Gold Coin - how to sell

[dazzler]

HI all

I was gifted a commemorative gold coin in 1999 and it is basically just sitting in the cupboard and I have thought about getting rid of it. Having no idea about these things (come in spinner) I was wondering if there was any one out there that knows the best way to sell it.

Here is a link;
Saudi Arabian Monetary Agency Medallion Coinage

Here is what it is;

Year: 1999: Obverse: This coin was issued on 05th Shawal 1419 AH corresponding to 23rd Jan 1999. Celebrating the 100 years of Kingdom of Saudi Arabia 1319 - 1419 AH with displaying the official logo of this occasion. Reverse: Portrait of the founder of Saudi Arabia: King Abdul Aziz bin Abdul Rehman Al Saud, who recaptured Nejd on 05th Shawal 1319 AH [corresponding to Wednesday 15th Jan 1902]. Weight: 8.00g. Diameter: 22mm. Edge: Reeded. Fineness: .9167Au. Mintage: 15,000. Mint: Monnaie de Paris with approval of French mint director: Emmanuel Constans and SAMA governor: Hamad S. Al-Sayari. Struck from the gold extracted from Saudi gold mines. The same gold coin was also produced in weight: 30.00g, diameter: 36mm with same gold fineness and has a total mintage of 10,000.
that weighs 30grams

Cheers

The one I have is in bold and is in a presentation case (marked on the edges) and enclosed in a plastic cover so is in mint condition.

[KevM]

You could try these coin dealers:

• Adelaide Exchange Jewellers

Shop 32, Upper Level Cat & Fiddle Arcade Murray St, Hobart TAS 7000
ph: (03) 6234 500

• Coins 'N Things

9 Thirza St, New Town TAS 7008
ph: (03) 6228 2602

• McNeice Coins - The Token Factory
  PO Box 91, Sandy Bay TAS 7005
  ph: (03) 6227 9758

• Salamanca Rare Coins

PO Box 652, Hobart TAS 7000
ph: (03) 6224 8664

• The Stamp Place
  110 Collins St, Hobart TAS 7000
  ph: (03) 6224 3536
  

[ian]

HI all

I was gifted a commemorative gold coin in 1999 and it is basically just sitting in the cupboard and I have thought about getting rid of it. Having no idea about these things (come in spinner) I was wondering if there was any one out there that knows the best way to sell it.

Here is what it is;

Year: 1999: Obverse: This coin was issued on 05th Shawal 1419 AH corresponding to 23rd Jan 1999. Celebrating the 100 years of Kingdom of Saudi Arabia 1319 - 1419 AH with displaying the official logo of this occasion. Reverse: Portrait of the founder of Saudi Arabia: King Abdul Aziz bin Abdul Rehman Al Saud, who recaptured Nejd on 05th Shawal 1319 AH [corresponding to Wednesday 15th Jan 1902]. Weight: 8.00g. Diameter: 22mm. Edge: Reeded. Fineness: .9167Au. Mintage: 15,000. Mint: Monnaie de Paris with approval of French mint director: Emmanuel Constans and SAMA governor: Hamad S. Al-Sayari. Struck from the gold extracted from Saudi gold mines. The same gold coin was also produced in weight: 30.00g, diameter: 36mm with same gold fineness and has a total mintage of 10,000.
that weighs 30grams

Cheers

The one I have is in bold and is in a presentation case (marked on the edges) and enclosed in a plastic cover so is in mint condition.

Dazzler
don't get your hopes up
you have an 8g coin at .9167 fineness, that is you have about 0.236 of an oz of Gold.
Because it's an "unaccredited coin" The Perth Mint might buy it from you for about $280 (as at 16:45 WST 30 apr 2010). Link The Perth Mint :: Metal Prices - Live precious metal spot price for gold, silver, platinum and palladium from the Perth Mint. scroll down the page
the "gold traders" who have recently popped up in most of our local shopping centres, might give you 50 to 75% of that.

Commemorative coins are only worth a lot more than their gold content when the minatge is low and many people want them.

[dazzler]

Thanks Kev and Ian

I actually have no real expectations as this is an area I know zilch about, hence the question.

On the documents that came with it it says 91.67% gold and weighs 30 grams. Quality is 'proof' whatever that means.

cheers

[KevM]

Which coin is it, you have given us details for two?

• Weight: 8.00g. Diameter: 22mm.
• Weight: 30.00g, Diameter: 36mm

Ian's response was based on the smaller sized coin.

I noticed that Northgate had one of those gold buying booths on Wednesday.

[ian]

Thanks Kev and Ian

I actually have no real expectations as this is an area I know zilch about, hence the question.

On the documents that came with it it says 91.67% gold and weighs 30 grams. Quality is 'proof' whatever that means.

cheers

I'm sorry dazzler, I miss read your original post
You have the 30g coin which at 91.67% Au equates to about 0.806 of a troy oz. which at Friday's closing price at the Perth Mint is worth about AUD $970.

coins come in three flavours
"proof" -- in Australia this referes to a coin that has been struck using a highly polished die, then spot polished and in some cases spot frosted, sold in a sealed plastic case so you don't get finger prints or tarnishing on the coin.
"uncirculated" -- essentially bright and shiny coins with no dings or finger prints. In Australia, uncirculated coins are usually sold in a plastic wallet, though you can sometimes buy rolls in a paper wrapper.
"circulating" -- the stuff in your pocket

[dazzler]

Which coin is it, you have given us details for two?

• Weight: 8.00g. Diameter: 22mm.
• Weight: 30.00g, Diameter: 36mm

Ian's response was based on the smaller sized coin.

I noticed that Northgate had one of those gold buying booths on Wednesday.

Sorry I wasnt very clear. Half asleep with the new bub

[dazzler]

I'm sorry dazzler, I miss read your original post
You have the 30g coin which at 91.67% Au equates to about 0.806 of a troy oz. which at Friday's closing price at the Perth Mint is worth about AUD $970.

coins come in three flavours
"proof" -- in Australia this referes to a coin that has been struck using a highly polished die, then spot polished and in some cases spot frosted, sold in a sealed plastic case so you don't get finger prints or tarnishing on the coin.
"uncirculated" -- essentially bright and shiny coins with no dings or finger prints. In Australia, uncirculated coins are usually sold in a plastic wallet, though you can sometimes buy rolls in a paper wrapper.
"circulating" -- the stuff in your pocket

Thanks Ian. So I take it that means that the base value of the coin is the gold value and any other value is determined by market/collectability kind of stuff and in this case is probably not much.

[ian]

Thanks Ian. So I take it that means that the base value of the coin is the gold value and any other value is determined by market/collectability kind of stuff and in this case is probably not much.

well sort of
The Perth Mint for instance has several different gold buying prices -- which one they use depends on what form the gold is in, bar, bullion, Australian coins, "recognised coins" "unrecognised coins".
If you're dealing through an intermediatry, you need to factor in their costs and profit, which might amount to more than 50%

[China]

Put it on a auction site with gold value set as the reserve, if it has no other value to you then whatever you get over the reserve is a bonus

[dazzler]

Thanks for all the advice