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Should I grade this 1976 proof gold coin?

PppPpp Posts: 466 ✭✭✭✭

I just picked up a gold 1976 commonwealth of the Bahamas $100- Proof coin.
Coin #77
0.2896 oz agw
50% Au
Mintage 761

It is very difficult to find information on this coin regarding value. The best I found (ngc world coin price guide) stated it is only worth melt.

I like the coin but if the true value is melt then it probably doesn’t make sense to send it in.
What do you think?

Thank you in advance for your comments.

Comments

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    coinbufcoinbuf Posts: 10,768 ✭✭✭✭✭

    If all the marks and spots in the photos are on the coin then for sure not. If those are on the plastic capsule then it depends on what you want the coin for, I personally would not spend the grading fees on that coin.

    My Lincoln Registry
    My Collection of Old Holders

    Never a slave to one plastic brand will I ever be.
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    TomBTomB Posts: 20,731 ✭✭✭✭✭

    I would not send that in for certification.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
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    7Jaguars7Jaguars Posts: 7,266 ✭✭✭✭✭

    I have some knowledge of this series, but will give the following opinions (IMHO):

    • nice design on reverse, like the parrot
    • fairly scarce and this date does not come up as often as the 1975, maybe a bit more often than the 1977
    • very low demand on this coin as few seem to care about this coin, sad to say
    • personally I would not slab unless you have an individual reason to do so

    PM me if you'd like.

    Love that Milled British (1830-1960)
    Well, just Love coins, period.
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    CaptHenwayCaptHenway Posts: 31,554 ✭✭✭✭✭

    Why waste your money?

    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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    PppPpp Posts: 466 ✭✭✭✭

    Thank you for the comments which confirmed my thinking.
    I like the coin because it reminds me of the numerous spring breaks I took in The Bahamas in another life and the very low mintage. Yes, I know scare or rare. doesn’t translate into valuable. Regardless I think it is pretty cool. 🙂

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    291fifth291fifth Posts: 23,942 ✭✭✭✭✭

    Back in the 1980's, when the gold value had dropped, those coins had face values that exceeded their gold values by a considerable margin. I had the brilliant idea of buying up a group of them for melt value and then taking them to a bank that did currency exchange and cashing them in at face value. Bad idea. I quickly learned that the currency exchanges don't want coins of any kind, period. The fact that they were gold made no difference. They didn't want them.

    All glory is fleeting.
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    rickoricko Posts: 98,724 ✭✭✭✭✭

    That coin is OK as a keepsake, but not worth the investment to slab. You can put it in a self-slab assembly if you just want to protect it... and add a label listing your spring break adventures. Cheers, RickO

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    jclovescoinsjclovescoins Posts: 1,853 ✭✭✭✭✭

    No

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    JimTylerJimTyler Posts: 3,058 ✭✭✭✭✭

    Will add no value

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    PhillyJoePhillyJoe Posts: 2,687 ✭✭✭✭

    Looks like something from the Franklin Mint. I think it looks just fine in the original display case. You're going to keep it, not flip it so I would keep as is.

    The Philadelphia Mint: making coins since 1792. We make money by making money. Now in our 225th year thanks to no competition. image
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    CaptHenwayCaptHenway Posts: 31,554 ✭✭✭✭✭

    @291fifth said:
    Back in the 1980's, when the gold value had dropped, those coins had face values that exceeded their gold values by a considerable margin. I had the brilliant idea of buying up a group of them for melt value and then taking them to a bank that did currency exchange and cashing them in at face value. Bad idea. I quickly learned that the currency exchanges don't want coins of any kind, period. The fact that they were gold made no difference. They didn't want them.

    During the heyday of this type of gold coin, all of which was advertised as "always worth at least face value as money" or the like, a certain dealer and author bought up quantities of them and then showed up unannounced at the Central Banks of the issuing countries and presented 10,000 Panamanian Balboas or 10,000 Bahamian Dollars, etc, for redemption. This was circa 1978-79, before the Hunt Brothers metal bubble made everything worth over face value as scrap.

    None of them would honor their coins. In the article he wrote about the experience, he hinted that he was lucky to get out of one of the countries without being arrested. The market for new NCLT gold collapsed, and then a lot of it got melted during the bubble.

    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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    SmudgeSmudge Posts: 9,254 ✭✭✭✭✭

    No.

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    telephoto1telephoto1 Posts: 4,746 ✭✭✭✭✭

    Get some plastic polish, buff out the marks on the holder, and leave it as is. It will bring essentially melt in or out of a slab so don't waste the money imo.


    RIP Mom- 1932-2012
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    WCCWCC Posts: 2,374 ✭✭✭✭✭

    @291fifth said:
    Back in the 1980's, when the gold value had dropped, those coins had face values that exceeded their gold values by a considerable margin. I had the brilliant idea of buying up a group of them for melt value and then taking them to a bank that did currency exchange and cashing them in at face value. Bad idea. I quickly learned that the currency exchanges don't want coins of any kind, period. The fact that they were gold made no difference. They didn't want them.

    I bought a few Swiss 1000 CHF gold commemoratives and Australian $200 for a similar reason. Turned out the Swiss coin was no longer legal tender. I don't know about the Australian coins, but I ended up making money due to rising spot.

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    7Jaguars7Jaguars Posts: 7,266 ✭✭✭✭✭

    I have some knowledge of this series, but will give the following opinions (IMHO):

    • nice design on reverse, like the parrot
    • fairly scarce and this date does not come up as often as the 1975, maybe a bit more often than the 1977
    • very low demand on this coin as few seem to care about this coin, sad to say
    • personally I would not slab unless you have an individual reason to do so

    PM me if you'd like.

    Love that Milled British (1830-1960)
    Well, just Love coins, period.

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