Buying gold second hand

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Saffron's picture
Saffron
Status: Gold Member (Offline)
Joined: Aug 29 2009
Posts: 250
Buying gold second hand

I have an opportunity to purchase gold coins from an acquaintance. Until now I've always purchased from a store where I am certain of what I am purchasing. I realize now how very little I know about purchasing gold coins. Would those of you who do this more frequently care to pass on any tips? Specifically he has a 2005 Panda Lunar Prestige set with 4 coins. I found a 2009 version online and the box and the coins look similar (gold coins surrounded by a silver ring) but I also found a lot of information about fake pandas.

He also has $50 American Eagles ... anything I should look for with regards to these?

I appreciate any help and if you prefer, you may pm me, though I am sure others could use this info as well. 

-s

Nate's picture
Nate
Status: Platinum Member (Offline)
Joined: May 5 2009
Posts: 605
Re: Buying gold second hand

I would not purchase the Panda's. Less known and understood than Eagles.  More difficult to unload in the future also. 

If you are in the market at this time to purchase gold,  $50 American Eagles are a good choice.  I reccommend that you weigh and measure the coins and make sure they meet the following specifications.  (from Wikipedia)

Diameter: 32.70 mm
Thickness: 2.87 mm
Gross weight: 1.0909 troy oz (33.930 g)
Face value: $50

If you are still unsure, take to a local coin dealer and ask if they are authentic.

Nate

Ken C's picture
Ken C
Status: Platinum Member (Offline)
Joined: Feb 13 2009
Posts: 753
Re: Buying gold second hand
Nate wrote:

I would not purchase the Panda's. Less known and understood than Eagles.  More difficult to unload in the future also. 

If you are in the market at this time to purchase gold,  $50 American Eagles are a good choice.  I reccommend that you weigh and measure the coins and make sure they meet the following specifications.  (from Wikipedia)

Diameter: 32.70 mm
Thickness: 2.87 mm
Gross weight: 1.0909 troy oz (33.930 g)
Face value: $50

If you are still unsure, take to a local coin dealer and ask if they are authentic.

Nate

 

And I would also compare the eagles very closely with ones that you bought from a reputable dealer. In particular look at all edges and detail of tthe figures. No guarantee but something to consider.

tom.'s picture
tom.
Status: Gold Member (Offline)
Joined: Aug 18 2008
Posts: 345
Re: Buying gold second hand

THIS is a handy site for not only coins, but most metals - it's always current that I have found

http://www.coinflation.com/  - in case you missed it

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