This morning at the Holiday Inn the gold buyers could offer no more than $743 each for my 11 gold Canadian Maple Leafs.
I was told they were all common dates and although they looked new to me and have been protected in plastic flips. Imperfections were visible on many of them. A couple had small dark red marks, not spots but like they were just barely touched with a red ink pen.
I was informed that because the market is so volatile, it was risky for a dealer to hold gold coins, even over a weekend. Also I was told that in this market there were more sellers than buyers of gold.
They also said Maple Leafs were not popular, because they were easily damaged and not as popular as American Eagles or Krugerrands.
One of the buyers was hesitant to even make me an offer, but the other one said they could have them processed into bars, which would take time and be expensive, but would sell closer to spot.
Needless to say I was disappointed, although the price would represent a nice profit, since I bought them several years ago for $350, which was then the spot price for gold. Maybe I should have paid an extra (I think) $10-$20 an ounce and bought Eagles. GLD was not available at that time.
I did not sell the coins today. They said they will be buying tomorrow too, if I change my mind.
I stopped at a pawn shop on my way home, but they did not seem interested. The clerk working, asked what I had been offered and said they might be able to do slightly better, but he would have to talk with the owner. He also said they would pay more for Kruggerands and even more for Eagles.
Has anyone had similar experiences?
See "Onlygold.com". They are offering $978.10 for 1 oz Canadian Maple Leafs. You have to actually call them for a committed quote during the trading day. They will give you a transaction confirmation number, and you have about 10 days to get the gold to them (registered U.S. mail). I'm pretty sure they reimburse for the shipping (which will be about $25 for 11 coins). They'll send you a check as soon as they get the coins.
They are actually offering $5 ABOVE spot for Krugerrands! Apparently (unlike what your rip-off dealers told you) physical gold coins are pretty hard to get right now.
I have not sold any gold back to them, but I was very happy with my purchase from them a couple years ago of some Krugerrands. They waited for my check to clear, then sent them promptly.
They are actually a coin store in Phoenix.
I concur, Ebay. you will get close to spot minus the fees, so maybe something like at least $950
you could also try coloradogold.com. they will buy back from you minus a very small fee, but you have to have at least 10 oz's
I knew a stamp dealer once. He was a nice guy when he wasn't at work. Regularly old ladies would bring in their deceased husband collections, and he would look through them and grunting and "tsk, tsk"ing and finally say, "Well, I can maybe use this one and that one... but you look like a nice lady, and I'm so sorry your husband died so suddenly... tell you what, I'll give you $250 for the whole thing." 9 times out of ten they would take it. Then the he would sell the pieces for like $5,000.
It's a dog-eat-dog world. Most coin dealers will tell you things like "Your bouillon Gold Eagle is scratched, and yet it’s very new and not collectable yet-- but, I'm a kind guy, so I'll give you $500 for it."