What to do with gold coins

[Dash man]

This link has information on IRS reporting requirements for a gold dealer I’ve purchased some gold from in the past:

https://www.texmetals.com/sell-gold-coins

 

[Spock]

This link has information on IRS reporting requirements for a gold dealer I’ve purchased some gold from in the past:

https://www.texmetals.com/sell-gold-coins

And note that their "sell to us" price on American Gold Eagles is currently spot+15%.
Edit to add: It is now "call for bid" on 1oz coins.

 

[Trailwalker]

This link has information on IRS reporting requirements for a gold dealer I’ve purchased some gold from in the past:

https://www.texmetals.com/sell-gold-coins

That's interesting. It says that the reporting requirements don't apply to Austrian coins.

 

[ncbill]

Interesting. Never thought of carrying some gold. Actually, a pretty easy way to carry a good amount of money in a very small package. Not completely liquid, but as you said, in most cities, there will be a pretty easy way to sell gold.

I always wanted that 'survival kit' from one of the James Bond films.

IIRC, it included FIFTY gold sovereigns!

 

[SecondCor521]

My opinions below.


"Extremely" easy to sell most any coins at a coin show but good luck getting PCGS quoted prices... PCGS price lists are usually overvalued what you'll get dealer to pay... "Maybe" an individual would, but not a dealer. Get a copy of the latest Greysheet if you want more realistic pricing.

Typically yes it's removed and no it doesn't matter to most collectors... What does matter if it's graded by PCGS or NGC and by CAC. (In other words, it should be graded by PCGS or NGC and with a CAC sticker.) Note, don't get regular issue bullion coins graded, it's a waste of time and money. Proofs, maybe...


Proofs are collectables, IMO.

Thanks for the answers, they were very helpful.

I assume we could expect approximately Graysheet wholesale at a coin show?

It appears CAC doesn't put their stickers on, for example, a 2020 $50 1oz gold buffalo proof.

 

[prudent_one]

Graysheet wholesale is a reasonable expectation but many dealers just go by a % above/below spot price so the price can change daily.

Also no one will care about CAC on a modern bullion coin.

 

[SecondCor521]

Graysheet wholesale is a reasonable expectation but many dealers just go by a % above/below spot price so the price can change daily.

Even for proofs?

 

[Car-Guy]

Thanks for the answers, they were very helpful.

I assume we could expect approximately Graysheet wholesale at a coin show?

It appears CAC doesn't put their stickers on, for example, a 2020 $50 1oz gold buffalo proof.

The Greysheets will show the bid and ask prices. For collectables you can/should get bid (or very close to it). Even at a coin show it "pays" to shop around. For really rare coins, you can usually get well over bid... It's a game. For common bullion, "these days" you get a little over spot which changes daily. Proof Gold will bring a premium which the Greysheet should indicate. (I haven't looked in a while)

I don't think CAC stickers common certified bullion coins, but they may do proofs (I don't recall, but probably not worth ($) it anyway) They are getting picky on what they sticker these days.

 

[SecondCor521]

The Greysheets will show the bid and ask prices. For collectables you can/should get bid (or very close to it). Even at a coin show it "pays" to shop around. For really rare coins, you can usually get well over bid... It's a game. For common bullion, "these days" you get a little over spot which changes daily. Proof Gold will bring a premium which the Greysheet should indicate. (I haven't looked in a while)

I don't think CAC stickers common bullion, but they may do proofs (I don't recall, but probably not worth it anyway for Gold proofs) They are picky.

Thanks.

The Greysheet printout I got for the particular coins I'm talking about (2020 1oz gold buffalo proofs) lists $3650 wholesale and $4650 retail, with a number of "Heritage Auction" sales prices at that retail number.

Since there's a $1K difference (which I'm assuming is just the bid/ask spread), I want to make sure expecting a price of $3650 from a dealer would be about right.

At this point, I'm figuring it'd probably be good to go to a nearby coin show and just shop them around. I can probably get a cheap flight to Las Vegas, and I bet they have coin shows there from time to time.

 

[Car-Guy]

Thanks.

The Greysheet printout I got for the particular coins I'm talking about (2020 1oz gold buffalo proofs) lists $3650 wholesale and $4650 retail, with a number of "Heritage Auction" sales prices at that retail number.

Since there's a $1K difference (which I'm assuming is just the bid/ask spread), I want to make sure expecting a price of $3650 from a dealer would be about right.

At this point, I'm figuring it'd probably be good to go to a nearby coin show and just shop them around. I can probably get a cheap flight to Las Vegas, and I bet they have coin shows there from time to time.

I haven't kept up with modern Gold Proof prices.. (Those are crazy numbers but possible I guess.) As far as coins shows, they are everywhere (at least in Texas.) Usually one or two a week...


This may help you find a local coin show. https://www.coinshows.com

 

[Samsung4321]

While the import of gold to the USA in any form has no duty, it must be declared on form FinCEN Form 105 if all "currency" exceeds 10,000 value. At least according to CBP.

see:

https://help.cbp.gov/s/article/Article-1594?language=en_US#:~:text=There%20is%20no%20duty%20on,gold%20coins%2C%20valued%20over%20%2410%2C000.

It is a bit conflicting when it says:

The form itself says nothing about bullion. I think there is no question about having to declare monetary coins of any country. (>$10,000) Whether the face value of the coins or the gold content value is reported on that form might be a arguable point that might require some legal defense.

At the time I could find nothing in USA Law to support the assertion that gold "must be declared".

The near bored witless Customs Officer I conversed with had no knowledge of the Law relating to gold.

He stated 'You can not be prosecuted for not declaring if you declare.'. Which is similar to:

'If you have doubt whether your gold/gold coin is considered a monetary instrument it is in your best interest to declare the item(s) with a CBP Officer, so you do not give a false declaration.'

It may be that Customs are required to look for specific gold items and not others:

'originating in or brought from, Cuba, Iran, and Sudan*'

and

'You might wonder why sales of these specific objects are reportable. These reporting requirements are related to the regulations that require brokers to report all proceeds from stack and commodity transactions. These specific objects are currently traded (or used to be traded) on commodity exchanges.
https://www.texmetals.com/sell-gold-coins

I suggested to the Officer that USA Law seems to not require declaration and that, through Legislative silence, it is a legal loop hole in currency control as gold is easily sold in USA.
He said he would enquire for his better understanding.

 

[SecondCor521]

I haven't kept up with modern Gold Proof prices.. (Those are crazy numbers but possible I guess.) As far as coins shows, they are everywhere (at least in Texas. Usually one of two a week...

Thanks. The Greysheet price graph shows a big jump in the summer of 2021 from around $2K to the $3650 number. Sincerely don't know why.

 

[Car-Guy]

In case you missed it, check this out for local coin shows.


https://www.coinshows.com

 

[Poopycat]

If you want to move the whole pile vs. onesie-twosie at a coin show another option is Apmex in Oklahoma City. You can either ship (registered USPS, but they have an insured shipment program) to them or schedule a face-to-face appointment. I've only bought from them so I can't comment on the prices they offer... but the drive might be worth it to get everything done at once vs. vetting multiple buyers.

Interesting idea, thanks. I’m in MO and the coins are in a safe deposit box in TX. When I have a few days off, or maybe when I retire next year, driving to TX and then to OKC might be a worthwhile trip.

 

[SecondCor521]

Interesting idea, thanks. I’m in MO and the coins are in a safe deposit box in TX. When I have a few days off, or maybe when I retire next year, driving to TX and then to OKC might be a worthwhile trip.

sdbullion.com gave me better pricing that apmex when I inquired. You might check with both, or at least sdbullion might be able to give you a floor on what you can get if you visit OKC / apmex.

I think sdbullion.com was recommended to me by someone here in an earlier thread.

No idea how reputable they are.

 

[sengsational]

sdbullion.com gave me better pricing that apmex when I inquired. You might check with both, or at least sdbullion might be able to give you a floor on what you can get if you visit OKC / apmex.

I think sdbullion.com was recommended to me by someone here in an earlier thread.

No idea how reputable they are.

A long while back I did some research for a family member that was trying to decide on if going to her local guy was costing her a lot. I worked-up what his offer was vs Kitco. Although the Kitco deal was better, even considering the shipping and insurance and fees, it wasn't that much better in the amounts being sold (maybe 10 ounces or something).

 

[Skitso999]

Only take one

The one ounce eagles are worth at least $1700 each. If you take them to be examined, don't let them take them out of your sight. If they claim they are fakes, get a second opinion.

To be safe, only take one of them out for your initial appraisals! Don't take them all out to go to the coin store. That would be very unsafe and invite criminals to come see you.

Also, don't tell them how many you have in the safe deposit box. That's another recipe for a problem.

 

[Car-Guy]

The one ounce eagles are worth at least $1700 each. If you take them to be examined, don't let them take them out of your sight. If they claim they are fakes, get a second opinion.

So I'm sure there are fakes floating around but honestly I've never run across one. (That I know of ) And I've bought/sold a lot of AGE's over the years. Personally, I bought a small digital scale to verify weights but I've rarely used it.

As I mentioned earlier, I only buy and sell bullion at coin shows. (Cash and carry has advantages ) While all coin dealers are dealing in collectable coins, I'd guesstimate that only 10 to 15% of the dealers at most coin shows deal in bullion too. Many don't for various reasons but you should be able to find 10 to 12 dealers that deal in bullion too, at a medium sized show. (It's not a problem)

IMO, try to pick a higher end dealer that deals in higher value certified (PCGS/NGC) coins and sells raw bullion too. They are easy to spot since they'll have 100's of thousands to over a million dollars in inventory on display. If you are worried about buying fakes, I'd stay away from dealers that sell a lot of raw (un-certified coins) for buying bullion. (Note, the bigger dealers are usually located up at the front entrance of the show.) Those guys are usually well established and built up their business/reputations over years/decades and can spot fakes PDQ. That's my 2 cents, FWIW.

 

[FiveDriver]

As of 12/2 (using PCGS/NGC for gold, JM Bullion for Silver) for reasonably "competitive" online dealer retail prices:
Gold Silver Eagle has a 12.5% premium over spot
Silver Eagle has a 81.7% premium over spot

The above have moved *down* slightly as spot prices have risen, but the ASE premiums over the last year or so have really skyrocketed.

$SLV holdings have decreased this year, perhaps due to your mentioned "run on the LMBA". That is, a lessoned trust in the holders of physical silver in far away places / fear of those assets perhaps not being properly backed.

I have some questions on this, and other posts, in this thread.

First of all....is that 81% Silver premium over spot correct ?!?

I have a collection of Silver Walking Liberty Half Dollars 1941 thru 1947, all mints, all in MS-63 or better grades. I put this collection together back in the mid-80's and have kept in in a safe ever since. Thinking of selling now, or at least getting a current Appraisal.

A -- I know a reputable Dealer here in town, scheduled to meet with him in early January for Appraisal. Does the price of Silver have a direct affect on the overall value of this collection ??
Would selling the entire collection bring a better price ??
Rather than single coins, or a few at a time ??

B -- Would any sale be considered a taxable event ?? Long Term Cap Gains ?? 1099-K for next year's taxes ?? What is the cut-off for generating a 1099 ??

C -- Your opinion on best price.....at my reputable local Dealer, or a sale at a Coin Show ??

 

[sengsational]

Concerning "B", my mom's local guy doesn't send anything to the IRS and he gave her a fair price.

Concerning fakes, "gold" titanium fakes don't "ring" and so are easy to spot if you have ears. Your scale and calipers won't detect the fake; you need your eyes and ears.

 

[Car-Guy]

I have a collection of Silver Walking Liberty Half Dollars 1941 thru 1947, all mints, all in MS-63 or better grades. I put this collection together back in the mid-80's and have kept in in a safe ever since. Thinking of selling now, or at least getting a current Appraisal.

A -- I know a reputable Dealer here in town, scheduled to meet with him in early January for Appraisal. Does the price of Silver have a direct affect on the overall value of this collection ??

C -- Your opinion on best price.....at my reputable local Dealer, or a sale at a Coin Show ??

Are they certified by PCGS or NGC or "just raw"? If certified by PCGS/NGC then there won't be a lot of dispute over grades. Assuming they are all really MS-63's, 1941 thru 1947's, IIRC, they should bring you [-]75 to 100[/-] edit 20 to 50 dollars each, if you are lucky and get top dollar (+ or - a few dollars) Sorry about that, nothing rare, except the 1946 double die, if you have one. That's a ~$1000 coin. I'll need to look at my greysheet to be sure, but that's my general memory on the Walking Liberty halfs in that date range and grade.

And no, being "silver coins" don't really add any value in this case. Numismatic value far exceeds the melt value.

If you have a "trusted" local dealer then go for it, otherwise try a local coin show and shop them around.

 

[FiveDriver]

Thanks guys.

Yes, PCGS graded, and I have all the paperwork on each coin. My local Dealer has a good reputation....he actually worked with Norm Pullen up in Maine, before he relocated down here in the Lowcountry.

So if the whole set might bring a higher price than selling it in small lots....I'd probably just sell the whole package. Especially if the IRS doesn't get involved.

The Walking Liberty certainly is a beautiful coin. But it's been sitting in my safe for 30 years. I'll cash it in and maybe buy a bag of circulated halves.

 

[Majorgym]

I found myself in the same position when my Dad passed away: gold coins in the safety deposit box. After analyzing gold prices over the last 5 years, it was an easy decision to sell. I went to 3 different gold-coin shops and sold to the the highest one.


It is very amazing to see the different bids on the exact same group of coins.

AND - definitely don't let them take anything out of your direct line of sight.

 

[Car-Guy]

Thanks guys.

Yes, PCGS graded, and I have all the paperwork on each coin. My local Dealer has a good reputation....he actually worked with Norm Pullen up in Maine, before he relocated down here in the Lowcountry.

So if the whole set might bring a higher price than selling it in small lots....I'd probably just sell the whole package. Especially if the IRS doesn't get involved.

The Walking Liberty certainly is a beautiful coin. But it's been sitting in my safe for 30 years. I'll cash it in and maybe buy a bag of circulated halves.

Yes they are really nice looking coins and having them already graded by PCGS should bring you nearer top dollar. My original price guesstimate are probably close to what a dealer would sell them for, buying them from you will be less (sorry about that)... It's too bad you don't have the earlier dates from the series, then you'd be talking about some serious money. Hey maybe in another 20 to 30 years, these may have some real value too.

I have a complete set of Franklin halfs, all dates and mints marks graded MS 65 with a few proofs 66/67's mixed in. I doubt if I could get but ~$500 for the entire set. (Maybe).

I collected (and kept) the Franklin's since I remember often getting them in change as a young boy. (Of course those were not in MS)

 

[Dash man]

What’s the cost to get coins graded and how do you go about doing it?