Q&A for How to Sell Gold Coins

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When you sell gold coins are there forms to file for taxes?

Community Answer

Depending on the type and number of gold coins sold, a 1099-B form may be necessary. If 25 or more Gold 1oz Maple Leaf, Gold 1oz Krugerrand, or Gold 1oz Mexican Onza are being sold, then the tax form is required.

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Question

I bought a coin last year. Did I lose money on selling it by saying it is old gold?

Donagan

Top Answerer

No. Gold's value is not affected by the passage of time. Prices vary only with immediate supply and demand.

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Question

What is the commission on the sale of an American Gold Eagle 1 oz coin?

Community Answer

It varies over time and according to several other factors. Let us express commission as a percentage of the spot price of gold. Smaller Eagles will command a higher commission relative to larger Eagles. Check the total price of 10 coins of 1/10 oz gold each and compare it to the price of one 1 oz coin to see this fact. Also influencing the size of commission will be the current state of the market - it changes every day, so there is no simple answer other than to say that you should look around at several vendors to see how they price purchase and/or sale commissions (these are priced very differently so that vendors can make a profit and stay in business). Shop around and you'll have the answer your question.

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I have 20,000 gold Maple Leafs. How much can I sell them for?

Donagan

Top Answerer

A one-ounce Maple Leaf coin was recently worth very close to 2,000 US dollars. Keep those coins stored safely.

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