Buying and Selling Gold Coins - Everything Else You Need to Know

okay so you know what you should buy you know what you could buy but you're not quite sure what you would buy [Music] okay so i put together a gold 101 introduction to buying gold video for people just getting into buying gold and in that video i gave a comprehensive look at the basic information a person would need to be able to buy gold comfortably but i only talked about buying and since the implications that come with selling are the biggest considerations for what we should be buying in the first place i wanted to talk a bit more about that side of things as well so in this one we're going to pick back up and we're going to look at a few more well-known gold coins and then we're going to talk a little bit about selling and that's when all this should come together in my recommendations should make a little bit more sense so if you're new to gold i'd still say you should start with that video and then if you're not i'll just say that this video is like the last it's not meant to tell anyone that whatever it is they're doing is wrong in any way if you already have a plan that works for you fantastic whether you're new or not it's your money at the end of the day so you can do whatever you want unless your significant other tells you you can't and then be careful so in part one of that earlier video i told you the best gold coins to buy in the united states are the american gold eagle and the american buffalo and nothing has changed there the american gold eagle is the most popular coin in the united states but if you want a 24 karat gold coin the buffalo is still a great option if you're looking for something else though there are a number of well-known coins and if you aren't expecting a near-term sale or trying to sell a lot at any single time or or concerned about selling in person for cash then you have quite a few options now this next tier of popular coins are going to be well recognized and easy to sell at the local coin shop you just won't get as much for them as you would for an american gold eagle or an american buffalo they'll also be harder to find in person but if you're buying them online you can expect to find them for a slightly lower premium than the eagles or the buffaloes and these coins are going to include options like the canadian maple leaf the south african krugerrand the austrian philharmonic the british britannia the australian kangaroo the mexican libertad and probably the chinese gold panda as well now we can potentially widen the lens even further and look at the secondary coins from those mints or series coins and those mints are going to be the u.s man to royal canadian mint to royal mint perth mint and a few others but it is hard to know if the local coin shops are going to have preferences i know a few who don't like pandas for instance so here are a few examples of those secondary coins this is a double dragon from the perth mint it's a fantastic coin from a fantastic mint but it's not going to be as well known as the kangaroo that comes from the same mint and then this american liberty 225th anniversary gold coin is another good example it comes from the u.s mint of course but it's not nearly as well known as say the buffalo or the eagle it's a gorgeous coin and i have a lot of the same options to sell it but i know that if i'm going to sell it in person at the local coin shop i will get less for this coin than i would for the eagle or the buffalo now in this video i'm not going to go very far into this but for the sake of discussion if you're willing to stray a little bit further from the most widely recognized or desired coins then you're going to find a lot of options at lower premium these are going to be coins like the british sovereigns or the 20 francs roosters or dukets or a lot of the old european coins it also includes things like pesos now i don't have any of these coins in front of me right now simply because i've had a bad experience trying to sell them in the past they are a lot harder to sell in a person-to-person cash sale and owner of my primary local coin shop that i go to complains about them loudly enough that i wonder if he's had some kind of old battle trauma with them you will hear a lot of people recommend them though and if you have an instagram account with a huge following and you're able to sell them very quickly or you're super comfortable with ebay then by all means you know take that advice as well but if you're not sure about those options and you want to sell at a local coin shop you should know that they'll all pay spot plus a small premium for the eagles and the buffaloes they'll pay close to spot for the secondary options i mentioned and then when you get down to this last here that we were just talking about they might pay 94 to 95 of spot for coins like roosters or pesos but the bigger issue that i've found is that i've actually had shops politely declined to buy those coins from me in the past so selling them took a few months whereas selling eagles took an hour that includes drive time so i'm going to get more into selling in a minute whatever you decide on though make sure to consider that if you plan to continue buying over time any decision that you make is going to multiply the ease of friction that you'll run into in the event of a sale so if you just plan to buy a few coins and put them away it might not be as big of a consideration but if you find yourself amassing 10 ounces of roosters for instance well that's going to become a factor a few other categories that i'll just mention briefly here are generic bars pre-33 gold and collectibles bars typically have a low premium but they limit your selling option since most buyers will need to have them verified i'm not going to say a whole lot more about them here because they're just not part of my personal buying plan i would recommend that you call a few local coin shops and ask for their opinion before buying them yourself because i know each of the shops that i use recommend against them on the other side of the premium scale are collectible pieces and this is simply too broad a category to cover in a wide angle video i would only say that you should be very careful buying high premium collectible pieces if you don't have experience selling them and then pre-33 us gold coins fit somewhere in between they typically have numismatic value and that makes them harder to recognize the actual value of the coins so in other words it's easier to get a bad deal unless you know exactly what to look for so we're going to skip past those for now as well i like pre-33 gold coins they're just hard to explain and i think there's something that you shouldn't start with now in part three of my gold 101 video i talked a fair amount about where to buy if you're buying in person i'd always recommend starting with a local coin shop well that's if you have one available in a lot of cases they're going to beat the prices of the online dealers but an even bigger advantage is that they operate in cash and that is incredibly important to some people and then it's meaningless to others i'll just make the point that if you want a private purchase your local coin shop is one of the very few ways you're going to be able to get it now 10 years ago the local coin shop was far and away the best place to go today that's starting to change as more and more people are going online so in that same section of that video i also talked a little bit about buying online and i mentioned two online bullion dealers appmax and sd bullion but there are all kinds of sites and each of them have varying prices and availability so there are other tools out there that will help you find the deals on each of the sites and i'm going to link to find bullionprices.com so as of right now as at the time of filming this video that gives you a really good price check between a bunch of different sites and i like to use it before i buy but i do like to buy from the gold dealers that i'm familiar with if at all possible and that gets less concerning as the purchases get smaller of course so if i was buying something like silver i'd be even less concerned i'd be looking on instagram and other peer-to-peer communities but with gold i don't want to mess around i don't want the potential problems with those communities and i certainly don't want the anxiety here again i'll just say it really comes down to your experience if you have been buying and selling on ebay you know by all means continue if you have an outlet on instagram and you've built relationships and you can buy there as well by all means go for it but if you're new to gold i think we can probably assume that you don't have those relationships you don't have that experience working with people over instagram or reddit or wherever you're probably going to be looking at the more traditional places to buy gold and that also means that you're going to be looking at the more traditional places to sell gold and that's our segue to talk about selling now our traditional options are going to be the local coin shop or any of the local places that we sell gold the pawn shops etc and then i would also say today that your online bullion dealers have some really good options for buying gold as well your local coin shops want the coins that they can sell quickly and that's where a lot of my recommendations come from so the american gold eagles the american buffaloes sell far more quickly than any of these other coins will so that works in your favor if that's what you have the coin shops are going to pay more for those coins than they will for the others and honestly there's not a whole lot to say about selling to a local coin shop it's a lot like buying from a local coin shop but in reverse but here are a few tips don't go into the local coin shop with your coins in an app max flip that's just not the mood that you want to set out of the gate and then have your coins organized and know what you have every coin shop is going to be different but there's a tendency for anyone to look at a pile of random coins find the one that they don't like and have that influence the entire sale if you have a stack of eagles they're all smiles everything's gonna go your way if you've got 24 coins and every one of them is different all of them foreign it might not work out like you want it to so sometimes if you have that kind of pile or even if you do have the eagles you just want some other options maybe the local coin shops aren't close to you the online bullion dealers have some really great options on buying back gold i would say just go to appmex and look at their buy back program call them up even get some ideas on what they'll give just to get familiar with the program the downside in a sale like that is obvious you've got a few things first it's not a cash sale and that's going to be a huge deal to some people and it's not going to make a bit of difference to others now the between the lines part here is capital gains tax and i'm not at all saying that you should try to avoid those taxes but historically i'd say it's it's pretty safe to say that that's the reason a lot of people like local cash sales and the other downsides are time and comfort and it's going to vary from person to person but you have to ship your gold and it's going to be out of your hands for a while and if you want to get into cowboy territory you're looking at lots of other options like ebay reddit instagram or facebook even craigslist so when people tell you you'll get your premium back on anything you buy they're talking about selling on places like ebay or reddit instagram whatever and they're saying they'll get the premium back that doesn't necessarily mean that you'll get your premium back because a lot of people are going to be comfortable selling on ebay and others aren't i personally i've had two big issues where i've sent gold coins and the buyer said that they didn't receive those coins it was a total scam and it was a nightmare trying to undo that so as you think through those options that you'll have to sell a coin it starts to become a lot more clear what coins you should buy in the first place because some of those options are going to put you in a place where you're going to have to sell on ebay and take a little more risk and if you don't mind that well those roosters and those dukes are pretty cool coins with very low premium but if you do mind and you don't want to mess around with the sale well then you should be looking higher up that ladder of popularity things are changing it's getting easier and easier to buy online and the online bullion dealers are getting to be more and more of the traditional place to buy and as more and more people buy online and don't have that crabby local coin shop owner yelling at you for making bad decisions you're going to see more variety i personally still recommend staying at the very top of that ladder i like the buffaloes i like the eagles and then the coins that i buy outside of that are going to be a lot more rare for me but if i see something like this 2021 gold britannia and it has a very low premium like this one did i'm going to be able to consider it because i understand what my options for selling it are and i think as you better understand your options for selling well it opens up new possibilities for what you can buy and i felt like that was an angle that just wasn't covered in my gold 101 video so i hope this helps round out that advice and gives you a little bit more to think about again i'll include some links to that video so you can check it out if you haven't already either way though i appreciate your time thanks for watching take care [Music] you

Channel: 2 is 1

Views: 27,871

Rating: 4.9244533 out of 5

Keywords: gold coins, buying and selling gold, the best gold coin to buy, How and Where to Buy Gold Coins, getting started buying gold, how to buy gold coins, which gold coins to buy, buying gold coins, buying physical gold, beginners guide to buying gold, where to buy gold coins, best place to buy gold coins, best gold coin to buy, introduction to gold coins, gold buyer guide, how to buy gold, investing in gold, buying gold, american gold eagle, american gold buffalo

Id: 4q4OgudU4hA

Length: 13min 32sec (812 seconds)

Published: Wed Dec 16 2020