Anyone know gold coins?

This is a discussion on Anyone know gold coins? within the Off Topic & Humor Discussion forums, part of the The Back Porch category; I have a 94' Golden Eagle coin. 1oz. gold, $50 face value. From what I understand, it's value is whatever gold is at the time ...

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Thread: Anyone know gold coins?

  1. #1
    Senior Member Array jca1's Avatar
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    Anyone know gold coins?

    I have a 94' Golden Eagle coin. 1oz. gold, $50 face value. From what I understand, it's value is whatever gold is at the time and 10% for coinage. I don't know is if that is correct or how to sell it. Any help?
    If I gave a crap about what you think about my guns.....it was early this morning and I already flushed it!

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    Face value means little. Gold goes by weight.

    You have 1 oz. Percentage of coinage value depends on several things. It's worth a bit over 1000 bucks.

    For an idea of what your piece is going for, check out Ebay. They have lots of auctions for both gold and silver. It'll give you a basic idea.
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    You can Google search Daily Spot Price Gold

    If you want to sell it then you might want to wait a little while longer because Gold prices dropped somewhat recently...because internationally folks pulled out of Euro...because Greece is about to become a bankrupt nation and Greece wanted Germany to bail them out and Germany said: "No Way...Take A Hike."
    Normally Greece would just default on their debt but, since they are tied in with the Euro the valuation of the Euro is going to drop due to Greece being totally strapped which cannot do anything but, tug the Euro down.
    Panicked Investors yanked their dough out of the Euro and tossed their moolah into the U.S. Dollar and that temporarily devalued Gold.

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    Member Array das38spl's Avatar
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    Per-ounce price of gold is hovering around $1100......
    Investment brokers say it COULD ride around $1150 later this year.....
    I'd hang onto any gold as long as possible; the days of $400/oz. are LONG GONE!!

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    Distinguished Member Array nutz4utwo's Avatar
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    Yup. You are basically correct. A 1 oz us mint gold eagle has 1 oz of gold in it (obviously) and assuming it is in good shape (in box, never touched) it is worth a few percent above the market spot.

    You can take it to any pawn shop or bullion dealer and they will by it from you cash on the spot. Do not accept less than the bullion value, it is worth more than that. Ebay is also common but they too have fees. Note: if you sell it to a real dealer, they may issue you tax paperwork so that you have to report the income you earned by owning the coin. Similarly, paypal will issue some tax documents if they pay you more than a few hundred dollars a year. Tax time. Fun...
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    VIP Member Array Guns and more's Avatar
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    I would recommend you take it to a coin dealer. Never a pawn shop or "we buy gold" place. The spot price of gold today is $1118/oz. A coin shop will look at the condition, and offer you a bit less as their commission. My guess would be $1050 or so. Last week gold dipped to $1073 so it does fluctuate a lot.

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    VIP Member Array Supertac45's Avatar
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    Don't forget your tax on gains since the buyer will be reporting it.
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    Senior Member Array jca1's Avatar
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    Thanks guys.
    If I gave a crap about what you think about my guns.....it was early this morning and I already flushed it!

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    Kitco.com is anouther good site. selling to a coin dealer should bring you about 2-3% less than gold spot, unless, it is a proof coin, in a sealed case, in a box, with paperwork, never touched by hand. In that case a "dealer" may pay about 5% more than spot. If you sell on ebay, you may do a lil better, but in my opinion, sometimes not worth it. You should go to the local library, and find a ""current" coin price book. some mintings are low volume and will make some "proof coins" exceptionally rare and expensive. I own a jewelry store and see a lot of coins, and do my homework on every coin. Shop it locally, dont take your first offer. just keep in mind spot price changes every day. good luck!
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    Distinguished Member Array Colin's Avatar
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    My Uncle had a coin collection, the only thing worth money was the gold and basically by the weight. If you collect those coin sets because you like to look at them, then it's worth it. If you buy sets of coins as an investment, just flush your money down the drain instead, unless you plan on living for a 130 years.

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    Senior Member Array jca1's Avatar
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    Again, thanks everyone.

    I do not collect coins. This coin I have was my dad's, he died in 99' and I got the coin. I was just curious about how to sell it should I decide to.
    If I gave a crap about what you think about my guns.....it was early this morning and I already flushed it!

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    If you can wait a couple of years before you decide to sell it - you'll be pleasantly surprised.

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    Senior Member Array jca1's Avatar
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    Quote Originally Posted by QKShooter View Post
    If you can wait a couple of years before you decide to sell it - you'll be pleasantly surprised.
    OK, I can wait.
    If I gave a crap about what you think about my guns.....it was early this morning and I already flushed it!

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