What to do with gold coins

[Jerry1]

I wouldn't liquidate them.

Just sell a couple now and again for pocket jingle -

That’s what I’d do. Especially to start. I’d take a couple coins to a local dealer and make a deal. It will answer a lot of your questions and put a few bucks in your pocket. Sometimes you have to get in the game in order to learn the game. A few coins at a time seems right to me.

 

[Al in Ohio]

Sorry I just read this thread today. I invest in those same coins. Most people buying those typically buy direct from a coin bullion dealer who sells in bulk directly from the US mint. They are almost 92% pure gold and contain 1 Troy ounces of fine gold. No need to get graded as these are usually bought directly from the mint and are not collectible coins so much as bullion. They are mint condition if handled properly since he purchased them. Today’s value about $1805 per coin. You just look online for the daily spot price for gold and that’s their value. It changes daily. I advise you keep them in a bank safe.

 

[Koolau]

Sorry I just read this thread today. I invest in those same coins. Most people buying those typically buy direct from a coin bullion dealer who sells in bulk directly from the US mint. They are almost 92% pure gold and contain 1 Troy ounces of fine gold. No need to get graded as these are usually bought directly from the mint and are not collectible coins so much as bullion. They are mint condition if handled properly since he purchased them. Today’s value about $1805 per coin. You just look online for the daily spot price for gold and that’s their value. It changes daily. I advise you keep them in a bank safe.

As you are probably aware, gold bullion coins sell at considerably more than spot. Selling to a gold bullion dealer, of course, you don't get as much as they charge but typically, you receive more than spot price for coins. YMMV

 

[DrRoy]

My parents also collected old American silver dollars and half dollars. At some point when I retire, I’ll try to find out what they might be worth. Probably something, but certainly not what the gold coins are worth.

There are definitely a small proportion of silver coins that, due to their rarity, are worth more than their weight in gold. Not many, but some.

 

[Poopycat]

That’s what I’d do. Especially to start. I’d take a couple coins to a local dealer and make a deal. It will answer a lot of your questions and put a few bucks in your pocket. Sometimes you have to get in the game in order to learn the game. A few coins at a time seems right to me.

The coins are in a safe deposit box in a different state so they will stay put for now. But I’m eager to learn more about the value once I (hopefully) retire next year.

 

[Poopycat]

Cough, cough. Uh, yeah. If these are 1 oz liberties (which I think they were based on OP's discription), our other estimates are low by 4x. We're talking buy a house money in a MCOL area.

As for the can of old silver circulated coins: that can easily be over $1k, even as much as $4k, depending on the actual size of the can. This is just in metal value, ignoring possible rarities. Because they don't pack as well as smaller coins like dimes, they may not be worth as much. Dimes can be surprisingly valuable. And you said they were dollars? These need to be sorted and checked for numismatic value. If they are Morgans, they are always fun to check out. I saved a few of my Morgans cause I just like them. They are classic Americana.

OP: I think you know this, but proceed with caution here on multiple levels: theft, tax, value, etc. You have a nice surprise gift of a project from Dad.

I’ll have to take a look at them, they are in a storage locker. It’s a big can; it’s an old Mr. Peanuts can that just have held five pounds of peanuts at one time. The can is really heavy; I’d guess 10 pounds. I think it’s a mixture of half dollars and silver dollars, all from before 1965 if I remember correctly. They aren’t uncirculated though.

 

[Koolau]

The coins are in a safe deposit box in a different state so they will stay put for now. But I’m eager to learn more about the value once I (hopefully) retire next year.

I’ll have to take a look at them, they are in a storage locker. It’s a big can; it’s an old Mr. Peanuts can that just have held five pounds of peanuts at one time. The can is really heavy; I’d guess 10 pounds. I think it’s a mixture of half dollars and silver dollars, all from before 1965 if I remember correctly. They aren’t uncirculated though.

Something very nice to look forward to! Keep us posted.

 

[JoeWras]

I’ll have to take a look at them, they are in a storage locker. It’s a big can; it’s an old Mr. Peanuts can that just have held five pounds of peanuts at one time. The can is really heavy; I’d guess 10 pounds. I think it’s a mixture of half dollars and silver dollars, all from before 1965 if I remember correctly. They aren’t uncirculated though.

Even circulated coins really add up. You likely have between $2k and $3k value there.

Since you'll be retired, you should go through them and pick out any possible rarities before selling them as a whole. You can also go real small and sell coin by coin if you have the time and patience. I didn't. I examined every one looking for key dates and mint marks and just bulk sold the rest.

 

[Koolau]

Even circulated coins really add up. You likely have between $2k and $3k value there.

Since you'll be retired, you should go through them and pick out any possible rarities before selling them as a whole. You can also go real small and sell coin by coin if you have the time and patience. I didn't. I examined every one looking for key dates and mint marks and just bulk sold the rest.

Yeah, I would be tempted to sell the key-date coins and keep the "junk" just because you have "nothing" in it. Though the values will always fluctuate, a small stash of silver coins has some potential value under certain situations. (Please, no one restart the only-two-possible-scenarios-end-of-the-world straw-man argument again.) We've done that - a few times - though YMMV.

 

[SecondCor521]

Follow up question that occurred to me yesterday:

Would it be feasible to take, say, five $50 gold Buffalo proofs to a coin show to get them slabbed and graded and then sold to dealers, all in one fell swoop over the course of a day or two at the same coin show?

While I'm sure the process works just fine, the idea of mailing those coins in to the coin grading folks makes me a bit nervous. Additional negatives to mailing the coins would be the mailing and insurance costs, as well as wait time for grading.

My understanding is that the grading folks show up to some coin shows and do while-you-wait grading. They probably show up to the bigger shows, which is where I'd want to sell anyways.

The only drawback to this plan I can imagine would be that maybe doing things that fast might mean I am more likely to make a mistake in the selling part of the process.

 

[Car-Guy]

Follow up question that occurred to me yesterday:

Would it be feasible to take, say, five $50 gold Buffalo proofs to a coin show to get them slabbed and graded and then sold to dealers, all in one fell swoop over the course of a day or two at the same coin show?

Yes... I know PCGS does this at some of the biggest shows. e.g FUN shows in Florida, Long Beach shows and PCGS member only shows in Las Vegas (as examples).. I'm not sure about NGC but they probably do too... Don't waste your time/money using other grading services. Be careful and check ahead since sometimes they are at a show but only take submissions and don't actually grade/slab them on site.

Once graded/slabbed you won't have any trouble finding buyers at most any show. (big or small)

Note: For anyone having just raw bullion, don't waste your time or money getting them graded. All's you are going to get is the current bullion spot+. Gold proofs OTOH may be worth it, especially if you can get a PF70 grade.

 

[Koolau]

Yes... I know PCGS does this at some of the biggest shows. e.g FUN shows in Florida, Long Beach shows and PCGS member only shows in Las Vegas (as examples).. I'm not sure about NGC but they probably do too... Don't waste your time/money using other grading services. Be careful and check ahead since sometimes they are at a show but only take submissions and don't actually grade/slab them on site.

Once graded/slabbed you won't have any trouble finding buyers at most any show. (big or small)

Note: For anyone having just raw bullion, don't waste your time or money getting them graded. All's you are going to get is the current bullion spot+. Gold proofs OTOH may be worth it, especially if you can get a PF70 grade.

Aren't most "proofs" sold in plastic protectors which maintain the original integrity (barring going through a fire or major crushing incident)? So, I guess my question is really "isn't a proof a "proof"? If sold as a proof, protected as a proof, stored as a proof, never removed from the plastic protector, there should be little doubt that the "grading" would come back as a "proof that is good as the day it was sold." No expert, so may be wrong on this.

Back in the day, I bought a few proof "sets" and later sold them at a profit. No one examined them beyond a cursory inspection to show that they had come from the mint AND they had no visible damage. No idea how it w*rks now - especially with a gold proof.

 

[Car-Guy]

Aren't most "proofs" sold in plastic protectors which maintain the original integrity (barring going through a fire or major crushing incident)? So, I guess my question is really "isn't a proof a "proof"? If sold as a proof, protected as a proof, stored as a proof, never removed from the plastic protector, there should be little doubt that the "grading" would come back as a "proof that is good as the day it was sold." No expert, so may be wrong on this.

Back in the day, I bought a few proof "sets" and later sold them at a profit. No one examined them beyond a cursory inspection to show that they had come from the mint AND they had no visible damage. No idea how it w*rks now - especially with a gold proof.

If they are proofs, (holder or not) they will come back graded as "proofs". But all proofs are not created equal..... Most proofs will grade out as PF 68's or PF 69's and it's probably better to be left in the original holders (if sealed)... But some will get a perfect PF70 grade and then it's probably best to have them graded/slabbed (IMO) to get top dollar. You can request that any coin not be removed from a sealed holder "unless" it meets your "specified grade". It's called their "crossover" service. Of course in the end, it's your decision to slab a coin or not...

A real world example... I was once given proof sets of coins from the birth years for me and my DW. They were still in mint sealed "cellophane" wrappers and boxes which were deteriorating (like me.) I sent them in to PCGS for grading and they came back as a mix of PF 66's to 68's). If the cellophane wrappers/boxes weren't deteriorating, I may have kept them as they were since none were 70's.

 

[prudent_one]

Follow up question that occurred to me yesterday:

Would it be feasible to take, say, five $50 gold Buffalo proofs to a coin show to get them slabbed and graded and then sold to dealers, all in one fell swoop over the course of a day or two at the same coin show?

While I'm sure the process works just fine, the idea of mailing those coins in to the coin grading folks makes me a bit nervous. Additional negatives to mailing the coins would be the mailing and insurance costs, as well as wait time for grading.

My understanding is that the grading folks show up to some coin shows and do while-you-wait grading. They probably show up to the bigger shows, which is where I'd want to sell anyways.

The only drawback to this plan I can imagine would be that maybe doing things that fast might mean I am more likely to make a mistake in the selling part of the process.

I don't even think PCGS still offers same-day grading at a show at any price. They have a "show express" service with 24-hour turnaround at $300 per coin which I think is the fastest on-site grading offered.

Mailing coins insured registered mail is quite safe and is how the vast majority of all coins are sent for grading.

 

[ncbill]

I don't even think PCGS still offers same-day grading at a show at any price. They have a "show express" service with 24-hour turnaround at $300 per coin which I think is the fastest on-site grading offered.

Mailing coins insured registered mail is quite safe and is how the vast majority of all coins are sent for grading.

I had my local coin shop send them into PCGS.

 

[prudent_one]

Good move IMO.