Cashing in Gold Sovereigns

bigfoot371

I hope this is the right forum, any MSE wisdom is appreciated.

So as life happens, I'm trying to scrape my pennies to buy my first flat.

My dad has just redecorated his office and found a bag of coins with my name on it in his safe which he hasn't opened in years. We think they were a christening gift from a godfather.

Looking through the only valuable pieces are an 1888 (100 years before my Birth date- luckily having not known about them I'm not sentimental!) and 1913 Gold sovereigns.
There are a few crowns from 1960 and 1980, worth a couple of quid each.

So, if I were to want to sell the sovereigns somewhere to make the most possible for myself- how is best to do so?

Would is be selling to a collectors coin shop, eBay, forums or finding an auction house that deals in them. Only reckon there is 300-500 in it- but every penny counts!

I'm yet to get them couriered to me (I'm based in the NW, they are easy mids) so i can't research the markings to find a retail value. What kind of cut would a dealer look to take when buying and selling?



Thanks MSE'ers. Excuse typing, this forum doesn't like iPhones it seems.

xylophone

Might it be easier for Dad to arrange the sale and send you the cash via a faster payment?

An acquaintance who lives near London has amassed a few gold coins over the years and sells one or two from time to time to finance a hobby - they are sold to a bullion dealer in Hatton Garden apparently.

Presumably Dad could approach a bullion dealer in Birmingham?

ColdIron

Baird & Co, BullionByPost and Chard are reputable, avoid the 'we buy your gold' oufits you see on the TV. You might even ask a local non chain jeweler. Expect to get a few % below spot or the London Fix

daveyjones95

Depending on the condition of the coins, the 1888 in very fine condition could fetch around £200 and uncirculated around £350. The 1913 would be £200 in extremely fine condition. I'd personally avoid an auction house but it depends on the fees they charge, eBay is pretty good and their fee isnt too high, but you'd need good sales feedback and photographs to get a good price for this kind of item. I'm unsure on the bullion values but yeah there's always that route.

bigfoot371

Thanks for the advice.

Bullionbypost etc... seem to pay a flat fee for all years (Around £160-170). Ebay has them going for £200-£230 (Minus 10% fees).

I'll have my Dad take some photos and I'll email a local dealer to comment on condition.

I'll also have him speak to the jeweller who always does all our family stuff, however my Dad has screwed him down on price on everything he has bough in the past 50 years so I can't see him being sympathetic!

Richiet

In most likelihood, unless your coins are in anything other than uncirculated the best you'll get is around BV.

That said, do either of your sovereigns have any letters above the year? My interest isn't really in sovereigns but if the 1888 has an M or S denoting Melbourne or Sydney mints, they may have slightly greater value, there is one very valuable M variety but obviously is more scare. For 1913 the only mint with any additional value is Ottowa 'C' but again, grade is key.

Hope this is helpful

markj113

Atkinsons offer a fair price.

You wont see over spot for sovereigns from a dealer unless they are proof versions/exceptional condition or a rare year.

I am a member of a UK based forum that has a sales section -
http://thesilverforum.com/

May be worth posting there, you'll get slightly more than from a dealer and no ebay fees.

benjaminoconnor66

I've collected gold coins for several years now and often sell them back to bullionbypost. They offer 96% of the spot value of the gold coins, based on the live gold price - so a fair one. The coins I buy and sell are often fairly new and so don't carry much collector value, I'm a gold investor rather than coin collector so I'm happy to buy and sell coins according to their precious metal value, however you might find slightly more elsewhere given your coins are particularly old. The sell page on their website is useful for you to get an idea of how much you could get for a sovereign right now.

EdGasket

If you want to invest in gold just by a gold exchange-traded fund; much cheaper and safer than using coins.

MattGb

Sell them to bullionpypost at 98% of market value. Super lucky on them being sovereigns. You don't have to pay and CGT