Define Generic gold
Yorkshireman
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When describing old gold, what is really meant by the phrase “generic”?
Yes, I understand the concept of bullion vs. numismatics. Where is the boundary?
Exactly where does “generic” gold end and numismatic gold begin?
Certainly in $10 Indians, 1926 and 1932 could be considered generic. What else?
Yorkshireman,Obsessed collector of round, metallic pieces of history.Hunting for Latin American colonial portraits plus cool US & British coins.
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If it only trades for a small percentage over melt, I would call it a generic.
As the melt price increases, the number of pre-1933 gold coins that qualify for "generic" status goes up.
Common date coins are another way to refer to generic coins. They're easy to spot when looking at a price guide.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I agree, and I see the definition being fluid depending on the difference between spot and any numismatic premium. In a depressed numismatic market and/or elevated bullion market, even some slightly better dates (that are only marginally lower mintage/survival but not scarce or rare) would be treated as generic.
1904 and 1907 $20 Libs 62 and under, 1924, 1927 and 1928 Saints 62 and under. That is a lot of gold.
If you want to be shocked, go to the PCGS CoinFacts web site and check the estimated survival rates for various common date double eagles. For example, the 1924 Saint has an estimated survival of 1.9 million and the 1904 has an estimated survival of over 1.2 million. I knew many double eagle dates were very common but I never knew that so many dates were THAT common.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Give me your tired, generic gold coins....I will give them a loving, quiet home...I am establishing a retirement home for old gold.... no fees or extra charges...They will be gently cared for in a comfortable, safe environment. I will send you a picture periodically and you could even visit - though video chat would be better, so we can keep a relaxed and quiet atmosphere. Call for arrangements... we are open 24/7 to receive tenants.
Cheers, RickO
You remind me of those bullion brokers who sell you PM's and then offer to store them for you.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@PerryHall ....And they are storing much of the same gold for several customers...
Much like those electronic shares... Cheers, RickO
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I never looked at gold as old, new or generic... I have always looked at it as just gold.
To me ther term, "generic gold" covers the common dates that are in the frequently encountered states of preservation. For example a 1928 double eagle is a piece of "generic gold" until you hit the MS-67 grade or something higher, if that is ever found. Then it ceases to be a "widget" because there is a huge collector interest in owning "the finest."
One might say that a 1909 half eagle is a generic coin up to maybe MS-62 or 63. Once you get the Choice or Gem Uncirculated grades, (MS-64 and better) these coins are really collectors' items because the incuse design did not hold up well in circulation.
To you, Would a $10 Indian in MS63 that isn’t one of the 3 or 4 frightfully common dates we considered generic or collectible ?
IMO, it is a collectors’ item.
Thoughts?
I would say that the better than average dates in the $10 Indian series in MS-63 or better are not generic.
My take..
Generic gold: Anything made of gold that does not command a premium over melt.
For numismatics this is a moving target. I have heard that common date $20 Saints in PCGS/NGC holders all the way up to MS64 being called generic. Personally, I would draw the line a bit lower. This is where the heated discussion takes place.
Any classic US gold available at or slightly above melt value.
it's crackers to slip a rozzer the dropsy in snide
I just go dig for it ......
Exactly were are "them thar hills" were all that gold comes from. Never found anything that nice in Georgia.
it's crackers to slip a rozzer the dropsy in snide
Common date double eagles at circulated grades to low MS grades are frequently available at close to bullion prices.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
California
