Suggestions for cashing in gold coins?

[SleeplessinSoCal]

I have 10 of these coins and some sites appraise them at around $85. But these are sites Google came up with. The whole "buy gold" movement is beyond me. But these were a gift. And we need extra cash now for dental work, eye surgery, and a number of pop-up issues like clothes dryer, car, etc.

Anybody have experience with these Australia Nuggets? In this link is the coin:

https://en.numista.com/catalogue/pieces197227.html

[Yavin4]

1. Are they 1/20 oz?

My guess is that most places online and in-person will try to rip you off. That's just the business. The current spot price for 1 OZ physical gold is about $1801. 10 @ (1/20*1801) should get you $900, but you may have to take a haircut on that. $85 per coin sounds about right, but look around.

You're going to have to do your due diligence on this. Good luck.

[SleeplessinSoCal]

7. Yes, they are.

They are the same as the photo in the link I posted. Strange that the year actually reads 1661. The rest of the engraved print should be flipped if they wanted to be 100% consistent.

[JustABozoOnThisBus]

19. 1661 would be an interesting mistake. Too late for Elizabeth I, too early for Elizabeth II.

On the other hand, on the golf course, I sometimes grab the 9-iron when I need the 6, or vice-versa.

The photo in the link seems to read "1991", to my old eyes.

[SleeplessinSoCal]

20. Mine too.. But...

If you read around the coin, it reads 1661. I suspect they wanted 1991 to stand out.

[JustABozoOnThisBus]

21. I went to the link, enlarged the image.

Ignore the numerals "6" (or "9&quot , study the ("1&quot . The top of the numeral has that little slanted bit sloping to the left. It probably has a name, but I've forgotten it. Anyway, it is usually at the top of the "1&quot , whether the bottom has a little underscore thingie or not.

An Australian coin with an English monarch would be an oddity in 1661. The English stumbled upon Australia a hundred years later.

[DFW]

2. Being modern mass-produced coins, these are only worth bullion

Due to the small number, a big wholesaler will probably not be interested. You could ask Heritage in Dallas, who IS a big wholesaler, and they would probably quote you $800 due to the administrative cost, which is the same for them if you have ten coins or a thousand. Make sure you can furnish a provenance, because many scammers these days are experts at reproducing modern bullion gold coins with a gold exterior and a worthless tungsten interior. The likelihood you have any of these is extremely low, but the receipt that you bought them in good faith always serves as proof of innocence just in case.

Frankly, for such a small transaction, you would be lucky to get more than $800 from a local retailer, but you can always ask. Otherwise, Heritage‘s gold department can either help, or maybe offer a suggestion, depending where you are.

[Hoyt]

3. You can get within a few percent the of current price by weight and gold content.

Some gold dealers are honest.

Best thing to do is read up on weight and gold content, weigh it, calculate price of gold for the past week or. Unless price has significantly changed, you should expect about 90 to 97% of that. Go to a few dealers just to make sure.

I actually sold some on eBay back when gold was hot. Not sure I’d recommend it now, but I got what I wanted.

Assuming coins have no collector value.

[leftieNanner]

4. Be careful

Lots of people out there happy to rip you off.

We have a reputable coin dealer here in Medford Oregon. Rogue Coin and Jewelry. Ask for Mike. He can give you some good info. 541-772-2766

My husband is a long time collector.

[brush]

5. An oz of gold is worth about $1804.00 today. Your coins are 1.55 grams.

There are 28.34 grams in an ounce, which calculates out to your 1.55 gram coins are worth around $98.00 depending on their carat. Are they 22 carat, which is what most fine gold coins are as pure gold, 24 carat, is too soft for coinage.

Be sure of the carat number as they go down in value the lower the carat. Pawn shops usually buy and sell gold but be careful you know what your coins are worth before approaching one. Be prepared to bargain as they won't give you the full value as they have to make a profit off of what they buy to sell later.

[DFW]

8. Not with precious metals

Gold is measured in Troy ounces. An ounce is 31.1 grams.

Some modern gold coins that trade solely for their bullion value, including the Australian nugget series, are minted in .9999 fine, or 24 carat gold. They usually will say so right on the legend (the nugget series does).

[brush]

13. Thanks for thr correx.

[DFW]

14. No sweat!

[SleeplessinSoCal]

6. Thank you all!

I figured this the perfect place for good advice. I will continue the search very diligently.

[DFW]

9. Make sure they are all the same size, too!

These things are minted in 1/20 oz., 1/10 oz., and larger sizes. If there are a few 1/10 oz. coins in there, make sure you don't sell them for the same price. Otherwise, these are a very standard item to any dealer in precious metals. Quotes from honest dealers will be very similar.

I just thought--SoCal? If you are in the Los Angeles area, you might ask A-Mark for a quote. They usually are wholesalers who do bigger transactions, but for a walk-in not involving any expense or delay on their part, you might get close to full value. Heritage is in Dallas, but they have a Beverly Hills storefront office, also. If that is close to you, they can call Doug Baliko in Dallas and get a buy quote from him, too. I'm sure there are a few hundred smaller stores in the area, but I don't know how reliable any of them are.

[SleeplessinSoCal]

10. Thank you D (if I may call you by your first initial).

So daunting. Funny that these coins, which I need to photograph and enlarge to read, will help pay for an eye procedure to help me see better.

I will check out A-Mark. We're in Costa Mesa, and there are probably branches here for Heritage.

This is how they are packaged. I just zoom in to decipher...

[DFW]

11. They look to be uniform.

I don‘t think A-mark has branches, and Heritage only has the locations in BH and downtown San Francisco in California. I know Doug Baliko in Dallas. I‘ll ask him about your group.

[SleeplessinSoCal]

16. That sounds like a big ask on my behalf.

Thanks so much.

[DFW]

17. Not so big

It took all of 30 seconds. He said it wasn't the sort of thing he normally worked with, but would get me a quote. I should have one for you in a day or two.

[SleeplessinSoCal]

18. Above and beyond.

Now I'm anxious.

[GumboYaYa]

12. We sell them at our auction house.

Pricing is pretty predictable based on the current price for gold. Usually they sell at about a 10% discount to market after including buyers' commission of 20% on the lot.

So look for a dealer who will offer somewhere around 10%-20% discount to the spot market.

[SleeplessinSoCal]

15. I was thinking of asking our credit union.

The bank would probably take a hefty percentage.

[fescuerescue]

22. Apexmex.com

I've been using this dealer for over decade.

www.apmex.com

You can browse their site and find that exact coin and get their buy/sell price.

Fast payment and fast shipping.