Expert: Dmitry Livshits - 10/22/2009

Question
QUESTION: I have a set of three Gold Coins of values in Shillings - 500. 250, 100.  Inscription reads Mzee Jomo Kenyatta in front. They were issued in 1966 to commemorate 75th Birthday of the president. I would appreciate its valuation. Thanks

Vasudeo

ANSWER: Hi Vasudeo,
This set was issued in two versions... regular and proof. The proof versions will have a mirror-like background with frosted looking raised features, just like in the photograph you attached. The regular version has no contrast between the background and features.
As far as value, this set contains right around 1.9 ounces of pure gold. Just the bare bullion value of the gold is $2,000. However, as a collector value, your set is worth closer to $2,500 for the regular set and about $2,800 to $3,000 for the proof set. There were only 500 proof sets ever made. No mintage numbers exist for the regular version.
Thanks for the question! =)


---------- FOLLOW-UP ----------

QUESTION: Hi Dmitry,

Thanks for your answer. I am now more knowledgeable about my coins. As far as I can makeout my coins are proof coins.

I would like to know how should I go about to sell them and obtain best value? And also if now is the best time to sell them? I am domiciled in UK. I would very much appreciate your answers.

Regards

Vasudeo.  

Answer
Hi again,
At this time, the market value of gold is the highest it's ever been at over $1,000 per ounce. It's very possible that gold will continue to increase, but now is the time many collectors choose to sell their gold. This is evident by the recent upswing of gold bullion on eBay.
Your best options are to either sell the coins yourself, on a site like eBay, or to consign them to a good coin auction. The two I would recommend are Heritage or Spink. The latter holds auctions in London, as well as New York.
The main variable to consider is the net amount. Consignment to an auction will likely result in a 20% commission fee, as well as a 10% to 15% buyer premium and tax, both of which take away from the final sale price.
Selling the coins on eBay will result in about an 8% to 10% total fee and there will be no buyer premiums. As long as you are a private seller and not a merchant tax is also not necessary.
There is also the middle ground of consigning the coins to an eBay auctioneer. There will likely not be any buyer premiums or taxes and you can negotiate the total fee to under 20%.
Thanks again for the question! =)