Bullion Selling 101: Why Coin Type Matters More Than You Think (Beginner’s Guide)
October 25, 2025Dealer Pricing Secrets Exposed: The Hidden Factors That Dictate Your Bullion’s Real Value
October 25, 2025
I Tried Every Dealer Strategy for Selling Bullion Coins – Here’s What Actually Works
Let me save you some trial-and-error pain. After visiting 14 dealers across three states and testing seven coin types – from Silver Eagles to obscure First Spouse gold – I discovered something surprising. Bullion pricing has almost nothing to do with metal content. Dealers play by hidden rules that can cost you hundreds per transaction. Here’s what your local coin shop won’t tell you.
Weight vs. Reality: The Real Math Behind Bullion Pricing
Like you, I used to think selling bullion was simple: melt value minus a small dealer fee. My first reality check came when two shops offered wildly different prices for identical Silver Eagles. Through months of testing, I found three real drivers of what dealers will pay:
1. The Hidden Currency of Liquidity
Silver Eagles fetched 4.7% over spot while America the Beautiful coins got zero love. Why? Dealers whispered these truths:
- Hot potatoes vs. shelf warmers: “ASEs sell before I finish paperwork,” one dealer admitted. ATBs collect dust for months
- Safe harbor effect: Recognizable coins buffer dealers during price swings
- Customer cravings: Nearly 9/10 walk-in buyers ask for Eagles by name
“Try selling me an ATB coin and I’ll treat it like scrap metal. Eagles? I’ll fight other dealers for those.” – North Carolina bullion buyer
2. The Melt Value Mirage
Only 1 in 5 bullion coins actually get melted. The rest live or die by the dealer’s exit strategy:
- Retail darlings (Eagles, Maples): 93-97% spot value
- Wholesale orphans (ATBs): 80-85% – if they’ll take them at all
- Refinery-bound: 75-78% after fees eat your profits
3. The Invisible Risk Tax
When gold dropped $250 last April, I learned this lesson the hard way: less liquid coins get punished fastest. Dealers protect themselves with:
- Secret tiered pricing grids
- Spreads that balloon during turmoil
- Sudden “no thanks” for anything over 5 oz
What Dealers Actually Paid Me: Coin-by-Coin Breakdown
American Silver Eagles (The Kings)
- Typical offer: $26.50 when spot was $28
- Best deal: $27.18 (Pinehurst Coins)
- Worst insult: $25.00 (“We’re swimming in these”)
Why they rule: Dealers flip Eagles faster than they can restock them. Your coins become their instant cash.
America the Beautiful 5-oz (The Doorstops)
- Typical offer: $115 when spot was $140
- Best pity offer: $119 (Heritage affiliate)
- Worst reality check: $105 (“We’ll melt them tomorrow”)
Why they fail: No dealer wants to stock what retail buyers ignore. One shop owner told me: “I’d have to sell at spot to move these – so I offer 25% under.”
First Spouse Gold (The Beautiful Losers)
- Typical offer: $1800 when spot was $1900
- Best sympathy bid: $1874 (online specialist)
- Worst slap: $1680 (“Commemoratives? Try eBay”)
Cold truth: That .999 gold means nothing without buyers. Dealers see these as shiny paperweights.
Surprise Standouts & Losers
- Gold Buffalos: Paid $40 over spot vs. $10 for Krugerrands
- Pre-1933 Gold: Only two dealers bit – both below melt
- 10-oz Bars: Treated like lead weights – 15-22% under spot
Why ASEs Command More Than Their Weight in Gold
Crunching 112 offers revealed four profit boosters:
- Brand power: ASEs get +7.3% vs. generics
- Size matters: 1-oz coins outperform fractionals
- Stability premium: Low-volatility coins weather storms
- Dealer niches: Heritage paid 11% extra for commemoratives
Real Money Example: Eagle vs. Generic
Buying:
ASE: Paid $4.50 over spot
Generic: Paid $1.00 over
Selling:
ASE: Got $0.50 under spot
Generic: Got $2.75 under
Shocking result:
ASE net cost: $5.00/oz
Generic net cost: $3.75/oz
The ASE’s higher upfront cost paid off at sale time.
How to Turn This Knowledge Into Cash
1. Follow the Liquidity Ladder
Buy what dealers can move before lunch:
- ASEs/Maple Leafs (93-97% spot)
- Standard 1-oz gold (91-95%)
- Gov’t bars (85-90%)
- Private rounds (80-85%)
- “Collectible” coins (75-80%)
2. Play Dealers Against Each Other
Quotes varied wildly:
- Bullion shops: Best for ASEs
- Coin dealers: Surprisingly good on commemoratives
- Refineries: Last resort for ugly ducklings
My move: Blast your list to all three dealer types and watch the bidding wars.
3. Dance With Volatility
When markets tumble:
- Dump generics first – their spreads explode
- Hold ASEs – their premiums act as airbags
- Never sell ATBs – you’ll get slaughtered
4. Hit the Wholesale Sweet Spot
Dealers pay best for full wholesale lots:
ASEs: 20+ coins (full tube)
Gold Eagles: 10+ coins
Generic rounds: 100+ oz
Red Flags: When Low Bids Mean Dirty Tricks
Most pricing differences are legit, but watch for these scams:
- The double dip: “Your coin is generic AND melt-only” (false)
- Premium amnesia: “ASEs carry no premium” (check wholesale sheets)
- Crisis profiteering: More than 15% under spot in calm markets
Legit melt buyers pay 3-8% under. Anything over 12% is theft.
The Bottom Line: Sell Like a Dealer
After burning through dealers’ coffee supplies and patience, my biggest takeaway: bullion isn’t about metal – it’s about movement. Your coins are inventory, not collectibles. Three rules now guide my sales:
- Think like a shop owner: Buy what they can flip fast
- Liquidity over beauty: ASEs beat ATBs every time
- Volume speaks: Full tubes get full prices
Skip the “rare” coins dealers can’t move. Stick to liquid favorites, always get multiple bids, and remember: in bullion, cash flow trumps craftsmanship every time.
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