Coin Shop guy answering the top question

Dec 17, 2016 6:24 PM

Fiasco6

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Hey yall, seems like everyone has a great deal of questions... I'll try to get to all of you, but first off...

@kzooglad had the top upvoted question, if I have any reverse situation stories. Specifically where someone had no idea they had something valuable and were totally surprised. This was actually the year before I began working here, but my favorite story that has happened at this shop.

So here is the story of the Cigar box full of Krugerrands...

A women came in some years ago (8 years ago?) with a cigar box, she said it was full of foreign coins. She began to tell a story of her dear Grandfather that she cared for in his final years and how close they were for her whole life. She then told us of what he left after he passed. Her wicked sister got his beautiful house. Various family members that never really treated him right got the cars and jewelry, etc. But all he left her was this cigar box full of foreign coins... She felt shafted, upset and sad because of how close they were that she would do this to her. Well, we opened the box (and it was full) all of there "foreign coins" she was talking about were 1 ounce gold South African Krugerrands. (I cannot recall the exact number but it was about 125 coins) The coins were worth approx $1,200 each. She almost fainted. Her dear grandpa knew exactly what he was doing.

This story is about 8 years ago. About 3 years ago, she made a return and I was able to meet the famous cigar box of krugerrands women. She was real sweet.

TLDR: Women thought she had junk, turns out it was over $150k in gold.

storytime

That's the best grandpa prank in history.

9 years ago | Likes 2 Dislikes 0

I'm an avid metal detecting hobbyist. Finding a Krugerrand is on my bucket list.

9 years ago | Likes 1 Dislikes 0

It was just Kyles jewgold

9 years ago | Likes 1 Dislikes 0

My grandad left myself and my family 5 of them.. twas glorious..

9 years ago | Likes 1 Dislikes 0

I've never purchased coins before. Is purchasing proof sets from the mint online a good idea, if I'm hoping to make a small return?

9 years ago | Likes 1 Dislikes 0

its like playing the lottery, if the set doesn't go better, you lose.

9 years ago | Likes 1 Dislikes 0

"I call them kreigerrands"-Algernop Kreiger

9 years ago | Likes 15 Dislikes 0

i finally get that joke

9 years ago | Likes 5 Dislikes 0

My grandfather gave us Kruegerands for our weddings. They've been lifesavers

9 years ago | Likes 1 Dislikes 0

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9 years ago (deleted Sep 24, 2017 6:16 AM) | Likes 0 Dislikes 0

my inbox is full of them

9 years ago | Likes 2 Dislikes 0

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9 years ago (deleted Sep 24, 2017 6:16 AM) | Likes 0 Dislikes 0

It's nigh impossible to nail down numismatic value without seeing coins in person. That's why really valuable stuff needs to be slabbed.

9 years ago | Likes 1 Dislikes 0

But if she did sell them, how much would she realistically get? And what would be the best way to sell them?

9 years ago | Likes 2 Dislikes 0

Gold has fallen in the past couple of months, but if she sold at its highest point this year, she would get 170k and change. I don't know 1/

9 years ago | Likes 2 Dislikes 0

about places to sell them, most likely the coin shop itself. The shop can then either sell to others or cash in on the bullion value.

9 years ago | Likes 2 Dislikes 0

Good to know thanks

9 years ago | Likes 1 Dislikes 0

Aren't you supposed to liquidise those coins in the bank if you want the best returns?

9 years ago | Likes 1 Dislikes 1

Very generally, yes. Precious metals yield a very poor ROI. They're excellent at holding value, though.

9 years ago | Likes 1 Dislikes 0

Important question: are all Kruggerands worth $1,200? I have about 10 large gold coins that say "Kruggerand" on them from my opa.

9 years ago | Likes 6 Dislikes 0

Krugerrands are minted in 1, 1/2, 1/4, and 1/10 troy ounce. Value varies according to the spot price of gold, which is a bit low right now.

9 years ago | Likes 1 Dislikes 0

kitco.com to see what spot is going for. a good buy price is $50 to $30 under that price

9 years ago | Likes 2 Dislikes 0

Somebody call Riggs and Murtagh

9 years ago | Likes 12 Dislikes 0

"Diplomatic Immunity!"

9 years ago | Likes 6 Dislikes 0

Ha ha ha

9 years ago | Likes 1 Dislikes 0

*Immuniteh!

9 years ago | Likes 2 Dislikes 0

Has just been revoked!

9 years ago | Likes 1 Dislikes 0

Which coin has the most nutritional value

9 years ago | Likes 67 Dislikes 2

Gold bullion is good, because you can use it to make gold stock, for a soup or a stew.

9 years ago | Likes 4 Dislikes 0

Chocolate coin!

9 years ago | Likes 8 Dislikes 0

The namco arcade tokens, you can eat tons of balls and fruit, well, as long as the ghosts dont get ya first!

9 years ago | Likes 63 Dislikes 2

Damn, that was clever

9 years ago | Likes 4 Dislikes 0

125 coins @$1200ea is $150k. Unless he lived in a shithole the person who got the house got a much better deal.

9 years ago | Likes 74 Dislikes 4

Perhaps the home still had somewhat of a balance?

9 years ago | Likes 3 Dislikes 0

Depends on where you live. A $150k house in NYC is not the same as a $150k house in Dayton Ohio

9 years ago | Likes 34 Dislikes 0

Not true. I have a great house in a great area that is only ~180k. The price of gold has skyrocketed in the past ten years.

9 years ago | Likes 17 Dislikes 1

So youre admitting that your house is worth more and that the price was even lower than 1200? ...do you know how math works?

9 years ago | Likes 8 Dislikes 3

I'm saying that my house in the best part of town is only a little more than she would get from selling her coins.

9 years ago | Likes 5 Dislikes 0

Plus selling a house is a lot harder than selling gold.

9 years ago | Likes 9 Dislikes 0

woman's an idiot if she didn't recognised gold bullion.

9 years ago | Likes 14 Dislikes 7

You have no reason to insult a grieving woman

9 years ago | Likes 4 Dislikes 1

Okay. Anyway those look like coins to me.

9 years ago | Likes 4 Dislikes 1

They are. They were/are legal tender, too.

9 years ago | Likes 1 Dislikes 0

This is true. It even says "1 oz of fine gold" on the front.

9 years ago | Likes 14 Dislikes 0

Indeed.

9 years ago | Likes 2 Dislikes 0

Just because something says it's a thing doesn't make it actually that thing. It could've been fake for all she knew.

9 years ago | Likes 9 Dislikes 0

It looks like gold. It says it's gold. It has an easy-to-google name. It would be very hard to be surprised that it's worth a lot.

9 years ago | Likes 1 Dislikes 1

If you're sitting on potentially hundreds of thousands of dollars with of gold, I'm pretty sure you'd get it tested. Kruggerrands also sell

9 years ago | Likes 1 Dislikes 0

For way more than the gold spot price.

9 years ago | Likes 1 Dislikes 0

She did- she went to the coin shop

9 years ago | Likes 3 Dislikes 0

What's the story on the coins though? And how would one come to possess an entire box of them. We must dig deeper.

9 years ago | Likes 191 Dislikes 2

Her grandpa was originally married to Rika van den Haas before she cheated on him with Martin Riggs.

9 years ago | Likes 1 Dislikes 0

You can buy them. From the reserve bank as far as I remember. Bloody expensive obviously. The come in 1/8s, 1/4s, 1/2s and full size I think

9 years ago | Likes 12 Dislikes 0

No 1/8th, but there is a 1/10th. You get ripped off on fractional gold tho

9 years ago | Likes 11 Dislikes 1

Ah right it was the 1/10ths. Used to have a few of them.

9 years ago | Likes 4 Dislikes 0

He probably replied to the emails from the sweet Nigerian prince!

9 years ago | Likes 64 Dislikes 0

Our sweet prince.

9 years ago | Likes 6 Dislikes 0

Damnnn that is good one. Actually LOL'ed

9 years ago | Likes 1 Dislikes 0

There was an expedition unknown episode about an entire trainload that was lost. I'm going to believe her gpa found them

9 years ago | Likes 2 Dislikes 0

Krugerrands have been an international gold trading piece since the 70s. He prob just bought them over the years

9 years ago | Likes 191 Dislikes 1

I like to think that he was an international spy and that was how he got paid.

9 years ago | Likes 25 Dislikes 0

Like those coins in John Wick

9 years ago | Likes 8 Dislikes 0

First thing I thought of

9 years ago | Likes 2 Dislikes 0

Invest in gold you say. Straightforward answer I like it.

9 years ago | Likes 61 Dislikes 0

Someone get Joel

9 years ago | Likes 1 Dislikes 0

This is wayyyyy more common than most think. Old people have gold bars packed around their houses just in case the world ends.

9 years ago | Likes 16 Dislikes 1

My grandmas and my mom do this, can confirm. They were also refugees, so smuggling jewelry out was the only way to carry their riches.

9 years ago | Likes 9 Dislikes 0

They may have used sparrows to carry out each coin.

9 years ago | Likes 4 Dislikes 0