1855 PCGS $50 Gold Restrike Commemorative?..

PhillyJoe

Haven't seen this before. Restrike from recovered gold, minted in 2001, in a PCGS holder. Not clear whether 5,000 were minted in total or PCGS put 5,000 in their holder. Not sure what the holder does for me. It's not graded. Does this have the required "copy" somewhere on the reverse? Seems a little pricey and not all that rare. What's your take on this?

Ebay #2203156226

Joe

kieferscoins

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=2203156226

It's not a US Mint made coin and does not have to have the word copy on it. 5,000 was the mintage and PCGS slabbed them all without a grade.

Cameron Kiefer

kranky

These were made only two years ago so who knows what the market will be in the future (although I don't foresee all that much interest).

Interesting that the auction text says "No reserve on this item" while the starting bid says "reserve not met"

291fifth

They are really just medals. Personally, I don't see them as much more than a "melt" item. I certainly can't see a dealer being willing to pay much of a premium for them.

boiler78

These restrikes really chap my butt! When the Central America treasure was found the gold bars were marketed as priceless pieces of our American heritage. I assume that the bars didn't sell well enough so they came up with the idea of destroying these formerly "priceless" items by sawing off the face plates and converting the bulk gold into these "coins" which I believe originally sold for $5000.

The Central America group then took the position that they maintained all of the important historical value by "preserving" these face plates. What a load of crap!

I was never very impressed by the gold bars in the first place but they shouldn't have it both ways. They are priceless one month and partially priceless the next.

kranky

<< <i>These restrikes really chap my butt! When the Central America treasure was found the gold bars were marketed as priceless pieces of our American heritage. I assume that the bars didn't sell well enough so they came up with the idea of destroying these formerly "priceless" items by sawing off the face plates and converting the bulk gold into these "coins" which I believe originally sold for $5000.

The Central America group then took the position that they maintained all of the important historical value by "preserving" these face plates. What a load of crap!

I was never very impressed by the gold bars in the first place but they shouldn't have it both ways. They are priceless one month and partially priceless the next. >>



Right on, boiler. I wish I could remember how they justified melting those "priceless" bars to be recoined - I think it was something like "to allow more people to have a piece of this historical treasure" because the bars were very expensive. You're right - they were priceless only until they couldn't sell all the bars.

nwcs

I don't mind them melting some of the bars, as it is purely bullion, but I do agree that you don't call it priceless one moment and re-market it the next.

Garneteye

<< <i>They are really just medals. Personally, I don't see them as much more than a "melt" item >>



Agree--Made to order "Rarities", Why does the Coin Vault come to mind

Outhaul

These were struck from the original Kellogg dies as limited edition collector pieces. They're nice, but not at the present selling price.

They had to destroy a ton of history just to create collectibles.

MrEureka

These were struck from the original Kellogg dies

Not exactly. They were struck from new dies that were "lifted from" the original dies. The new reverse die was then modified to show different text on the ribbon.

Outhaul

Thanks, Andy...sorry for the misinformation

MrEureka

Do you think that these items are properly called "restrikes"? Or are they "commemorative medals"? Or would you call them something else?

Outhaul

Well, Andy...In light of the info you've shed upon the subject, I'd say they were commemorative medals due to the change of design.