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Inherited 1 oz Kruggerand - Where/How to sell, value range
Posted on 5/20/15 at 1:07 am
Posted on 5/20/15 at 1:07 am
I just inherited an uncirculated 1980 Krugerrand 1 ounce gold coin and want to sell it to buy an index fund. Where is the best place to sell? Ebay seems to be the best place I've found so far, open to advice. I would like to avoid a retail outlet/buyer and capture as much of the coin's value with paying 15~20% in transaction commission.
I am fairly certain there is a premium for coins that are units of currency and it looks like values range from $1,400 ~ $1,800 for coins of similar age and condition.
I am fairly certain there is a premium for coins that are units of currency and it looks like values range from $1,400 ~ $1,800 for coins of similar age and condition.
This post was edited on 5/20/15 at 1:08 am
3
Posted on 5/20/15 at 3:49 am to GoIrish02
Usually not much premium, if any, on a Kruggerand. That is why people buy them when they want physical gold. Looks like they are selling in the $1260-$1300 range on eBay. Ebay charges a 10% commission plus there is a another smaller commission if you use paypal for the transaction.
Craigslist is another option but there are risks there to, like waking up without a kidney and your coin taken.
Craigslist is another option but there are risks there to, like waking up without a kidney and your coin taken.
Posted on 5/20/15 at 5:11 am to CajunTiger92
Hold on to it. The way I look at is like this, why sell something that is at a low (gold) and buy something that is high (equities)?
Posted on 5/20/15 at 6:33 am to GoIrish02
quote:
Usually not much premium, if any, on a Kruggerand. That is why people buy them when they want physical gold. Looks like they are selling in the $1260-$1300 range on eBay. Ebay charges a 10% commission plus there is a another smaller commission if you use paypal for the transaction.
This is correct.
Assuming this is a raw coin, If you were selling to me I would give you full spot on the coin and most dealers would.
Wholesale is currently: bid $10, offer $25 over spot
ie: I can buy as many of your coins as i want for 1234 per coin right now from the bullion house.
If you find a private party to buy this coin, you should realistically expect to net 1260-1300 max at 1209 spot.
Heres the details of what sold on ebay:
one sold on may 12th for 1260
one in april for 1300
one in march 1276
one in feb 1325
As the previous poster mentioned then there is the hickey thats 10-13 percent depending on your seller level plus shipping
Posted on 5/20/15 at 9:59 am to GoIrish02
Don't bother with eBay, etc. Just get in your car and drive over to Southern Coin & Precious Metals on Zenith St in Metairie. SC will pay you spot for the coin...you can walk out with a check. SC also buys scrap gold at spot price, so you can round up broken chains, earring backs, old ugly jewelry, tie tacks, etc and get a lil more money. I liquidated a big coin collection using Southern, and I found the outfit honest/fair/helpful.
Krugerrands command no premium price, even in brilliant/uncirc. condition.
Krugerrands command no premium price, even in brilliant/uncirc. condition.
Posted on 5/20/15 at 2:12 pm to Janky
quote:
Hold on to it. The way I look at is like this, why sell something that is at a low (gold) and buy something that is high (equities)?
You're looking at wrong. Equities have annual dividends, earnings growth, share price appreciation and liquidity.
Gold has none of those fundamentals, its appreciation is random at best (and has always lagged equities with respect to total return), has little liquidity plus gold entails ongoing storage costs.
This coin has sat in a safe deposit box for 35 years (storage cost), has paid zero dividends to reinvest, is difficult to sell and has zero utility. It cost $72 in 1980, had that $72 been invested in an index fund for 35 years, it would be worth a lot more than $1,300.
Posted on 6/7/15 at 9:17 am to GoIrish02
^
You're correct, but even Warren Buffet, who doesn't exactly like gold, would say you're missing one large piece of the equation. Two large pieces actually. Not that he is 100% honest either.
Doesn't hurt to own a little gold. Little being the key word. Those Wall St boys always said buy it, and hope it doesn't work.
I own gold. Not much. I'd have no issue selling it for a profit. I could see a scenario (and not a conspiracy scenario) where central banks would dump gold on a large scale. They basically created the gold lease for a reason.
The index fund return is where I really think people should pause and drill down into what the real returns are. Right after they ask themselves why Warren loves dividends so much, but only if he is collecting them. And why he and Mr. Munger are silent on silver. Mostly silent anyway, but Mr. Gates, on his board I believe, has no issue about talking about Warren's silver mistake.
We talk incessantly about beta, but rarely do we have a well balanced portfolio to which this would be applicable. At some point I maintain there has to be an exposure to real property outside of one's primary residence, and some percentage in a precious metals. To state otherwise, especially coming from person who give financial advice, is about as irresponsible as one could be, and flies in the face of some very basic and conservative financial rules.
Anyway, doesn't hurt to keep the 1 oz of gold. It would increase the volatility of your portfolio, not reduce it is mistakenly repeated, but you either endeavor to have a balanced portfolio, or you don't.
You're correct, but even Warren Buffet, who doesn't exactly like gold, would say you're missing one large piece of the equation. Two large pieces actually. Not that he is 100% honest either.
Doesn't hurt to own a little gold. Little being the key word. Those Wall St boys always said buy it, and hope it doesn't work.
I own gold. Not much. I'd have no issue selling it for a profit. I could see a scenario (and not a conspiracy scenario) where central banks would dump gold on a large scale. They basically created the gold lease for a reason.
The index fund return is where I really think people should pause and drill down into what the real returns are. Right after they ask themselves why Warren loves dividends so much, but only if he is collecting them. And why he and Mr. Munger are silent on silver. Mostly silent anyway, but Mr. Gates, on his board I believe, has no issue about talking about Warren's silver mistake.
We talk incessantly about beta, but rarely do we have a well balanced portfolio to which this would be applicable. At some point I maintain there has to be an exposure to real property outside of one's primary residence, and some percentage in a precious metals. To state otherwise, especially coming from person who give financial advice, is about as irresponsible as one could be, and flies in the face of some very basic and conservative financial rules.
Anyway, doesn't hurt to keep the 1 oz of gold. It would increase the volatility of your portfolio, not reduce it is mistakenly repeated, but you either endeavor to have a balanced portfolio, or you don't.
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