2002 $10 Platinum Eagle: Future Rarity or Just Hype....

Loki

I have been noticing the closing auction prices for the 2002 platinum eagle steadily increasing. Do you think this is mostly just hype due to the possibility of the currently projected low mintage of 14,000 coins? Even though it is a bullion coin, do you think this coin has a good upward pricing potential?? I have seen bids of >$2000 with reserve not being met for PCGS MS70DCAM's. Talk about buying a holder, wow! I have bought one recently (PCGS MS69DCAM) for $125 including s&h, mostly because of a speculative buy. I know, I know, coins aren't good investments, but it IS pretty.

Also, a modern commem that seems to be gaining upward pricing pressure is the 2001 Buffalo Dollar (currently fetching $160ish for PCGS PR69DCAM). I talked to one local dealer about why I never see these being displayed in the local shops where I live. He commented that noone is reselling these back. The collectors that buy them are intending on keeping them for awhile, so the local dealer shelves are bare of these. Any thoughts on the 2001 Buffalo Dollar becoming a modern rarity in the future?

dpoole

The same conversation we've had here about other "rarities" questions applies.

The 1869 Three Cent Nickel proofs had a total mintage of 600. A PR66 can be had for $2,000-$3000, even though only about 40 have been graded at 66 by PCGS and NGC combined.

The 1909-S VDB Lincoln had a total mintage of 484,000. They were widely preserved by collectors, and over 150 have been graded in MS66 by PCGS and NGC. They are selling for $5,000 on up.

More plentiful coin, but higher cost!

The difference is demand. Whether the Buffalo and the 2002 Platinum $10 appreciate will have everything to do with whether they are popular items with relatively large numbers of future collectors, vis a vis the mintages.

The answer is maybe they will, and maybe they won't.

For me, I think they're beautiful coins, and I did pick up a few extra when they came out, thinking their beauty and intrinsic interest will arouse and keep enough interest among collectors over time.

presleyh

The one ounce is even more rare. The problem is platinum eagles have a rather small following. Many collectors are reluctant to pay such a premium over melt for a modern coin.

wallstreetman

Heres one for you!

wallstreetman

The beauty and low mintage of all the Platinum Eagles will soon become known! Im just surprized it took so long for people to wake up!

presleyh

Not a bad ROI!

ara

It can only mean a big DOI for the buyer. MOO

keithdagen

Bullion coins will never reach the same kind of collectible acceptance as the non-bullion pieces, and in a year or two, no one will remember the price surge in the 2002 platinum.

supercoin

Bullion coins will never reach the same kind of collectible acceptance as the non-bullion pieces

Never say never. Oops, I just did. The Silver Eagle series I think has taken a lot of people by surprise. The premiums that certain dates or grades bring would shock many traditional collectors as compared to their mintages. They are big beautiful coins and apparently many people prefer to collect a series of big shiny perfection than some old dirty coins.

Personally I think the platinum Eagles are a far more interesting series than the Silver and Gold, particularly the proofs with the changing reverses which (supposedly) ends in 2002.

But for prices, as has been said, it's all about demand... and the big problem with Platinum proofs (particularly the 1 oz coins) is their cost. Another problem is shared with the Gold Eagles, which is being released in 4 denominations... how do you pick which to collect, and that disperses demand some more.

Still, despite the high cost, I like the 1 oz pieces simply for the "bigger is better" theory, and they're the only US coin with a $100 denomination.

Regarding the 14,000 mintage... I think there have been similar small mintages at several points in the series (unc and proof). One of them, the 1997 $25 uncirculated (?) shot up in value for a while and then faded. I'm not sure where it's at today.

wallstreetman

Look at the 95W and tell me these nay sayers were correct! Remember when they said it was overvalued at $200!

wallstreetman

Now that I think about it, these were pretty much the same people saying Gold was going to fall when it was at $260!

Loki

Wow, after seeing the >$3K ending price for a PCGS MS70DCAM 2002 $10 Platinum Eagle, I keep thinking about what Michael stated in a previous post: "Would you pay the same amount for that same coin had it been out of the holder?" Hmmm, I think NOT! Amazing!!

dpoole

Loki,

I think the winner of that MS70 is going to be sorry. This is an example of somebody holding the bag thinking they got ahold of a once-in-a-lifetime PCGS grade rarity, right about the time when PCGS begins issuing 70's at a credible rate again. While I've no doubt that coin is a real 70, I also can't believe that there aren't a substantial number of other 70s out there among the 14,000 minted. It isn't like bullion MS coins go out into circulation and the numebr of specimens available for MS consideration at PCGS erode. There are bound to be others coming on line now from PCGS.

While they may remain desireable among Plat collectors and the 70s will continue to draw premiums for the date, I think this 3K+ will prove to be crazy money.

MrKelso

<< <i>Loki,

I think the winner of that MS70 is going to be sorry. This is an example of somebody holding the bag thinking they got ahold of a once-in-a-lifetime PCGS grade rarity, right about the time when PCGS begins issuing 70's at a credible rate again. While I've no doubt that coin is a real 70, I also can't believe that there aren't a substantial number of other 70s out there among the 14,000 minted. It isn't like bullion MS coins go out into circulation and the numebr of specimens available for MS consideration at PCGS erode. There are bound to be others coming on line now from PCGS.

While they may remain desireable among Plat collectors and the 70s will continue to draw premiums for the date, I think this 3K+ will prove to be crazy money. >>



I think you are correct.

wallstreetman

1998, its not just the 2002!

wallstreetman

Another 98, but its not just those, all the Platinum is being bought up!

Loki

Naa I don't count that one. The buyer paid $100 for the platinum and $1,037.62 for the plastic.

Steve27

I believe there's too much negativity on this board toward NCLT which does not carry-over into real world coin collecting. As has been mentioned, silver eagles have really caught on and if you look at the design and the prices at which high grade examples can be obtained, it's easy to understand why. While I agree that platinum coins have an intrinsic problem, the high cost due to the price of the metal, the $10 eagles appear to provide a reasonable balance. Thus, the 2002 may end up being a "future rarity;" although, there are other year $10 eagles which are hard to find in MS 69 and may very well end up being the keys to the set. As for the high prices for MS70 coins, this has nothing to do with coin collecting and everything to do with Set Registry collecting.

cladking

As has been said the future price has little to do with rarity and everything to do with
demand. With such tiny mintages it won't take much demand to make them go higher.
It doesn't take a lot of imagination to picture significant demand from the new generation
of collectors. Sure they're speculative and have a huge premium, but this is sometimes
the nature of such things. It might be wise to avoid the premiums to the degree possible
due to the significant risk. It may even be wise to keep your powder dry for coins with
a better risk/reward ratio but don't write off the potential of these coins.

wayneme

if you did the math how many 69 could you put a way for three grand
i just got 3 for 350 bucks i think the asnswer is in the numbers