Converting shot into coins/bars

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T

Toolhound

Member
Joined
Jan 29, 2021
Messages
8
Good morning,

Several years ago a member here did a great job for me refining pounds of gold filled material into just over 8 oz. of .99 shot. Also about 50 oz of silver.

I would like to convert the shot into coins or bars to make it easier for my wife or family convert to cash when and if needed.

What do you think is a reasonable conversion percentage? And how would you go about getting that percentage?

The best I've come up with is about 10%

Thanks
 
if you use a rolling mill to flatten gold pieces to a certain thickness and stamp out rounds of a fixed weight, you should be able to convert 99.9% of your gold into coins. The last bit are the trims.
Or do you mean converting small bars into money?

Melting the shot into bars and rolling them would be my plan.

The hard bit can be getting true value for say, a gram of gold when you turn it in.
 
Martijn said:
if you use a rolling mill to flatten gold pieces to a certain thickness and stamp out rounds of a fixed weight, you should be able to convert 99.9% of your gold into coins. The last bit are the trims.
Or do you mean converting small bars into money?

Melting the shot into bars and rolling them would be my plan.

The hard bit can be getting true value for say, a gram of gold when you turn it in.
Click to expand...
Good afternoon,

I thought I replied earlier but don't see it.

It's in small zip locks at the moment and the goal would be to convert it into a more cash convertible form (commonly traded bars or coins).

I'm going to see an old jewelry supplier friend this week and maybe he can put me in touch with someone that is casting and needs the shot. Sell it for closer to spot and buy bullion coins.
 
I don't know much but I read somewhere here somewhere suggested turning 24k gold into 18K by mixing it with 25% copper or something else.
I seems 24K gold is difficult to test for but 18K is a lot easier.
So the product is more saleable and they/you will get a better return for your gold.
 
gregory-d said:
I don't know much but I read somewhere here somewhere suggested turning 24k gold into 18K by mixing it with 25% copper or something else.
I seems 24K gold is difficult to test for but 18K is a lot easier.
So the product is more saleable and they/you will get a better return for your gold.
Click to expand...
Good point, but i think that is when the buyer only has a gold test solution kit that can test up to 22K.
That's a 2K or 8,33% 'loss' right there, and then you get a percentage of what's 'left' because there are "refining and trading costs", even when you turn in four nines fine Au.
Plus you have to trust his did not swap the 20K solution with the 22K solution ;)

"Ah, sorry ma'am, that is only plated gold, you can trust me! "

If you have an honest buyer, that has a real way of testing in stead of scamming and will pay out what's actually there, build up a relationship and trust, and maybe even get a premium on that superfine gold, which you're proud of refining it yourself.
Remember he can't stock and trade it for free eighter.

Look at what banks charge for a gram of four nines gold when you want to buy it, nicely stamped and certified; it will be way over spot! A nice Credit Suisse 1 gram piece will set you back 101 euro! what's that compared to spot?
Will you ever get 101 euro return in goods in your life time? probably not.
Another bubble scam to keep the deep pockets deep.

Sell it to a collector that knows the value. Not a "we buy gold" shop. Most of them are scammers imo. That one-time desperate customer that needs money fast, sure is disappointed, but his opinion will not make a dent on his business as that's what their clientele consists of, they will not come back to do business, they sold all they had.

did you ever watch this south park episode? It's painfully true. it's a google link to, can't open it at work.
https://www.google.nl/url?sa=t&rct=...usg=AOvVaw2_Vs0PjA-LusPVmpRuol2D&opi=89978449

Martijn.
 
The 10% is to exchange my shot for random gold coins or bars. I really don't care if they are Maples, Krugerrands, Eagles or??? They don't need to be mint either.

I'll check into an assay office as well.

Thanks
 
The issue will always be the fact that you will be selling an unrecognized commodity. I would contact a reputable gold buyer coin dealer and sell the gold for Canadian Maple Leafs and there should be no question when time comes to sell. Upstate coin and Gold comes to mind, they have locations in Syracuse NY and Denver CO. They could melt and X Ray your shot and tell you what it's worth. Worth a shot, should not be close to 10%.
 
Good morning,

I'm in California.

I spoke with a large gold broker. It was looking good at about 5% to convert to Krugerrands. However there is now the question of sales tax and that could add about 8%

Still working on it.

Thanks for all the ideas.
 
Single transaction bullion sales should not have sales tax when the amount exceeds $2,000 in California.
 
I would also check your tax position with regards to selling legal tender in the US. For reference, in the UK if you convert gold bullion into coins minted as legal in the UK i.e. Sovereigns then the coin has the tax value of the currency.

i.e. A full sovereign is valued for all tax purposes at £1 regardless of the weight of the gold in it. The same applies to the valuation of your estate upon death. 1000 sovereigns would go into your estate at a value of £1000 even though the gold value would be in excess of £470,000 ($621,000)

Hope that adds some perspective.

Jon
 

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