want good deals and sellers want good prices and there will inevitably be a gap between the two.

 

[RisinSun]

On 3/18/2018 at 15:37, sixgun said:

You will get a better price here. Put the coins up on the selling section with good photos. Put a slip of paper with the date and your username. You don't have a selling record. Sometimes people want to get a coin first before they pay in these circumstance but if you deal with an established member here you will not get cheated. They value their reputation too much. This is the Silver Forum where there is a spirit of helping our fellow collectors, not one of diddling them.

Perhaps we could do with an authorised middle man for these scenarios with a small tip which would cover postage and efforts made by the middle man. 

[sixgun]

1 hour ago, RisinSun said:

Perhaps we could do with an authorised middle man for these scenarios with a small tip which would cover postage and efforts made by the middle man. 

Are you saying a respected 100% solid member who acted as the intermediary for newbie sellers? So a newbie seller would send to this solid gold member who vets the coins and would send them on to other members. This way members know they are getting proper stuff and they will get the coins they buy.

BYB could take the coins and show them off on his youtube channel - people can see the coins better and BYB gets more promo on his channel and members know they are getting the proper stuff. This is not volunteering BYB but something like this would be good. We do not get them many zero community feedback people so it would not be so onerous - big talk from someone (me) who is not in a position to take on that role!.

[RisinSun]

1 hour ago, sixgun said:

Are you saying a respected 100% solid member who acted as the intermediary for newbie sellers? So a newbie seller would send to this solid gold member who vets the coins and would send them on to other members. This way members know they are getting proper stuff and they will get the coins they buy.

BYB could take the coins and show them off on his youtube channel - people can see the coins better and BYB gets more promo on his channel and members know they are getting the proper stuff. This is not volunteering BYB but something like this would be good. We do not get them many zero community feedback people so it would not be so onerous - big talk from someone (me) who is not in a position to take on that role!.

Bang on @sixgun

I myself would not bother attempting to sell through here yet because I also wouldn't buy from myself or from many who have tried to sell on the forums with little to no credibility. However there are many on here though the months i have lounged that I would trust to be the middle man. 

There would have to be proper rules in place but people smarter than you and I can sort that part out. BYB, Numi, others deemed by @ChrisSIlver to be trust worthy middlemen. Ect ect