Any Experts on Gold Coins Collection?

[lefty]

Any Experts on Gold Coins Collection?

Hi Guys,

Any one knows where i can visit to get a rough indication on prices for various gold coins i have on hand?

Or if anyone knows the market prices somewhat, please drop me a PM to advise on ball park figures on the below:

1) Year of the DOG $500 demonination from 1982






2) 150th Anniversary Foundation of Singapore(1819-1969) / $150 Denomination






3) Set of 3 Gold Coins for 10th Anniversary Republic of Singapore (1965-1975) / Denominations of $100 + $250 + $500






I am totally new to this and any insights will be much appreciated. And i certainly hope i posted in the correct section. Many thanks in advance!

[leroyel]

Most probably u will only be able to sell it at slightly higher than world spot gold price depending on (purity of gold x world spot price) + maybe an addition of 5 % to 10 % in pricing if you sell to other collectors and below spot price if you sell to goldsmith or pawnshop. I notice many of your coins are high mintage except for the year of the dog gold proof coin so the additional numismatic value paid over the actual current gold price will be lower. Above is my own opinion anyone just correct me if i am wrong =)

Spot price can be checked at www.goldprice.org

[lefty]

Thanks for the headsup! I was also pointed to make a quick check at Ebay SG and found a couple of similar items up for auction there. Guess I could use those as a dipstick indication even though those are merely asking and not transacted prices.

Any more comments most welcomed!

[stektan]

Yes eBay.sg is a good place to check or go to goldclubasia.com To find out more. They are worth higher than the spot rate.

[triton]

you may want to read previous postings that has been merge into this thread.

[lefty]

Thanks Triton! '

Ok noob question to those in-the-know:

Lets just say I happen to have a 1oz gold coin with the face value of $1000 and the market spot-rate is $1000 per oz. If i were to offload this coin to any pawn shop, would i be expecting a region of $2000 (face value + spot rate) or just $1000 (spot rate alone) as a benchmark?

[seiko.citizen]

you would be offered the lower of the two minus their spread.

you would not be offered face value AND gold value.

based on your example, you can expect $1000 minus the dealer spread.

off topic: i see you are also in perth mate, are you currently in perth now?

[Darkangel]

Thanks Triton! '

Ok noob question to those in-the-know:

Lets just say I happen to have a 1oz gold coin with the face value of $1000 and the market spot-rate is $1000 per oz. If i were to offload this coin to any pawn shop, would i be expecting a region of $2000 (face value + spot rate) or just $1000 (spot rate alone) as a benchmark?

Nope, you cannot get the best of both worlds. Either you sell it at scrap or gold value or the collector's value of the coin. Gold Coins which are rare and in demand u prob can command more than market price. That's if you get one that's rare and in demand.

[leroyel]

Thanks Triton! '

Ok noob question to those in-the-know:

Lets just say I happen to have a 1oz gold coin with the face value of $1000 and the market spot-rate is $1000 per oz. If i were to offload this coin to any pawn shop, would i be expecting a region of $2000 (face value + spot rate) or just $1000 (spot rate alone) as a benchmark?

The face value of the coin is the minimum it can fall. The coin is actually a legal tender which means it is cash. So if gold spot price drops below $1000 i will use it as normal cash and not sell it. You won't sell your $1000 note to the pawnshop for $900 right. U can actually use it to buy stuff. If you approach a pawn shop you have to state clearly you want to pawn or sell your gold as well because that will affect the rate you are getting greatly. Always try to offload it to another collector so you can get back better profits. However i always advise people to stay away from numismatic coins because when you buy it you are paying very high premium and there is only slight chance it will grow in it's numismatic value on top of their premium especially for numismatic coins in Singapore with such a short history compared to countries like the USA etc.

[lefty]

you would be offered the lower of the two minus their spread.

you would not be offered face value AND gold value.

based on your example, you can expect $1000 minus the dealer spread.

off topic: i see you are also in perth mate, are you currently in perth now?

Nope, you cannot get the best of both worlds. Either you sell it at scrap or gold value or the collector's value of the coin. Gold Coins which are rare and in demand u prob can command more than market price. That's if you get one that's rare and in demand.

The face value of the coin is the minimum it can fall. The coin is actually a legal tender which means it is cash. So if gold spot price drops below $1000 i will use it as normal cash and not sell it. You won't sell your $1000 note to the pawnshop for $900 right. U can actually use it to buy stuff. If you approach a pawn shop you have to state clearly you want to pawn or sell your gold as well because that will affect the rate you are getting greatly. Always try to offload it to another collector so you can get back better profits. However i always advise people to stay away from numismatic coins because when you buy it you are paying very high premium and there is only slight chance it will grow in it's numismatic value on top of their premium especially for numismatic coins in Singapore with such a short history compared to countries like the USA etc.

Many thanks guys for the feedback! Most insightful.

Aside to Seiko > Am currently in SG but i do head down pretty frequently. We could hook up perhaps!

[seiko.citizen]

sure thing mate.... drop me a PM when you are in town.