What to do with a gold coin?

[THEFAN]

If it ever did come down to selling it. I would sell it on ebay. At least you would get almost or spot for it. I've been selling and buying silver on there for the last yr. I would NEVER EVER go to a pawn or coin dealers. NO WAY NO HOW!! Why would I let someone else make 40-50% off my hard item. Especially when it is premium.


Again I WOULD NOT SELL IT!!! Go back to rule one and my first post.

Good luck

 

[chickenjoe]

I would save it, If it cost her 1600 and it weight a troy ounce or 31.1 grams then gold would to go up another 200 or so to break even. they're predicting to go up further than that. They're also predicting silver to go to 60 oz by june/july. If it a mint gold coin that was in circulation you can go to coinflation.com to see what its melt value is. AS other people said your not going to get full value from any dealer they have to make a profit also.

 

[MysticScorpio82]

Geez, now I am thinking I should go gold panning when the weather gets warmer! :lol

Personally I would either save it, or do as Lighthawk said and have it broken into smaller pieces (to avoid the madatory reporting if you have to cash in some gold after 2012) and THEN save it

 

[chickenjoe]

The new health care bill requires any transaction in precious metals over 600 bucks be reported to the IRS in 2012.

wow, really? That doesn't sound like a health care issue! Weird. If/when she manages to mail it, I'll just stash it, and wait until it's worth a zillion dollars.

I would check for a loop hole seeing that it a gift.

 

[so lucky]

My grandma has apparently bought me, my sisters and my cousins a gold coin... one each. Each coin supposedly cost her around $1600.00 If/when she sends them out to us, i am unsure as to what to do with mine. should I keep it, and hope it increases in value? Should I cash it in, and buy silver? Should I cash it in, and buy new tires for our vehicles? DH wants a motorcycle... where can you cash them in anyway?

I'm willing to bet your grandmother does not intend for you to cash it in and spend the money. Receiving a gold coin could be considered like getting a piece of jewelry: a keepsake, and your own "stash."
I saw somewhere that women in Middle Eastern countries have their own little bag of gold coins (ones who can afford them, that is) that is kept separate, and perhaps secret, from their husbands. In countries where women have so many restrictions on their activities, I like the idea that they have their own stash to remind them that they do have some power.
Oh, and regarding buying gold on e-bay, my DH has found at least one seller who is knowingly selling gold plated coins for solid gold. Also silver plated coins for solid silver. He has contacted e-bay authorities, but their response has been lame. So just be careful, and do your homework. E-bay is not a place for trusting anyone!

 

[lighthawk]

"Salting" of coins and bullion goes back a long way. Back in the early 1800's they used to shave coins as well. The problem is that the only way to be absolutely sure your coin is not salted is to drill it and assay the contents of the shavings which destroys the value of the coin.
You can be relatively confident that any coin minted, whether it be a gold or silver American eagle, Austrialian kookaburra, Canadian maple leaf or South African krugerand will be genuine.
You can also trust coins minted in America prior to 1964. Bullion (5, 10, 30, 50, 100 oz bars) not so much.
Buying or selling IMO a "reputable" dealer is for me the only option. I will not buy a coin based on a picture or someones word that it is genuine. There is something about having the coin in your hand that for me takes the suspicion out of the equation. Call it what you will, the heft, the feel, the vibe there is something about holding real money.
You can go here to find up to the minute spot prices for gold and silver... http://www.kitco.com/ . You should always know the spot price prior to making any transaction and be prepared to pay an honest premium when buying and selling. I reccommend letting your fingers do the walking and compare the dealers in your area. They will give you their current prices over the phone and some will lock you in at that price if you request it.
With what I see coming down the pike I highly recommend that you don't sell if you don't absolutely have to.

ETA... I stopped into a "cash for gold" store recently and asked what they were paying for .999 fine silver. He quoted me $8.00 under spot. My trusted dealer was paying $0.75 under spot.
Be careful out there.

 

[Veggie PAK]

My grandma has apparently bought me, my sisters and my cousins a gold coin... one each. Each coin supposedly cost her around $1600.00 If/when she sends them out to us, i am unsure as to what to do with mine. should I keep it, and hope it increases in value? Should I cash it in, and buy silver? Should I cash it in, and buy new tires for our vehicles? DH wants a motorcycle... where can you cash them in anyway?

Your Grandma did not obtain that gold coin for you to turn around and sell. She's trying to give you something that can be a lifesaver if/when the economy fails. She's probably been through the Great Depression and remembers what it was like. If she hasn't, ask someone who has been through it. They'll tell you! To sell it for something like a motorcycle or tires would break her heart. Resist such temptations! She's trying to protect your family in hard times to come. Don't disappoint her!