2005 kilo Panda - was this a bad deal?

[MoralHazard]

Hi

First time for me writing here but have been reading the forums for quite some time. I managed to find a good deal (at least in my opinion) to buy 2005 kilo panda from a person that inherited his fathers coin collections. The guy did not really have any interested in coins and just wanted to get rid of them to convert to fiat. He had a kilo 2005 panda that I said I am interested to buy it. I did not see pictures of the coin beforehand but the seller said the coin is in good condition. When we agreed to meet and exchange fiat to the silver I noticed that the coin had scratches on the mirror surface. Presumably the coin had been wiped with some cloth as there are hairlines that can be seen when the coin is tilted in certain angles. On the other angles it looks perfect. We originally agreed on the price to be 560€, but I said that sorry I can't pay you that amount as there were micro scratches on the proof surfaces. I noticed that he just wanted to get rid of it and I said I OK will offer him 500€ for it. I said that are you sure as I did not want to screw him but he had to understand that for a damaged coin I have to reprice it. He still agreed.

But I am still thinking that did I pay too much? Should I have paid only the melt or maybe even less than that like 20% below melt.

I attached some pictures of the coin. I think I want to get rid of the coin ultimately as I only want coins in perfect condition. Do you think the value is over 500€?

 

[Agpanda]

You did very good

Not sure about the prices on kilo ones, but its a lot higher than melt

Just make sure it is silver

[MoralHazard]

Ok that is good to hear. I have seen these go for over 1500€ in ungraded condition in eBay but the coins have been perfect units.

The coin is definitely silver. I have electronic tester device which says the composition is pure silver. 

[Nick]

Pandas bring large premiums. I would say you did incredibly well with this deal. Shame it doesn't have box and COA but I would guess it'll sell for a decent profit.

as Agpanda said, make sure it is genuine and silver and you should be on your way to profit.

[Nick]

1 minute ago, MoralHazard said:

Ok that is good to hear. I have seen these go for over in ungraded condition for 1500€ in eBay but the coins have been perfect units I think

The coin is definitely silver. I have electronic tester device which says the composition is pure silver. 

Which tester do you have? Ive been thinking of buying one so I can stop acid testing.

 

[MoralHazard]

1 minute ago, Nick said:

Pandas bring large premiums. I would say you did incredibly well with this deal. Shame it doesn't have box and COA but I would guess it'll sell for a decent profit.

as Agpanda said, make sure it is genuine and silver and you should be on your way to profit.

I do have the wooden box for it as well as the CoA. The box has some small dents but otherwise in ok condition

[Nick]

Just now, MoralHazard said:

I do have the wooden box for it as well as the CoA. The box has some small dents but otherwise in ok condition

Christmas came early eh

[Agpanda]

Congrats

Look extra so you make sure the isn´t on the capsule only

[MoralHazard]

6 minutes ago, Nick said:

Which tester do you have? Ive been thinking of buying one so I can stop acid testing

It is a spectrometer gun that basically can show composition of any alloy. It is rather expensive device but crucial for my work. I need this device as i buy scrap precious metals (especially gold) as my ”side project” to refine them later in the refinery.

https://us-tech.co.za/xl2-100-portable-precious-metal-analyzer/

 

[Tpbullion]

Awesome! Quite a bargain! Congrats

 

[swAgger]

@MoralHazard you did well, good deal.

Just curious, how did the sale/meet come about? He advertised somewhere? Probably not though, no photos beforehand. Through a friend of a friend?

[WealdenWoodsman]

Those sort of deals don't come around everyday, very well done indeed!

[tbone]

Nice coin.  I've always like the kilo coins, this one is really nice.  Congrats!