What's wrong with Silver Eagles?

bulloncoins · February 20, 2003 2:55AM

First let me say hello from Houston, Tx. I'm new to the wonderful world of coin collecting. That being said.....I don't know what I'm doing. I didn't have a Paw-Paw who left me a big ole Morgan collection when he kicked, or any wooden nickels for that matter. I just kind of became interested on my own, in my old age (45 in two months). Now I have to say I first fell in love with tonned Morgans, but reading your guy's post on ATing scared me off. So I decided I would stick with ASE's until I learned alot more. I started buying up a set of PCGS ms69's and putting together my own registered set. Well all seemed to be going as planned, and about a month into it, the prices on the key coins are starting to fall....I have noticed less bidding for these coins on ebay. I picked up a 1989 Pcgs MS69 with an opening bid. Price stayed for a couple of days. Why the sudden loss in interest for ASE's?..I know the price of silver dropped for a few days, but I don't think the drop had that kind of effect.

So, any thoughts on this?

Cameo CC · February 20, 2003 2:59AM

Welcome to the PCGS Message Board - Will have think about your post and get back with you.

Todd

nwcs · February 20, 2003 3:01AM

I think silver eagles are great coins. I have about 8 myself. But don't let the negativism on the board keep you from collecting whatever you like. In the end, it's your collection not anyone else's.

So welcome to the board and enjoy your stay.

jbsteven · February 20, 2003 3:03AM

I live in houston also, on the west side of town off of Memorial drive. Welcome

you have any of these?

coinlover · February 20, 2003 3:03AM

Welcome to the boards! I love SAEs and toned Morgans too. I've also noticed that prices for slabbed SAE

don't seem quite as high lately. I'm encountering less competition on my bids. I don't have an

explanation.

Karen

Lakesammman · February 20, 2003 3:04AM

Simple - supply keeps going up and demand is static/low. If your buying for investment, look elsewhere. If your a collector, don't pay so much attention to the price in the short run.

bulloncoins · February 20, 2003 3:09AM

Thanks for the welcom(s) folks!

I live close to Gallirea...Chimney Rock bewteen Westheimer and San Felipe. No I'm afraid I dont have any gold eagles

Maybe some day.

bulloncoins · February 20, 2003 3:12AM

bulloncoins · February 20, 2003 3:13AM

That is a very nice tonned coin...I haven't seen any like that on ebay!

meos1 · February 20, 2003 3:18AM

I personally like the SAE. They are fairly overlooked by the classic collectors, it's a man sized coin, designer was Adolph Weinman who also designed the Mercury obverse, what else could you say. Will they make me a millionaire in my old age? I doubt it. In 100 years will my grandkids be millionares? Who know. Great coin, affordable, medium series length. Perfection!

Dan

Lakesammman · February 20, 2003 3:20AM

Man-sized.....love it. Guess us small cent collectors are wimps.

What kind of smoke did you use on that coin - cigar?? Sure is a pretty, man-sized coin.

tgilliams · February 20, 2003 3:22AM

I think what you are seeing a reaction to the apparent more liberal PCGS grading we’ve seen since Montgomery’s move. An example comes to mind. A 2002 PR70DC West Point was listed a few months ago with a $5000 BIN, then next week $4000 etc. One is currently listed on Ebay with a BIN of $949. The gentleman was trying to make a tidy profit. Currently listed by another seller with a BIN of $949. JMHO. Sellers that paid a high premium for eagles are now looking at losing money on their coins. Could this be related?? Possibility???

RYK · February 20, 2003 3:26AM

Bulloncoins,

Simple supply and demand. The mint keeps making them, the production quality is excellent, they sell them for a small premium over bullion such that in numismatic terms, they cost next to nothing. Someone pays to slab them and then people pay well over the intrinsic value and their rarity premium. Eventually, there are so many out there to buy and fewer people interested in buying and the price drops.

AbesNeighbor · February 20, 2003 3:26AM

I believe the Obverse of the SAE's are as beautiful as any coin ever minted... I also believe that the reverse is pretty plain.

There are no KEY COINS in SAE's... There were just too many minted in all years for the current demand.

Morgans are very similiar with a couple of exceptions, i.e. 1893 S. There are just to many prserved specimans.

Russ · February 20, 2003 3:27AM

<< didn't have a Paw-Paw who left me a big ole Morgan collection when he kicked, or any wooden nickels for that matter. I just kind of became interested on my own, in my old age (45 in two months). >>

bulloncoins,

Me too, bud! Just got in to this stuff less than a year ago myself (I'm 47). Welcome aboard! It's a blast!

Listen to the experienced people around here, and you'll make far fewer mistakes than the average newb. I know they've saved my rookie butt more times than I can count.

Russ, NCNE

jbsteven · February 20, 2003 3:27AM

someone else posted a message recently about a dealer getting a 2003 sealed silver eagle monster box and upon opening it then found a toned eagle SIMILAR (but not exactly) to the one I posted. He stated that the color comes from the die polish. Anyone else hear of this? I have been told that P{CGS is aware of how the toning came to be on the eagle I posted as recognizes it as real toning.

buillion:

my office is at 610/Richmond

bulloncoins · February 20, 2003 3:38AM

Just to let you know....I can spell (sometimes)...Too many people think it bullioncoins....Sorry folks....It's Bull on coins.....As in the Houston Texans bull! Yeah baby!

bulloncoins · February 20, 2003 3:46AM

I understand all of y'alls (it's a southern thing) talk about supply and demand...But while the demand may have dropped, where would a big enough supply of say 1994 ms69's be coming from that caused the pice to fall. Are people submitting hoarded coins for grading in hopes of cashing in big....and have enough "new" ms69 1990whatevers suddenly flooded into the market place?

Lori · February 20, 2003 3:47AM

Oooo.... I like Eagles too, the toned kind.

Welcome to the forum. Everyone is very nice and helpful!

Lori

bulloncoins · February 20, 2003 3:59AM

nice to meet you Lori. Very nice coins. Color me jealous!

jbsteven · February 20, 2003 4:02AM

fellow texan saying

yall be nice to bull-on-coins

nwcs · February 20, 2003 4:05AM

From one southerner to another, it ain't no ne'er min'!

Yee-haw!

Neil

JLW · February 20, 2003 4:17AM

bulloncoins,
Welcome to the forum! I am presently putting together ASE's in PCGS MS69 holders myself. Sold off all my raw ones at a little profit and am focusing on this matched grade set now. I don't collect to make money, just for fun, and these are beautiful, modern coins with a most classic obverse (best of both worlds!) and they contain a nice round number of pure silver to boot!
Joe
P.S. Also have the proofs in mint issue boxes, (except for the '95-W), did someone say no keys in this series?

AbesNeighbor · February 20, 2003 4:22AM

I did, but as in KEY's, Beauty is in the eyes of the beerholder.

I guess the '95W would be the lone exception.

Edit: Hey I collect them and admit they are beautiful...I just don't expect them to increase ten fold in value over the next ten years.

By the way, I stayed in that hotel where the lady ran over her husband 3 or 4 times. Does that make me a Texan! :-)

Dan

bulloncoins · February 20, 2003 4:27AM

Same here Joe...just a collector who loves these coins having fun putting the set together. I am hoping that it will amount to something some day.....Something to leave my nephew...he's 4 now, and I was hoping there will be a sweet little collection for him as a sort of inheritance.

bulloncoins · February 20, 2003 4:29AM

[
By the way, I stayed in that hotel where the lady ran over her husband 3 or 4 times. Does that make me a Texan! :-)

Dan >>

Close enough for me! Poor Clara....it was an accident you know.

jbsteven · February 20, 2003 4:36AM

thump thump a true bummer

i was at the court house the other day and it was a circus because of her trial!

AbesNeighbor · February 20, 2003 4:42AM

There was a boat there in a slip next to the hotel that was sunk because of a bullet hole. Someone told me that that was his boat and they were holding it for evidence.... Don't know whether that was true or not.

Do you know my attorney friends Ron Pruitt and Jim DeFoyd?

bulloncoins · February 20, 2003 4:42AM

<< thump thump a true bummer

i was at the court house the other day and it was a circus because of her trial! >>

Think that was bad...Wait till Mr.Fastow and Mr.Lay get their day in court.

I have to go down myself next month for jury duty. I am hoping to get off because I served on a jury just last year.....But I didn't keep a record of the date, I am really hoping they did. Not an experience I care to repeat any time soon.

bulloncoins · February 20, 2003 4:47AM

<< There was a boat there in a slip next to the hotel that was sunk because of a bullet hole. Someone told me that that was his boat and they were holding it for evidence.... Don't know whether that was true or not.

Do you know my attorney friends Ron Pruitt and Jim DeFoyd? >>

This is the first I heard about a boat....Not saying there is nothing to it. I just have not heard anything. As for your attorney friends, I can not say I've had the pleasure. I do know a few attorneys in Houston, but not these guys.

dpoole · February 20, 2003 5:09AM

Bulloncoins--Welcome from a fellow Texan! (I'm in Austin). I understand they're more than a FEW lawyers down there in Houston!

I have a collection of the ASE MS coins myself (must be a southern thing). I think they're raht purty. They're cheap, too, which is the nicest thing. That way you can have purty coins and not worry too much about whether they go up and down in value.

If you don't know much about coins yet (stick around here and you'll learn fast!), what you're doing is fine and safe from a $$ point of view. Just don't get into the high dollar stuff until you know your way around (post questions here!)--there's lotsa traps and bobbed wahr out there.

Yeee-haaa

kranky · February 20, 2003 5:15AM

Welcome to the board, bulloncoins. I agree with the other comments that what you observing with falling prices on SAEs is just supply and demand at work. The supply is rising faster than demand.

Oh, and I remember seeing a bumper sticker last time I was in Dallas that read, "I wasn't born in Texas, but I got here as fast as I could."

ah · February 20, 2003 5:26AM

Excuse my lack of knowledge but how did the Eagles get toned in such a short period of time ?
I am new to the Eagle group, but, how does the tone come about in 20 years ?
Oh!! And welcome to the board bulloncoins

supercoin · February 20, 2003 5:30AM

If we're talking about the unc coins, some dates bring premiums even in typical condition just due to mintage.

There are also some tougher dates in MS69, but as far as condition rarity in general... Keep in mind these coins are much higher quality than coins issued for circulation, and by their very nature are much more likely to be hoarded, still in their nice protective gov't issue tubes. Supply of "mint fresh" generally nice coins is therefore huge.

Neat coins, and impressive in pristine condition, just don't pay too much for them.

Tootawl · February 20, 2003 5:33AM

I have to disagree with the no key dates comment. Yes the 95W is a key proof, but the '96 unc. is kinda hard to get. It all depends on your definition of key date.

BTW Welcome. I'm not from Texas but flew over it on my to California. Does that count?

VonZipper · February 20, 2003 5:34AM

I agree with several of the posts here supply and demand. Dealers kept slabbing people kept buying. Now everyone probably has a complete set for their registry and isn't buying. Just my thoughts, oh and welcome from a southerner.

bulloncoins · February 20, 2003 6:04AM

<< If we're talking about the unc coins, some dates bring premiums even in typical condition just due to mintage.

That's what I thought too.....I noticed that its real hard to get figures on how many are minted for a year or two back. And what about the posability of a design change like the Pandas did? Wouldn't this effect the value?

bulloncoins · February 20, 2003 6:06AM

<< 

<< If we're talking about the unc coins, some dates bring premiums even in typical condition just due to mintage.

That's what I thought too.....I noticed that its real hard to get figures on how many are minted for a year or two back. And what about the posability of a design change like the Pandas did? Wouldn't this effect the value? >>

Now how do you work this "quote" thingy?

Geoman · February 20, 2003 6:27AM

Weclome to the forum!

As many have said already, collect what you want. This is a hobby for most of us, and should be fun. So collect what is fun for you, and don't worry about what others say. Personally, I do not like toned coins at all. I like blast white ones! And I have most of the ASE's. All I am missing is the 1993, and I will have then all. I place them in Intercept Shields in an attempt to keep them blast white looking, and hopefully they will not tone.

Also, I am starting Proof ASE's. Should have started in '86, where I could have gotten them from the US Mint. Now, I will have to pay secondary market prices. So far, I only have 2 of the Proof ASE's. Interesting that you and others have seen prices drop a little lately. I wonder if that transfers to Proof ASE's also?

quarterjack · February 20, 2003 6:42AM

Bulloncoins, Welcome. Hope you enjoy the Boards.
Very good place to help educate yourself and gain knowledge.

Dave

AbesNeighbor · February 20, 2003 6:46AM

Geoman,

The Obverse of those coins in proof DCAM is something to behold eh.

jgrech · February 20, 2003 7:26AM

Several people have already pointed this out, but with high mintage figures and lots of people keeping the coins in pristine condition, there are likely millions of each of these coins out there in MS69 condition. In fact, for most dates, more than half the coins submitted to PCGS have graded 69 (and only a very small percentage have been submitted).

NumisEd · February 20, 2003 7:28AM

Welcome to the forum. SAE's are not coins, as your handle would indicate. Just wanted to make that clarification. Nonetheless, we all collect whatever suits our tastes. I own several American Eagles, gold and silver, but mainly as a way of holding bullion.

paigowjohnny · February 20, 2003 7:30AM

I like the walking liberty design, but I much prefer Libertads and Pandas....

FatMan · February 20, 2003 7:35AM

Here's A Big Fat Welcome to Ya! SAE's are beautifull coins and very available. The prices for PCGS SAE's were way too high due to low populations a year ago. The pops were low not because the high grades were rare but because of few submitted. Now thousands have been submitted and all years are very common. Expect the prices to fall even more.

NumisEd-- American Eagles are coins. They are legal tender.

NumisEd · February 20, 2003 7:39AM

Fatman, I had heard that they are legal tender, but I tried to put one in a Coke machine and it just wouldn't fit. Have you ever tried to spend one at McDonalds? I was just being a potato-head by saying that they are not coins. I also say that Sacagawea dollars are not coins. I think that Walking Liberty halves and Standing Lib quarters are the best modern-type coins for sure.

dabugler · February 20, 2003 7:40AM

Probably my all-time favorite coin design. The ASE led to my falling in love with the walking halves. The only problem I have with the obverse design is the "shower cap" on lady liberty. The eagle on the reverse is my favorite example of our nations pride. Very majestic and heraldic. These coins are stunning in DCAM.

FatMan · February 20, 2003 7:49AM

<< Fatman, I had heard that they are legal tender, but I tried to put one in a Coke machine and it just wouldn't fit. Have you ever tried to spend one at McDonalds? I was just being a potato-head by saying that they are not coins. I also say that Sacagawea dollars are not coins. I think that Walking Liberty halves and Standing Lib quarters are the best modern-type coins for sure. >>

I did try to spend an old worn morgan that I keep in my pocket at McDonalds one day to see what would happen. They wouldn't take it. They thought it was foreign. I agree with your view on walkers and standing libs.

bulloncoins · February 20, 2003 7:55AM

I quess I figured more people held them as bullion. I thought the big hoards were in silver investments. I figured only dealers and collectors would slab them....Maybe I thought there were a lot more collectors. Seems like now, there is a lot more dealers.

beartracks42 · February 20, 2003 8:02AM

Bulloncoins...welcome to the forum. I am not from Texas, but everytime I went to Houston, I ended up on Westheimer. It took me to Pappadeau's(spelling), where I got the best food I have ever had, period!!!

The Silver Eagles are a beautiful coin and most of us collect them to some degree. Enjoy what you collect and do not worry too much about many of the opinions expressed here, because everyone has one!!

IrishMike · February 20, 2003 8:05AM

Welcome to the boards, I don't have anything to add to what has already been commented on as far as ASE's. I wouldn't be scared of toned Morgans if I were you. There are several reputable dealers and sellers of toned Morgans that frequent the boards. If you are considering buying them off ebay I would suggest that you check the seller's ratings out thoroughly as well as their purchases. As you have recently discovered some of them for sale might have problems that are not fully disclosed. Members here are for the most part happy and willing to look at an online auction and share their experiences regarding AT and other issues.. Good luck and have fun.

Edited to add: once you discover who the dealers and sellers are I am sure they would be more than happy to share their thoughts using the PM function if you feel more comfortable doing it that way.

What's wrong with Silver Eagles?

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