Sell Gold Coins in San Francisco: A Refinery's Honest Walkthrough
By Isaac (Sahag) Makdessian, Owner and Head Refiner at Bay Area Metals. Operating the family-owned South San Francisco refinery since 2012. Specialist in gold, silver, platinum, and palladium refining for public sellers and B2B industry clients across the Bay Area.
Key Takeaways
Coins are not jewelry. The right buyer for a gold coin depends on whether the coin is worth more as bullion (melt value) or as a numismatic collectible (premium over melt).
For modern bullion coins (American Gold Eagles, Krugerrands, Maple Leafs, Sovereigns, Philharmonics), a refinery pays close to spot. As of late May 2026, LBMA gold spot has been moving in the $4,400 to $4,500 per troy ounce range, putting a 1-ounce Eagle at a melt value around $4,400 and a refinery payout up to 99% of that.
For pre-1933 US coins ($20 Double Eagles, $10 Eagles, $5 Half Eagles, $2.50 Quarter Eagles), the numismatic premium often exceeds melt value. The honest answer is to get a numismatic appraisal first; do not melt a coin that is worth more whole.
We will tell you when your coin should go to a numismatic dealer instead of our refinery. That referral is part of why public sellers trust us with the next coin.
Bring your coins in for a same-day melt-value quote, with the live LBMA spot on the counter. Text or call (650) 675-5009 to book a slot, or walk in during posted hours.
Three questions to ask before you sell any gold coin
Coin selling fails most often when sellers skip these three questions and treat every gold coin like a chunk of metal. Some are. Some aren't.
Question 1: Is this a bullion coin or a collector coin? Bullion coins are minted for their precious-metal content (American Gold Eagles, Krugerrands, Canadian Maple Leafs, Austrian Philharmonics, Mexican Libertads, British Sovereigns). They trade close to the day's LBMA spot price, with small premiums or discounts. Collector coins (pre-1933 US coins, ancient coins, commemoratives, error coins, rare-date Sovereigns) carry value that comes from rarity, condition, and historical demand. A 1927-D Saint-Gaudens Double Eagle, for example, sold for $3.09 million through SF's Witter Coin in 2021 on a coin that contains about 0.97 troy ounces of gold. Its melt value at today's spot would be roughly $4,300. The collector value was 700 times the melt value.
Question 2: What's the actual gold content? Coin face value is almost never the gold value. A US $20 Double Eagle from 1907 has a face value of $20 and contains 0.9675 troy ounces of gold. A South African Krugerrand has no face value at all and contains 1.0 troy ounce of gold. Read the coin's specs (gross weight, fineness, fine gold content) before you accept any quote.
Question 3: Is the numismatic premium higher than the melt value? This is the single question that decides which buyer you should walk into. If your coin's numismatic premium is meaningful, a refinery is the wrong first stop. If your coin is a clean modern bullion piece, a refinery is the right first stop. The next two sections lay out the practical rules.
Three categories of gold coins, and what to do with each
Modern bullion coins
The five most common bullion coins in San Francisco walk-ins:
For each of these, the math is clean. At an LBMA spot of $4,400 per troy ounce, a 1-ounce Eagle or Krugerrand carries a melt value of roughly $4,400 and a refinery payout of up to 99% of that, around $4,356. A British Sovereign at the same spot carries a melt value of about $1,036.
Some bullion coins carry small premiums over melt (Eagles often trade $50 to $150 over spot in the bullion market; Sovereigns vary by year and mint mark). If you have unopened tubes or original mint packaging, mention it; that can matter for premium.
Pre-1933 US gold coins
US gold coins minted before President Roosevelt's 1933 gold confiscation order have a unique market. They are 90% gold, weigh various amounts, and carry numismatic premiums that often exceed melt value. The main types:
For these coins, get a numismatic appraisal before you sell to a refinery. A common-date Liberty Double Eagle in average circulated condition typically trades a few hundred dollars over its melt value. A rare-date or high-grade coin (especially Mint State or Proof) can trade at multiples of melt. Witter Coin on Lombard Street is the best-known numismatic option in San Francisco; we will refer you there if your coin warrants it.
Foreign and historical coins
Mexican 50 Pesos, French Roosters, Italian Lires, Russian Chervonets, and similar foreign bullion-era coins generally trade close to melt for their gold content, with occasional numismatic premiums for specific years or conditions. Ancient coins and any heavily collected series should always see a numismatist first.
The three buyer types for coin sellers
This is where coin selling differs from selling jewelry or scrap. The buyer landscape is not refinery-vs-pawn-shop; it is refinery-vs-numismatic-dealer-vs-pawn-shop, and the right choice depends on which category your coin falls into.
The numismatic coin dealer. Specializes in collector value. Will grade your coin (or refer it to PCGS or NGC), price it based on rarity and condition, and pay accordingly. The best San Francisco option for higher-tier coins is Witter Coin (2299 Lombard St, founded 1960). For pre-1933 US coins, rare-date Sovereigns, and anything that might carry collector premium, the numismatic dealer is your first stop.
The refinery. Specializes in melt value. Pays close to spot on modern bullion coins where there is no collector premium worth chasing. The refinery's job is to convert metal into refined gold for the next buyer in the supply chain, so we do not pay collector premiums; we pay close to spot.
The pawn shop. Buys coins for resale, often at 70% of melt or less, and rarely recognizes numismatic premium on coins outside the most famous series. For collector coins, a pawn shop is almost always the worst dollar outcome. For bullion coins, the refinery beats the pawn shop on the same math that applies to any other gold lot.
What an honest evaluation at our counter looks like
When you walk into our South San Francisco refinery with a coin, here is what happens.
We identify the coin (or look it up if we are not familiar with it) and confirm the gross weight and pure gold content from published specs.
We weigh the coin on a calibrated scale in front of you to verify against the published weight (significantly off-weight coins can indicate damage, counterfeit, or non-standard mintage; we will tell you).
We confirm authenticity with an XRF reading or, for higher-stakes coins, a fire assay.
We pull the live LBMA spot price and calculate the melt value.
We tell you what we will pay (up to 99% of melt on standard bullion coins).
If the coin appears to carry numismatic premium, we tell you so and refer you to a numismatic dealer. We do not melt a coin that is worth more whole. This rule applies to every pre-1933 US gold coin we see, every foreign coin with collector pedigree, and any modern coin with unusual condition or provenance (proof sets, first-strike, special editions).
"I have been here several times and it's always a quick and fair experience. I have been bringing gold and precious metals to different folks for decades and dealing with the owner here has been a good experience." — Emily T., Berkeley, CA · customer testimonial, bayareametals.com
The repeat business in coin selling is built on getting the answer right when it costs us a sale.
FAQ
Bring your coins in for a numismatic + spot evaluation
Coins get evaluated two ways at our counter: the live melt value against the LBMA spot, and a check for numismatic premium that might warrant a referral. Both happen the same day, in front of you, in 20 to 45 minutes per visit.
Start your refinery sale on our dedicated process page, or text or call (650) 675-5009 with a short description of what you have (coin type, year, mint mark if visible, condition, quantity). We will give you a same-day melt-value estimate and tell you if any of the coins should see a numismatic dealer first.
For the broader walkthrough on how spot pricing, karat purity, and refining work across all gold types, see our full Bay Area selling guide (A1). For the buying side of bullion coins (Metalor 1kg bars, casting grain, and bullion as an investment), see our buying gold in the Bay Area guide (D1) when D1 publishes.
About the author
Isaac (Sahag) Makdessian is the owner and head refiner at Bay Area Metals, the family-owned precious-metals refinery at 154 South Spruce Ave, South San Francisco CA 94080. The business has operated in the Bay Area since 2012, refining gold, silver, platinum, and palladium for public sellers, coin sellers, and B2B clients across the region's jewelry, dental, pawnshop, electronics, and solar industries. Bay Area Metals carries an A+ rating with the Better Business Bureau and a 5.0 Yelp rating from over 60 published customer reviews.