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What does the spot price of gold and silver have to do with selling my coins?
February 28, 2015
The spot prices of gold and silver are important in determining the value of a particular coin especially if it contains gold or silver. As previously discussed there are several factors in determining the value of a coin, and metal content is one of those factors. One example is pre-1965 quarters, dimes and half dollars, or what we refer to as "junk" silver. Junk silver does not have any rare value up and above the silver content, so it's value is generally based on the spot price of silver. If spot silver is trading at a higher price, then your junk silver will sell at a higher price-a direct correlation. This is also true for bullion gold(gold coins and bars that are not rare) such as the American Eagle, South African Krugerand, Canadian Maple Leaf, etc. Large investors will pay very close attention to even the slightest change in the spot price of metal when making a major buying or selling decision. However, if a person is simply buying and selling a few coins, the spot may or may not be a major consideration. Spot prices can impact rare coins as well, but perhaps not as closely as bullion gold and silver. I do agree that spot can "persuade" the rare coin market up or down, but it is not as directly correlated as the bullion market is.