pelorus
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posted on April 9, 2006 02:04:26 PM new
Who can offer advice on selling Krugerrands, old double eagles and silver bullion on ebay? I want to do quantities of more than one. It's mostly bullion coins. I also have miscellaneous roosters, 10 rubles, etc. Looks like the best price is to be had on ebay, but I wonder about things like:
** safest payment methods
** getting scammed
How do I avoid pitfalls? How much do I gain by using ebay instead of some big dealer? The single biggest question is how to make sure the payment sent is real.
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sanmar
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posted on April 9, 2006 02:07:51 PM new
Have you been checking silver & gold prices on the spot market? Silver is over $12.00 an ounce!!
Life Is Too Short To Drink Bad Wine
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pelorus
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posted on April 9, 2006 02:19:21 PM new
Oh, yes I have. Figure it's time to take some profits but not all.
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hwahwa
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posted on April 9, 2006 02:56:42 PM new
I have seen sellers selling their collection of krugerrand on Ebay accepting either money order only or paypal (buyer must pay insurance),no personal check.
I think they make more selling on Ebay than say selling to the dealers.
/ lets all stop whining !! /
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sparkz
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posted on April 9, 2006 03:18:38 PM new
Anyone who has bought or sold precious metals in the past should have no problem paying with a money order or a cashier's check drawn on a major bank that has a branch in your city. You can then get it verified instantly.
If Murphy's law is correct, everything East of the San Andreas Fault will slide into the Atlantic
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agitprop
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posted on April 9, 2006 03:27:14 PM new
I've bought and sold gold coins for years. Make sure NO PAYPAL or CREDIT CARDS for acceptable payment as gold or platinum isn't cheap these days so you want to minimize your risk 
Send fully insured (for your protection) with signature required. Modern coins come in plastic pouches usually supplied by the mint or bank. Retain the original purchase receipt as proof that the gold is legitimately acquired and for tax purposes (varies depending on the legal tender status of coinage).
Long story short I quietly bought a LOT of gold OTC at various banks in Hong Kong years ago and am now slowly unloading it mostly to private buyers in Europe, Japan and the UK.
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hwahwa
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posted on April 9, 2006 03:57:49 PM new
and you have no problem taking them into your country??
/ lets all stop whining !! /
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longtime1
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posted on April 9, 2006 04:11:33 PM new
Old double eagles are worth more than the price of gold. Possibly considerably more. Maple Leafs and American Eagles are also worth a little more. Krugerrands are worth a little less. Local dealers by me are paying 2% under the price of gold for kruggerands. No hassles. How much can you get on Ebay that can make it worth your while and risk. Seems like the fees would make it not worth it. Easier, no risk, and more money. Selling to a local dealer is the way to go.
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hwahwa
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posted on April 9, 2006 04:30:04 PM new
my coin dealer sells on Ebay
/ lets all stop whining !! /
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sthoemke
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posted on April 9, 2006 04:42:25 PM new
For high-value payments, I'd only accept money orders.
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pelorus
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posted on April 9, 2006 04:47:43 PM new
I am thinking of specifying check or USPS money order only. PP fees would be too high, and I don't want any funny business about PP chargebacks. Checks now clear in about 24 hours, don't they? And aren't USPS money orders safe?
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roadsmith
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posted on April 9, 2006 04:51:07 PM new
Checks can take up to a month to clear--sometimes longer, I hear.
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agitprop
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posted on April 9, 2006 04:59:52 PM new
longtime1 wrote: Krugerrands are worth a little less. Local dealers by me are paying 2% under the price of gold for kruggerands.
Shop around for a better deal. Most banks or jewelers will give you at least spot price, while a dealer may give you more depending on mint date.
hwahwa wrote: and you have no problem taking them into your country??
Chuckle. No problems whatsoever. I always declare negotiables but since it was legal tender coinage and not bullion I only had to declare at face value not actual value. Also gold was cheap back then.
Actually NZ is a net exporter of gold and other semi precious stones so there are loads of jewelers around always wanting gold for smelting. Even the creek running through our family farm still brings up a few nuggets from time to time (see previous thread for example)...
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hwahwa
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posted on April 9, 2006 05:07:22 PM new
Pelorus.
You have to consider the buyers,they want some protection too.What if you take off or ship them something else?
/ lets all stop whining !! /
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sparkz
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posted on April 9, 2006 06:12:56 PM new
Offer escrow if they request it. Use ONLY the escrow service approved by Ebay.
If Murphy's law is correct, everything East of the San Andreas Fault will slide into the Atlantic
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tOMWiii
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posted on April 9, 2006 06:20:52 PM new
For VERY expensive items, I accept ONLY...
USPS MONEY ORDERS:
Although my local PO may NOT have enough cash in drawer to cash it, they CAN check its validity for me before depositing into my checking account...
and...
DIRECT BANK-TO-BANK WIRE TRANSFER:
I've really come to like this "modality" (inside 419 joke), as it is quick & painless, without any chargeback worries. My bank (COMPASS) charges me $12 to receive the moola, but, HEY! -- if somebody is throwing $2000 or $3000 at me for an Analytical Laboratory Balance, gee, whaddya think? Do I EAT it for them? You betcha, you liddle B&W doggie, you!
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