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Selling Gold Coins

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Hi. I need to raise somecash so now seems like a good time to sell some of my coin collection. Has anyone sold to coininvestdirect.com before? They seem to offer fair prices but looking through their FAQs there is this bit that puts me off - "Following the fixing of price we will ask you to send the items immediately to the receiving office in Germany where they will be checked by one of our experts. Postage and risk have to be covered by you. We will supply you with the address once the price has been fixed"

I'm only selling a couple of 1oz coins but I'd still rather not have to send them abroad. Would anyone be able to put my mind at ease that this is ok or recommend another dealer to sell to who offers good prices? Might consider ebay if not.

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why on earth would you sell it to them ? You will be paying for their buy/sell margin.. Stick it on ebay with a reserve. 1oz Eagles/Krugs have been going for up to 850 sterling . It's what I would do.

btw the usual caveat applys ...my advice is worth precisely what you paid me for it

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why on earth would you sell it to them ? You will be paying for their buy/sell margin.. Stick it on ebay with a reserve. 1oz Eagles/Krugs have been going for up to 850 sterling . It's what I would do.

btw the usual caveat applys ...my advice is worth precisely what you paid me for it

eBay is the way to go - that's where I would sell mine if I ever wanted to liquidate.

Obviously you need to consider the risks - fraud & security.

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hmm, tricky one

i would have normally said ebay but.....

i was looking to offload some sovs back in earl july; as i was visiting the N.W. at the time I had phoned chards and they would have bought them from me at £183 each (prob. a bit less now). Anyway, I decided to sell them on ebay where they got approx. £190-200 each, say an average of £195.

I checked my bank statement the other day and worked out that the ebay fees (+ paypal fees) worked out at approx 12%. Soooooo, I would have been better selling them to chards and saved myself a lot of time and hassle

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Hi. I need to raise somecash so now seems like a good time to sell some of my coin collection. Has anyone sold to coininvestdirect.com before? They seem to offer fair prices but looking through their FAQs there is this bit that puts me off - "Following the fixing of price we will ask you to send the items immediately to the receiving office in Germany where they will be checked by one of our experts. Postage and risk have to be covered by you. We will supply you with the address once the price has been fixed"

I'm only selling a couple of 1oz coins but I'd still rather not have to send them abroad. Would anyone be able to put my mind at ease that this is ok or recommend another dealer to sell to who offers good prices? Might consider ebay if not.

I will buy them - pm me if you are selling

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Any decent local coin or bullion dealer will buy them from you for a few percent below spot. I'm based in Bath and will pay cash - PM me if you are interested.

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If you have not sold them yet, I could take them off your hands. I am based in edinburgh and could pay in any way you prefer

PM me if you are interested.

cheers,

Jan

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hmm, tricky one

i would have normally said ebay but.....

i was looking to offload some sovs back in earl july; as i was visiting the N.W. at the time I had phoned chards and they would have bought them from me at £183 each (prob. a bit less now). Anyway, I decided to sell them on ebay where they got approx. £190-200 each, say an average of £195.

I checked my bank statement the other day and worked out that the ebay fees (+ paypal fees) worked out at approx 12%. Soooooo, I would have been better selling them to chards and saved myself a lot of time and hassle

And there's the chargeback risk with Paypal too.

OP what did you do in the end? I need to liquidate too but worried about getting bouncing cheques from a dealer.

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And there's the chargeback risk with Paypal too.

OP what did you do in the end? I need to liquidate too but worried about getting bouncing cheques from a dealer.

I sold some sov's a week ago, while visiting a friend in London, and Dealers in Hatton Garden (on a Saturday) paid spot after a 3 minute haggle.

I did try a couple of places that had signs that said they paid spot for scrap gold..But they tried to mug me. Along with lots of questions of what did you pay for it? ...WTF has that to do with anything!

But Shop about (In a small street) there are plenty that will pay spot, just need some Photo ID, problem was finding an open bank!

I walked round London not worrying a jot, while I had 10 sov's my ruck sack, soon as they were turned into £50 notes I was paranoid as hell.

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Gold shops near me now advertise in mainstream press. They are selling all types of coins. However, when I check their prices, they are charging about 25% above curent spot rates. When buying, they buy at nearly 50% below spot rate. (jewelry etc).

There's still money to be made in this bubble. :lol:

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I would contact Baird & Co in London.

Also Hatton Garden Metals are buying 1 toz coins (Krugers + Maples) for £823.53.

http://www.hattongardenmetals.com/Gold_Coins/Gold_Krugerrand.aspx

While on my way to local auction today to buy some sovereigns, i came across a gold wanted board outside the local corn exchange. Wandered in and there was this clown from palmer & son, with a mobile number who proudly declared himself from hatton garden. I cant find them on the internet. He offered me £100 for a sovereign. I was on my way knowing it would cost me nearer £200. Are there enough mugs about to make it all worthwhile for him?

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While on my way to local auction today to buy some sovereigns, i came across a gold wanted board outside the local corn exchange. Wandered in and there was this clown from palmer & son, with a mobile number who proudly declared himself from hatton garden. I cant find them on the internet. He offered me £100 for a sovereign. I was on my way knowing it would cost me nearer £200. Are there enough mugs about to make it all worthwhile for him?

auction to buy sovs? was it a general auction that had some lots of sovs? what did they go for?

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auction to buy sovs? was it a general auction that had some lots of sovs? what did they go for?

general antique auction. always a few come up at all the auctions around the area. £80 half £160 full. plus buyers fee of 15% plus vat.

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general antique auction. always a few come up at all the auctions around the area. £80 half £160 full. plus buyers fee of 15% plus vat.

I questioned this before. Why do you have to pay VAT on a gold coin at auction? Gold is not VATable... At worst it should cost the hammer price + 15% + VAT on the 15% but not the hammer price.

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I questioned this before. Why do you have to pay VAT on a gold coin at auction? Gold is not VATable... At worst it should cost the hammer price + 15% + VAT on the 15% but not the hammer price.

Your right it should only be VAT on the buyers premium.It must be a HMRC technicality. Joe Bloggs either do not notice its the vat on just the premium or the buyer is cheating by charging full vat on the whole price and pocketing the difference....

Quote : Smaller auction houses have followed their lead. Most auctioneers now charge between 10% and 15% commission to both buyers and sellers, typically making about 25% total commission. In the UK, and probably similar in most other countries, VAT cannot be reclaimed on buyers premiums, many vendors cannot reclaim VAT, so the cost of selling by auction is now close to 30% of the hammer price. Many, probably most, dealers will work for less, depending on the type of item.

So it should only be the premium that is taxable with VAT...

Edited by GinAndPlatonic

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Hi. I need to raise somecash so now seems like a good time to sell some of my coin collection. Has anyone sold to coininvestdirect.com before? They seem to offer fair prices but looking through their FAQs there is this bit that puts me off - "Following the fixing of price we will ask you to send the items immediately to the receiving office in Germany where they will be checked by one of our experts. Postage and risk have to be covered by you. We will supply you with the address once the price has been fixed"

I'm only selling a couple of 1oz coins but I'd still rather not have to send them abroad. Would anyone be able to put my mind at ease that this is ok or recommend another dealer to sell to who offers good prices? Might consider ebay if not.

Hi Glen,

I'm sure if you gave your location, you'd get a cash sale agreed within 24 hours from someone on here.

Probably.

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I questioned this before. Why do you have to pay VAT on a gold coin at auction? Gold is not VATable... At worst it should cost the hammer price + 15% + VAT on the 15% but not the hammer price.

You dont. The vat is only on the buyers premium.

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Your right it should only be VAT on the buyers premium.It must be a HMRC technicality. Joe Bloggs either do not notice its the vat on just the premium or the buyer is cheating by charging full vat on the whole price and pocketing the difference....

Quote : Smaller auction houses have followed their lead. Most auctioneers now charge between 10% and 15% commission to both buyers and sellers, typically making about 25% total commission. In the UK, and probably similar in most other countries, VAT cannot be reclaimed on buyers premiums, many vendors cannot reclaim VAT, so the cost of selling by auction is now close to 30% of the hammer price. Many, probably most, dealers will work for less, depending on the type of item.

So it should only be the premium that is taxable with VAT...

Dead right, the auction room is making a killing. But the price obtained discounts most of the buyers premium.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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