# Cashing in Gold Coins /Jewelry



## Plugging Along (Jan 3, 2011)

If someone had Royal Canadian Minted gold coins, how would one cash them in? Now here's the catch, what if they had been mounted on as pendents and jewelry. The coins would be still intacted, but they were soldered using 24K gold in forms of pendents and charms. 

There is technically more gold than is listed on the the coin it self (for the mount). Would it be unreasonable to expect that you would get the full amount for the coin portion?


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## zylon (Oct 27, 2010)

I doubt that you'd get the full value of the coins.

The best offer I've seen is payout of 80% of the value of the gold, at Tiger Metals Exchange.

Unfortunately, they're situated in Florida, so there is shipping involved.

disclosure: I've had dealings with the "Tiger Store" and no complaints, but haven't dealt directly with the metals exchange division.


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## Plugging Along (Jan 3, 2011)

80% really? So if it's one oz coin, and gold is trading at about 1700' then the most I would get is $1360. That doesn't seem like gold is very good investment in is physical form. Is this because it's been made in jewelry or just how much the dealer charges?


I may just hold on to it then.


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## zylon (Oct 27, 2010)

Perhaps I misunderstood. If the coins are intact ... not attached to anything, then you might get more for them. But if they're considered as "jewelry" then 80% is pretty good.

Try taking to a local dealer and see what they say.


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## Plugging Along (Jan 3, 2011)

The coins are in both forms. I have just gold coins and I have goin coins that are mounted to more gold. I wonder if I can get them unmounted?


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## zylon (Oct 27, 2010)

I was looking at the Border Gold site to get an idea of the price spreads.

With spot price of gold around 1,852 they will buy a 
perfect one ounce Cdn Maple for 1,847 and sell for 1,927

A damaged Maple Leaf will fetch you 1,826
(all prices in US dollars)

http://www.bordergold.com/product_rates.php

http://www.bordergold.com/gold-maple_leaf.php


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## OhGreatGuru (May 24, 2009)

Your gold coins have 3 possible markets:

1. Numismatists. Many (most?) of the Cdn Mint's gold coins are made for collector's markets (I doubt that your jewelry pieces are made with the 1 ounce Maple Leaf coins minted for gold trading) Numismatists will not likely be interested in coins that have been adulterated by soldering them to jewelry. The "collectible" value of these is also depreciated by overproduction - they are generally not rare. So often the market value will be based more on the gold content than any rarity.

2. Gold market. People who trade in gold coins purely for their precious metal content. Price will fluctuate with gold prices. The federal government put quite a damper on this trade by applying GST to transactions, on top of capital gains. No GST is charged on gold coins if they are refined to a purity of at least 99.50 per cent. But some provinces charge sales tax on gold coin sales. Look for coin dealers in your area in phone directories or internet.

3. Jewelry dealers. If you have coins made into jewelry, it is possible there would be a market for it "as is", as a jewelry piece. But unless it was made by the resurrected shade of Faberge, I think it more likely that it would be valued for how much gold content they could get out of it by melting it down. In which case you are looking for a reliable compnay that buys gold jewelry for that purpose.


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## CanadianCapitalist (Mar 31, 2009)

You can see the spreads on various gold coins on the J and M website. The bid-ask spread depends on the kind of coin you have. Maple leaf spreads are very tight but the spreads on other RCM coins are pretty wide.

http://www.bullioncoinsandbars.com/products.htm


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## Plugging Along (Jan 3, 2011)

Thanks everyone. I was curious on what I could get for them. If I decide to sell, I'll let you know what happened.

OGG - the jewelry IS actually made with the pure 999 gold maple leaf coins. They still have the full coin intact. It was gift, but the person who did it thought it was a good way to gift it. I'll have to post a pic when I get it out of the safe.


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## OhGreatGuru (May 24, 2009)

If they are soldered on, the trick would be detaching them without damaging the coin enough to affect it's value. You might have to take them to a jeweler to do it.

According to the Mint, it is actually illegal for any person to melt down, break up or use otherwise than as currency any coin that is legal tender in Canada.

http://www.mint.ca/store/mint/customer-service/faq-1100010#Q1

I wondered at first if non-circulation coins were "legal tender:, but the Mint says their gold bullion coins are legal tender in Canada.


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## Plugging Along (Jan 3, 2011)

I have no idea about it being illegal or not. They were gifts, but I do know they are legal tender. Some say $50 some are $20 I think. The fifty dolly is the one ounce, but I was hoping to get more than that for it


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## v_tofu (Apr 16, 2009)

Why not keep them? Why do you want useless fiat currency? 

But as others suggestive, most likely they will be worth melt value. Try your local coin dealer. They will probably give you as close to spot compared to those we buy gold guys.


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## OhGreatGuru (May 24, 2009)

Plugging Along said:


> I have no idea about it being illegal or not. They were gifts, but I do know they are legal tender. Some say $50 some are $20 I think. The fifty dolly is the one ounce, but I was hoping to get more than that for it


I don't know where you are getting those quotes. If that is really a 1 oz. Maple Leaf, it is currently selling for over $1800 CDN, as noted in the post by zylon. I believe it's "Face Value" as legal tender (stamped on the face), regardless of the current gold price, is $50, which is where the confusion may be coming from.

To add to the confusion, the "Maple Leaf Gold Coin" was also produced in 1/20th oz., 1/10th oz., 1/4 oz., and 1/2 oz. versions, which have corresponding face values of $1, $5, $10, & $20 for legal tender purposes.


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## el oro (Jun 16, 2009)

Call all of your local/online dealers and your Oliver jewellery cashmen to find out who will buy the coin. Find out who offers the most and then negotiate for more.

I'll offer you 28x face value for your 1oz


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## Plugging Along (Jan 3, 2011)

Zylon: the only reason I was thinking selling is because of the high gold prices and that I'm trying to downsize and clear out stuff I don't use. The jewelry has some sentimental value, but I'm not a sentimental person, and it's rather gaudy.

OGG. I was just kidding. The legal tender vale is only $50 but I know I can get a lot more.

Gold: I'll keep your offer in mind, if the loan shark turns me down


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## Cal (Jun 17, 2009)

I am curious to find out if a jeweller is able to separate them for you, leaving them in near mint condition.

Please keep us updated.


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## bobwatford123 (Aug 9, 2011)

Sell them on ebay and they'll go for close to spot but Ebay will take their fees. The damage on the coins is pretty meaningless, as these type of coins are usually just worth their weight in gold. I'll give you 1600 per ounce if you need to clear them out as long as they aren't too screwed up....no fees no mess. Seriously. PM me with pics if you do want to get rid of them.


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## Plugging Along (Jan 3, 2011)

$1600 Gold by 2011 said:


> I'll offer you 28x face value for your 1oz





bobwatford123 said:


> I'll give you 1600 per ounce if you need to clear them out as long as they aren't too screwed up....no fees no mess. .


Do I hear $1850? I even throw in the extra gold for free. 

I'm not in a rush to get rid of them, I just figured that with the rates, if it was close then it might not be a bad time.

I will have to take a look at them more closely. I think one of the pieces has so much soldering, it won't be able to be dissessembled. I'll check around in the next little while. I'm still at the 'kicking tires' stage.


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## el oro (Jun 16, 2009)

Take your time! How about a little cash while you wait? I'll offer you $70 for the option to buy your 1oz. coin for 1850 until the end of March 2012, assuming the coin is in good enough condition that it can fetch close to spot.


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## Plugging Along (Jan 3, 2011)

Ooooooh.... options... now this is getting more complicated, but much more fun. I could almost do this just based on the fun.


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## jason22 (Nov 6, 2012)

I think that waiting is the best option for you as the gold price had always an ascendant trend line.


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