Help buying Australian Sovereigns

Discussion in 'Sovereigns' started by Dogmatix, Dec 14, 2016.

  1. Dogmatix

    Dogmatix Active Member

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    I've had a WTB in the sales thread for over a week but not too much success.

    What i have been asking (revised) for is:
    Am i doing something wrong? Are there no Australian Sovs out there for under $500? This doesn't seem right to me.

    I am hoping to avoid eBay - are there any vendors out there that sell Australian Sovs at reasonable prices?

    I'm curious how other people would approach this.
     
  2. Dogmatix

    Dogmatix Active Member

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    Spot is about $370 each - surely VF Australian Sovs can be bought for under 33% premium?
     
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  3. alwayslooking

    alwayslooking New Member

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    If you click on the link for Ainslie bullion they have them for sale for $426.85 and I was at a Gold exchange the other day and they were $425. Some are in nice shape and some ordinary but all bullion and no key dates. I saw some half sov's in a pawn shop in St.Kilda a few months back (when the price was up) for $250 each. There aren't many deals on Ebay any more, and once they pay the fees they only get around $450 or less for a $500 coin. Good luck
     
  4. SilverDJ

    SilverDJ Well-Known Member

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    One problem is that if buying through dealers they are subject to GST.
     
  5. Dogmatix

    Dogmatix Active Member

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    Thanks, I'll have a look at Ainslie. I didn't really want to have to mess around with all the ID stuff for under $5000 though, but i'll think it over.

    I asked Perth Bullion but they said they weren't going to check their Sovs for mint marks.

    I understand the eBay tax, that's one of the several reasons I want to avoid eBay (and fakes, etc).
     
  6. Dogmatix

    Dogmatix Active Member

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    This is another reason I was keen to find some on SS.
     
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  7. The_Roll_ Man

    The_Roll_ Man Well-Known Member Silver Stacker

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    There's no fees or taxes on Ebay for the BUYER ....
     
  8. Benyop

    Benyop Member

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    I've got a couple up for sale now if your still after some pm me.
     
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  9. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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    6 months on from original post... I like your style!
     
  10. aussiesilver

    aussiesilver Well-Known Member Silver Stacker

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    The original poster Dogmatix was last seen April 2017 on the boards
     
  11. Miksture

    Miksture Active Member Silver Stacker

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    Perhaps we should keep offering him sovs every six months until he returns and buys some?

    More seriously, I hope he is OK. A long term member with a lot of posts and then sudden silence?
     
  12. Dogmatix

    Dogmatix Active Member

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    I'm all good, just got busy with life :)

    Managed to collect a few sovereigns from different sources... but not interested in getting any more.
     
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  13. Miksture

    Miksture Active Member Silver Stacker

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    Glad to hear :)
     
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  14. Number 47

    Number 47 Well-Known Member

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    I'm looking to buy my first full sovereign.

    Can anyone help me with an updated guide as to what your average full sovereign in reasonable condition would be worth today?

    I'm not looking for any of the more collectible rare dates or unc stuff, Just any old date in reasonable condition would be great for a first Sov.

    I see a few on eBay but I'm not sure if they're fair value or not.
     
  15. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    Cheapest ones I could find today was $570
    I gave it a pass!
     
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  16. milled

    milled Active Member

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    ebay won't be fair value for a start - ebay wants their cut. Haven't sold anything there for a while, but I think it used to be over 10%, maybe 12% of the sale price. Might be wrong, but there is a cost and that is typically rolled in, as will be pp&h and GST if applicable.

    gumtree is worse - full of dreamers

    in short, target price as a buyer for *bullion* sovs should be spot or walk away from it

    anything better than that grade and you will need to know the basics of grading. Fortunately there is plenty around on the internet on this topic and somebody here will have pulled together a thread on it. Typically you are looking at a seller who will talk up/over grade and a buyer who will pick out the faults and try and push it down. If the coin has been slabbed by a professional grader then there is no argument, though you must also be watchful for fraudulent items which have been "slabbed".

    you could try searching the "collecting the australian gold sovereign" by ANDA for a start, for getting a basic idea

    there are numerous sites which reference key dates and better dates, as well as provide something of a price guide

    you might try and approach a dealer or two and ask what they would pay for certain coins from you, to get a feel for the spread

    note dealers must pay tax and overheads as well as generate profit so you won't pay spot

    I was once in your shoes. Many years ago I bought my first sov from a major numismatic dealer in Sydney and they clearly told me it was bullion, so I knew what I was buying. It still cost 375 from memory, a lot more than its gold content at the time. I might be underestimating the price. Anyway, what I do remember better is it took many years for it to be in the green, as it took ages for the spot price of gold to rise to the point where I could sell it and get the money back.

    This is a useful lesson you don't need to learn. Never buy a bullion grade item unless spot or very close to it. The reason is obvious - you can't sell it until a set percentage rise in the gold price. For sovs this can be high.
     
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  17. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    I would like to know how many people actually managed to buy Sovereigns at spot.
    Even when gold spot was at its highest level @ $2300, the lowest premium was around 5%
    Currently for half decent sovereigns, 10% seems to be the going rate if it's in stock!
    If anyone can point me to a dealer in Sydney that's is charging 5% premium, he would have all my business
     
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  18. Number 47

    Number 47 Well-Known Member

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    Thank for the great explanation milled.

    Like Aurora, I'm also surprised to hear that they can be had for spot in average condition, I would've thought they'd fetch a decent premium.

    At today's spot price that's $262 for a 1/2 sov and $525 for a full, if be pretty happy to pick one up at that price.
     
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  19. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    You might be able to pick one up here on the forum for spot on the rare occasion.
    Certainly not from a dealer.
    Premium are usually the lowest when someone sells a large parcel.
    The dealer will cherry pick; keeping the best coins and dumping what's left.
    My supplier has a list of regular buyers. To keep them loyal, he gives them a slightly better rate
     
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  20. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    Btw, there's no such thing as a bullion grade half sovereign.
    All half sovereigns carry a premium in whatever grade
     
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