Anyone that owns or manages a pawnshop deals regularly in precious metal bullion products. Whether it’s one ounce of gold or one ounce of silver these items are easy to value, easy to buy and easy to liquidate when it comes time but are you really getting as much for your coins as you could be?
When it is time to sell your bullion products you probably move some pieces retail over the counter and the rest go to a wholesale vendor like a precious metal refiner or large coin & bullion dealer.
When dealing with a wholesaler, there are many things to consider when you’re ready to sell. Oftentimes, rare date/special strike coins bullion items will often be mixed into common bullion items that you receive from customers. Shops can’t be expected to know every rare date or special strike but your wholesale vendor should.
Jon, our bullion trader gave me these examples on how you can be missing out:
1. One of the most popular and common silver bullion coins is the one ounce U.S. Silver Eagle. We have all bought and sold them a million times, and they generally trade for a dollar or two over the spot market. However the 1996 Silver Eagle routinely sells for a retail price of $40 — $50 because it is the lowest mintage year. That is 2- to- 3 times the silver value!
2. Then there is the one ounce U.S. Gold Buffalo, another common bullion coin, but yet the 2008 sells for $300-$400 over spot price.
3. In 2017 the South African mint made a one ounce silver Krugerrand, so what? It looks just like a gold Krugerrand and the world didn’t really need another one ounce silver bullion coin right? Maybe so, but they sell for $40.00 each all day.
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Taking the time to work with someone that is passionate about Bullion, that goes through your lot and lets you know what you have, matters.
If you ever have any questions, feel free to email [email protected].
