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Why did the 1896 Liberty $10 Gold Eagle(MS63) go down $700 May 2019 per PCGS price guide?
Goldbully
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Goldbully
Posts: 16,877 ✭✭✭✭✭
Goldbully
Posts: 16,877 ✭✭✭✭✭
Goldbully
Posts: 16,877 ✭✭✭✭✭
Goldbully
Posts: 16,877 ✭✭✭✭✭
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I just went back and checked on some other later date $10 gold Liberties graded MS63, and it appears to be a trend.
Perhaps it had not been corrected in 5 years.
Price of gold was low from 2013-2015, then again in 2017-2018. The prices of generic MS63 gold like an 1896 $10 floundered as hoards of generic gold coins continued to flow into the corridors of PCGS and NGC. It was like these coins were being minted today. Same effect. Over supplied market.....and prices drop. Not enough buyers to keep the prices elevated at those old numbers. But with gold moving up $600/oz in short order since Aug 2018, the $10's are now closer to $1000 in any grade
They were never $2000 on that chart because the price guide assume a full retail price...usually 50% above wholesale. Well, in the slabbed generic gold market, wholesale and retail prices are only 5-10% apart....not 50%. The current price of $1300 isn't close either. Current market value is around $1100. But I'd submit that $1300 would be a high retail price.
Regardless of the price not being updated in a while, the $1300 price is probably accurate enough for what the PCGS price guide offers. Let's just say it's the most accurate price now vs. 2012-2019. The all time record highs for MS63 generic $10's was back in 2006 when they hit $2300-$2600 per coin....with gold only around $700 or so. They briefly got back to $2000 or so again in Nov 2009 at $1225 gold. And at the 2011 peak of $1923 gold, they actually down to $1450 or so. Their "collectibility" has continually dropped as supplies increased.
Yeah, generic Gold Eagles were never $2000 but in 2009-11 generic Eagles in 63 went well over $1500.
Times have change.
1,300 retail sounds about right, you would probably get at least 1,100 to 1,200 in todays market for it. the population in MS-63 is just too high to have a 2,000 dollar retail price tag on it, someone probably overpaid for the coin in that time frame, as they base the retail price on auctions realized
Actually they have hit above $2000 a couple times in their careers. The lifetime peak was probably spring 2006 when they reached $2300-$2600. I know, I was there and selling some. That price was crazy.....as it was for all generic 63/64/65 gold except for the $20's which had lots more room to run by 2011.