Tips: Selling in USA

Discussion in 'USA & Canada (Public)' started by GreatSouthernTime, May 28, 2019.

  1. GreatSouthernTime

    GreatSouthernTime Active Member Silver Stacker

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    Hi Stackers.

    I am new to stacking and wanted to get some advice on selling in USA.

    I am visiting USA in August and rather than use my cards and be hit with big transaction and transfer fees I was thinking of taking some of my metals and selling when I arrive, either privately or to a dealer.

    Does anyone have any tips for selling coins and bullion in USA, specifically West Coast?

    Any advice, do’s and don’ts would be greatly appreciated.

    Thanks in advance.
     
  2. pmbug

    pmbug Active Member

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    Selling metal at a coin dealer is pretty easy and painless (and safe), but the price for that is that they pay you slightly less that what you could get from a private sale. Note that there is a difference between a coin shop and a pawn shop. You want a coin shop if you are selling.
     
  3. GreatSouthernTime

    GreatSouthernTime Active Member Silver Stacker

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    Thanks. Google search shows a few around LAX and a number more up the pacific coast. That was my first thought but was looking at alternatives.

    Appreciate the info.
     
  4. oddpour

    oddpour New Member

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    You're going to get the worst possible prices by just going to a random coin shop, dealer, etc. - it's common they offer you $1 under spot even for hand pours that you know carry an easy premium. Instead, what I would recommend:

    1. Look for a coin show happening when you're in the area, as you'll find collectors there who know what the actual value of your metals are including their premiums. https://coinzip.com/index.php?state=CA (random Google hit)

    2. Use reddit /r/pmsforsale or /r/silverbugs to tell people you're coming to town, and arrange ahead of time with local collectors to meet and do some selling. There are a lot of CA residents buying and selling on these forums, as I also use it so have worked with some of the folks and know they're from CA. :) https://www.reddit.com/r/Pmsforsale/ https://www.reddit.com/r/Silverbugs/

    I bet if you made a post and listed what you think you're bringing, you'll have folks pop out of the woodwork and probably even come to you (being locals and all, easy for them) and have a beer. :) The US folks also tend to hang out on bullionstacker.com - same idea as reddit, locals buying and selling at good market prices w/premiums, bunches from CA.
     
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  5. GreatSouthernTime

    GreatSouthernTime Active Member Silver Stacker

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    That’s great information mate, thanks so much for taking the time.

    I figured going to a dealer would be under value but still better value than foreign exchange where you’re likely to lose a minimum of 3% plus transaction fee.

    I’ll definitely follow your advice.

    Cheers.
     
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  6. Grizzly

    Grizzly Active Member

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    Be interesting to see how this works out for you. I have thought of doing something similar. One thing holding me back though, is the premium we pay to buy coins / bullion from shops or online in Australia is significantly higher than the premiums Americans pay at their local shop or online dealer. I suspect this means something you buy in Australia will sell for less in America and might cancel out the benefit of better forex or no transaction fees. Let us know how it goes.
     
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  7. GreatSouthernTime

    GreatSouthernTime Active Member Silver Stacker

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    I’m curious too, I had never considered it before until another stacker suggested it.

    It may also work regardless if the AUD drops to the USD but gold/silver I’ve previously purchased stays constant. I think I’m making sense in that theory.
     

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