Early Gold Bet - Ref: 1799 $10 AU-53 CAC - BST
vpr
Posts: 606 ✭✭✭
Great looking coin, and folks are ready to sell their homes for it (praise for the listing obviously). But a great looking coin either way.
It sold 9 months ago for about $29K, BP included (which is what I like to avoid). Offered at 10%+ here.
Am I missing the early phases of a bull run in early US gold coins? I'm asking because an early gold piece (preferably a $10) has been a goal of mine for a couple of years now. I just haven't followed the market much lately.
This isn't meant to start fights. I'm just curious about the current market for early gold.
If you could bet on the next "early gold" (<1840) coin bubble, which one would you bet on (has to be currently "attainable") and why?
References: Too many to list. PM for details. 100% satisfaction both as buyer and seller. As a seller, I ship promptly and keep buyers updated.
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Your views on the buyers premium are confusing and I’m not sure what you mean by if you could afford it you wouldn’t spend your time here.
The BP is a part of the price which the buyer paid and would have been factored in to the consideration given when purchasing it. What the coin is worth would therefore include those costs to land at what they are willing to pay, just as you are considering now what you would be willing to pay. Said differently, it isn’t worth 20% less because it is being offered outside of an auction setting.
Is there a fresh bull run, probably not. Is it worth 10% more than earlier in the year, maybe. Find another one if you can and compare pricing, look at other dates, see if the opportunity cost is worth it to you to pass it up, or just make an offer that you think is more in line with fair market.
Latin American Collection
Dan won't post here about his item for sale but, as a disinterested party who has seen the coin in hand, it is spectacular. I thought I loved my 1799 $10 until I saw his coin. I seriously considered selling mine to fund most of the purchase of his but have other priorities so I had to pass.
To address the actual question, I don't think there is necessarily a bull run after several very strong years. But the cliche that strong coins are always in demand is true. It's hard to imagine losing more than 5-10% on any early gold with a reasonable hold time.
If I had to bet on price increase, I would lean towards Classic Head $5s just because they are inexpensive compared to other coins and have more room to rise. But for collectability, I like the Capped Bust $5s. Few different types and varieties, if one wants to get deep into it and good looking design. Also, significantly less expensive than the $10s on average.
Chopmarked Trade Dollar Registry Set --- US & World Gold Showcase --- World Chopmark Showcase
I don't think we're in the early stages of a bull run.
The asking price seems fair and remember it is an asking price you can always feel free to make an offer.
I agree that $5 classic head gold is a series with upside potential. Classic heads don't get near the love that Draped bust and Capped bust series do and many are really beautiful pieces of early American gold.
To follow up, this coin sold after roughly a day on the BST. I guess the price wasn't a big sticking point after all. The coin is ultra PQ and is not a common widget that relies on Greysheet pricing. Not surprising, Dan knows the market for classic gold as well as anyone I know.
Congrats to the buyer, I'm sure they will be extraordinarily happy with the coin, despite paying slightly more than the coin auctioned for 9 months ago
Chopmarked Trade Dollar Registry Set --- US & World Gold Showcase --- World Chopmark Showcase
It’s a great looking coin and the asking price was very reasonable. The auction sales price did not include whatever fee Dan paid DW for representation.
The > @Boosibri said:
BP in my mind is like a credit card fee. It's not part of the value of the coin because it's not going to the seller.
Moral of the story is, there are good coins to be had at auction, if you do your homework.
Thanks for everyone's input.
I get your viewpoint...but hammer + BP is the retail price. If a dealer is offering a coin for $4800, that is no different than an auction house selling a coin for $4000+$800. The only difference is who keeps the spread and profits from the sale.
While most collectors probably shouldn't expect to get retail prices on most coins if they sell, the resale venue shouldn't make much of a difference whether it's a dealer reselling it, or an auction house consignment, or any other method.
In the same vein, the normal collector customer shouldn't expect to be able to buy coins at wholesale prices, whether from a dealer or for hammer prices without BP at an auction house.
Chopmarked Trade Dollar Registry Set --- US & World Gold Showcase --- World Chopmark Showcase
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This statement is not necessarily always accurate. While mostly true, sometimes a portion of the BP is actually split between auction houses and sellers (Consignors). This is totally negotiable between the two parties.
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But before you start demanding your ‘fair share’ keep in mind it’s directly related to the volume that is to be auctioned. If one is thinking of auctioning 6 figures-up, the auction house will be much more agreeable, instead of letting you float down the street to a competitor and miss the auction all together.
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Obviously it’s not aggressively advertised, but it does happen.