Where to buy/sell physical gold?

[Tunkle_7]

I’ve inherited some gold coins and I’m thinking about selling them.

1. Does anyone know where I should go to get the best price for them?
2. Is there a general rule for what a fair market deal looks like? Like, is it usually the gold spot price plus or minus a certain percentage?
3. Do I need to go to a different place to sell coins (like Krugerrands) compared to bullion?

Thanks!

 

[Phrostic]

Check if there are any local coin or gold shops nearby and give them a call. I sold a Gold Panda at a walk-in shop for spot cash (though, unfortunately, it was less than today's prices). For melting, Midwest Refineries offers fair and reasonable rates.

 

[Vorn!x]

The melt price from online sources is tough to beat.

If the coins are considered "collectibles," they could be worth close to spot price or even a bit more.

The best price you'll ever get is likely through a private transaction with someone you know.

 

[Jubrax_21]

I had a pretty good experience selling gold coins to a local dealer at his small shop on a side street.

He bought bullion coins (like Krugerrands) at spot price minus a percentage—I'm not sure exactly what the percentage was, but it seemed reasonable at the time. I think it was a low single digit, maybe around 3%. I also sold him a "collectible" coin, and I saw him resell it for a profit to a customer who walked in right after me. The coin was still on the counter when the buyer noticed it. It wasn’t a huge profit, but I thought the markup was fair since I wouldn't have known about that buyer on my own!

I’ve inherited some gold coins and I’m thinking about selling them.

1. Does anyone know where I should go to get the best price for them?
2. Is there a general rule for what a fair market deal looks like? Like, is it usually the gold spot price plus or minus a certain percentage?
3. Do I need to go to a different place to sell coins (like Krugerrands) compared to bullion?

Thanks!

 

[Lompen$]

It depends. The location you’re in can have its pros and cons. I use local shops and was surprised in 2022 when they were buying above spot. I also have access to major coin shows nearby three times a year, where metals are traded. Avoid pawnshops, one-day hotel setups, and similar places, as they usually offer the worst prices.

If you don’t have local options, you can look into online dealers. I’ve never done an online gold bullion transaction, but I’ve bought silver eagles and some Peace Dollars several times. Years ago, Krugerrands were sold at a discount because of their political associations, but I’m not sure if that’s still the case today.

 

[Crizzle7X]

Last year, I sold some silver and gold bars and coins for my cousin. The local shop offered about 60% of spot price, so I decided to go with JM Bullion online, and it went smoothly. They paid a bit over spot for almost everything, and returned a few silver coins they tested as "not authentic." I was really hesitant to do this online, so I broke it up into several smaller transactions. Everything was well communicated, transparent, and fair. I’d definitely use them again if I wanted to buy or sell precious metals.

I really wanted to do this locally but just couldn’t find any place near me that was even close to offering a fair price.

 

[Plopser11]

A few years ago, I used APMEX to sell some inherited gold coins. They gave me a quote over the phone that was valid for 10 days and explained how to pack and insure the coins. After they received the coins, they sent me the agreed amount. I found the whole process very straightforward.

In my opinion (and it’s just that), a lot of people buy physical gold and silver, so companies like APMEX and JMBullion have a strong incentive to maintain a trustworthy reputation.

 

[Wexlin#42]

I’ve inherited some gold coins and I’m thinking about selling them.

1. Does anyone know where I should go to get the best price for them?
2. Is there a general rule for what a fair market deal looks like? Like, is it usually the gold spot price plus or minus a certain percentage?
3. Do I need to go to a different place to sell coins (like Krugerrands) compared to bullion?

Thanks!

If the coins are fairly common, like Eagles, Maple Leafs, or Krugerrands, you can take them to local coin shops, pawn shops, or jewelry stores. The same goes for bars from brands like PAMP, Valcombi, AMPEX, etc.

However, if the gold is non-standard, like gold flakes from panning, it gets a bit more complicated.

 

[Zintok8$]

It would be great to have a Wiki article on this topic since it comes up pretty often. OP, if you search, you’ll find the same advice being shared here in previous posts.

 

[Crindle4]

I’ll be following this thread closely as I’m also looking to sell some coins—mostly Eagles, but I have a few Maple Leafs and Krugerrands too.

For me, this is just a rebalance while freeing up some taxable funds for spending in the next couple of years. As a super-conservative investor, I plan to buy more T-Bills/T-Notes while the rates are good (my crystal ball says sell gold, buy T-Bills!). But this is also part of the overall rebalance.

I’ll try to remember to update here with any good or bad news. When I bought (2014-2018), I got some from local coin dealers and also purchased a few from Kitco by mail. As someone else mentioned, mail transactions can be a bit nerve-wracking, so I’ll try to avoid that this time.

 

[X3ndul]

I’ll be following this thread closely as I’m also looking to sell some coins—mostly Eagles, but I have a few Maple Leafs and Krugerrands too.

For me, this is just a rebalance while freeing up some taxable funds for spending in the next couple of years. As a super-conservative investor, I plan to buy more T-Bills/T-Notes while the rates are good (my crystal ball says sell gold, buy T-Bills!). But this is also part of the overall rebalance.

I’ll try to remember to update here with any good or bad news. When I bought (2014-2018), I got some from local coin dealers and also purchased a few from Kitco by mail. As someone else mentioned, mail transactions can be a bit nerve-wracking, so I’ll try to avoid that this time.

One person mentioned that mail transactions can feel a bit stressful, so they’re planning to skip them this time. From our point of view, that’s an interesting take, because we’ve actually felt the opposite.

 

[Wugni_p]

I’ve inherited some gold coins and I’m thinking about selling them.

1. Does anyone know where I should go to get the best price for them?
2. Is there a general rule for what a fair market deal looks like? Like, is it usually the gold spot price plus or minus a certain percentage?
3. Do I need to go to a different place to sell coins (like Krugerrands) compared to bullion?

Thanks!

Are the coins bullion or collectibles?

I sent one collectible to a local coin shop (they offered to buy it for $X beforehand) to get slabbed and graded. Once it came back, graded and slabbed, they more than doubled their offer... I still have it.

 

[Crindle4]

One person mentioned that mail transactions can feel a bit stressful, so they’re planning to skip them this time. From our point of view, that’s an interesting take, because we’ve actually felt the opposite.

Hey X3ndul, could you clarify what you mean? Are you saying it’s more stressful to sell in person?

 

[X3ndul]

About 15 years ago, when we first started buying and selling metals, it felt a lot safer to buy from trusted online sites like JM Bullion and APMEX. We didn’t have any way of checking local dealers for things like product quality, availability, pricing, or safety.

Over the years, after buying and selling dozens of times, we’ve never had any issues with these well-known online sources, whether the orders were small or large. That’s been our experience, at least.

Hey X3ndul, could you clarify what you mean? Are you saying it’s more stressful to sell in person?

 

[Crindle4]

About 15 years ago, when we first started buying and selling metals, it felt a lot safer to buy from trusted online sites like JM Bullion and APMEX. We didn’t have any way of checking local dealers for things like product quality, availability, pricing, or safety.

Over the years, after buying and selling dozens of times, we’ve never had any issues with these well-known online sources, whether the orders were small or large. That’s been our experience, at least.

Thanks for the clarification, X3ndul.

I checked Apmex’s prices today. For Eagles, they offered 1.1% under spot, for Krugerrands 2.1% under spot, and for Maple Leafs 1.3% under spot. A local coin dealer mentioned that depending on how much I’m selling and other factors, he’d charge anywhere from 3% to 9% (yikes!). But he has a small shop, so he probably takes on more risk with slower sales.

I’ll keep you updated.

 

[X3ndul]

Just to clarify, we've only worked with bars and bullion, not collectible metals. That might change things, but either way, you’ll need to find a reliable small shop that can confirm the quality and value of what you’re selling.

Thanks for the clarification, X3ndul.

I checked Apmex’s prices today. For Eagles, they offered 1.1% under spot, for Krugerrands 2.1% under spot, and for Maple Leafs 1.3% under spot. A local coin dealer mentioned that depending on how much I’m selling and other factors, he’d charge anywhere from 3% to 9% (yikes!). But he has a small shop, so he probably takes on more risk with slower sales.

I’ll keep you updated.

 

[Vixnor99]

I just looked at JM Bullion's "Sell to Us" page, so you can see their buyback prices without needing to call. They were offering a bit above spot for Gold Eagles and about 1.5% below spot for Krugerrands. If you decide to sell to them, I recommend using their shipping label. You'll need to go to a FedEx counter to get a tracking number. They do charge for the label, but the cost shouldn't be too high for gold. When I've sold silver to them, shipping costs ranged from $25 to $60. The $60 shipment was pretty heavy, but they insure it, and it ships by air.

Keep in mind, it can take JM Bullion some time to process your order. I got an email when they received my package, but it took 10 days for them to process it. This is common, especially when prices rise and they get a lot of orders.

Thanks for the clarification, X3ndul.

I checked Apmex’s prices today. For Eagles, they offered 1.1% under spot, for Krugerrands 2.1% under spot, and for Maple Leafs 1.3% under spot. A local coin dealer mentioned that depending on how much I’m selling and other factors, he’d charge anywhere from 3% to 9% (yikes!). But he has a small shop, so he probably takes on more risk with slower sales.

I’ll keep you updated.

 

[Crindle4]

I just looked at JM Bullion's "Sell to Us" page, so you can see their buyback prices without needing to call. They were offering a bit above spot for Gold Eagles and about 1.5% below spot for Krugerrands. If you decide to sell to them, I recommend using their shipping label. You'll need to go to a FedEx counter to get a tracking number. They do charge for the label, but the cost shouldn't be too high for gold. When I've sold silver to them, shipping costs ranged from $25 to $60. The $60 shipment was pretty heavy, but they insure it, and it ships by air.

Keep in mind, it can take JM Bullion some time to process your order. I got an email when they received my package, but it took 10 days for them to process it. This is common, especially when prices rise and they get a lot of orders.

Thanks for sharing this, Vixnor99. I checked JMBullion’s prices about eight hours later, and I’m seeing Eagles slightly above spot (great!), Maple Leafs about 1.3% below spot, and Krugerrands about 2% under spot. X3ndul, could you confirm if JMBullion pays via bank wire? I’m assuming all the major companies do it the same way. An Apmex rep told me yesterday that they use bank wire, so I just want to make sure I’m comparing the same thing.

Also, I appreciate the heads-up about potential delays in processing—good to know!

 

[X3ndul]

When we've sold to JMB before, there were three ways to get paid: ACH, wire transfer, or paper check. I think ACH was free, but wire transfers and paper checks each had a $25 fee.

For info on delays, their FAQ page has a section about payment methods and processing times, among other things. It’s a good place to find answers to any questions you might have, even ones you haven’t thought of yet.

Thanks for sharing this, Vixnor99. I checked JMBullion’s prices about eight hours later, and I’m seeing Eagles slightly above spot (great!), Maple Leafs about 1.3% below spot, and Krugerrands about 2% under spot. suemarkp, could you confirm if JMBullion pays via bank wire? I’m assuming all the major companies do it the same way. An Apmex rep told me yesterday that they use bank wire, so I just want to make sure I’m comparing the same thing.

Also, I appreciate the heads-up about potential delays in processing—good to know!

 

[Vixnor99]

I’ve used ACH to transfer money directly to my checking account, but it needs to be set up first, which might take a day. I did it before making a purchase, but I think you can set it up any time once your account is created. I have a separate account for transactions like this—low balance, and I use it for things like Venmo, Zelle, and buying/selling gold. There might be limits on ACH transfers compared to wire transfers. You can also choose paper checks if you prefer.

Here’s a part from their FAQ about selling to them: They offer three payment methods: ACH (electronic check), bank wire, or paper check. ACH is free, while bank wires cost $25, and paper checks come with a $30 fee. These charges will be taken out of the final amount for your sale.

Also, when selling to them, you'll need to provide a credit card number. This is just in case you cancel your sale after committing, as they may need to cover any market loss. Usually, they won’t charge anything to your card.

Thanks for sharing this, Vixnor99. I checked JMBullion’s prices about eight hours later, and I’m seeing Eagles slightly above spot (great!), Maple Leafs about 1.3% below spot, and Krugerrands about 2% under spot. suemarkp, could you confirm if JMBullion pays via bank wire? I’m assuming all the major companies do it the same way. An Apmex rep told me yesterday that they use bank wire, so I just want to make sure I’m comparing the same thing.

Also, I appreciate the heads-up about potential delays in processing—good to know!