Expert: Joe Hylas - 1/8/2005

Question
Hi Joe,

A cashier at a Chinese restaurant asked me tonight if I had any gold coins that I wanted to sell. I told her I had a few gold dollars, but they were fairly recent like Eisenhower or Susan B. Anthony or something like that. She said, "I mean pure gold coins". She showed me a few like I told her I had and she said, "see they tarnish;the pure gold one's won't tarnish".
I told her I'd check around and try to find her a reputable dealer(s). Do you know where she might buy or who she might contact that are reputable sources? Would you advise her to read a book and learn more before contact with any dealers?

Thank you very much!

Sincerely,

Mike Eidson

Answer
Hi Mike,
There are a few things.  First, she may just want gold coins for their gold content, with  no collector value.  These are known as bullion coins and are readily available for a small percentage over the gold content.
Collectible gold coins made before 1933 carry a larger premium, sometimes 100x the gold content and more but they are quite scarce and sought by collectors worldwide.
Bullion coins can be easily shopped on the interenet, collector coins are a nother story.
People who know little about this area often get burned by unscrupulous dealers.  They should do some reaseach first before buying, and not just from one dealer.
She can try Omega Precious Metals  800-474-6960

Regards,
Joe