Novice collector gold collector
Birdman
Posts: 31
Hello everyone this is my first post.
After having a long discussion about the merits of gold ownership with a trusted friend of mine, I have decided to delve into the gold coin market.
My question is where is a good place to get started. What are some pre-1933 gold coins that are good to have in a collection? Also is it a good idea to collect American Gold Eagles? Is it better to buy the proof sets? or just buy a greater number of uncirculated coins.
Well, those are my initial questions I'm sure I will have more.
Thanks
Birdman
After having a long discussion about the merits of gold ownership with a trusted friend of mine, I have decided to delve into the gold coin market.
My question is where is a good place to get started. What are some pre-1933 gold coins that are good to have in a collection? Also is it a good idea to collect American Gold Eagles? Is it better to buy the proof sets? or just buy a greater number of uncirculated coins.
Well, those are my initial questions I'm sure I will have more.
Thanks
Birdman
0
Comments
the answers to your questions is largely "it depends on what you want to do!" which I know is kind of circular and not very helpful, but when you talk about "good", "better", and the like, it's tough to say.
One idea, if you're interested in gold coins, is to assemble a type set of the major designs:
A more advanced collection would include the earlier types such as the no motto coronet and classic head types, and the very rare and expensive early US gold coins.
The modern gold eagle program is very popular, and while I don't collect those by date, I do have an example of each denomination. I personally don't find bullion coins as interesting as circulation strikes.
One final bit of advice: don't just dive in, do some reading first, including these boards, and buy your gold certified by PCGS, NGC, or ANACS, until you have quite a bit of experience, and maybe still even then. Counterfeit gold coins are a real bummer.
again, welcome aboard and good luck!
Liberty: Parent of Science & Industry
There is lots of pre-'33 darkside gold too. In fact there are some "circulating" post-'33 world coins.
A type Set is nice because it is challenging and you get to collect different coins. Originally I was going to just collect Indian $2.50 but I fugured the variety would be more interesting.
Currently attempting the 12 Coin US Gold Type Set and the 20th Century US Major Coin Type Set. Completed a Franklin Half Proof Set.
Are you interested in gold ownership, or gold coin ownership? The difference comes down to whether you want the most gold for your money. Gold coins, with the exception of "bullion coins" like the American Gold Eagle and the Canadian Maple Leaf, will cost you more because the numismatic factor adds value.
Gold coins are very desirable and some of the most beautiful (and most expensive) gold coins ever made are pre-1930's US gold proofs. There is a satisfaction and pride of ownership that comes from a nice collection of coins which you won't have by just buying bullion coins. Many older gold coins have a pretty small markup over the intrinsic gold value. But in any case you ought to collect what interests you and what will provide satisfaction. Older gold coins are readily available if you don't mind some wear on the coin. Some people don't mind that, others do.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
As far as a goal, I am looking to make long term investments and create a worst case scenario portfolio of precious metals in the event that the world looses faith in the US economy and the dollar gets clobbered. Also, gold as well as silver are at historical lows. I like the intrinsic value of coins made from precious metals. I have about a month before I will be making any major coin buying decisions so I have plenty of time to research.
Again thanks for the fast responses.
Birdman
and other items with the lowest possible premiums. Of course you can protect your
investment in metals by buying items with a substantial numismatic value in the event
that gold goes down. There are numerous ways to do this but one is to get old cata-
logs and see which coins had significant premiums even before gold prices went up.
Also look for low mintage items made in recent years which are attractive and priced
at close to bullion.
There are many ways to buy silver and gold at low prices and in some cases these items
will have significant potential for higher prices regardless of what metals prices do.
Try using "silver" or "gold" in the search engine (under navigation) above.
<< <i>Also, gold . . . are at historical lows.
perhaps he meant hysterical???
My advice is to save and buy the nicest piece you can.
DO NOT buy american eagles unless you can get them for gold value (spot) only. Dont pay a premium for those coins.
The rarer the better and you can never go wrong with eye appeal.
Be picky, do your homework and you will do well.
And, you can never go wrong with early gold
JOhn
siliconvalleycoins.com
For example. I bought a MS62 1928 Quarter eagle a few weeks back for about $240 (A very good buy, I was very pleased) I got a nice collector coin for my Quarter Eagle Indian set. I also got 1/8th of an ounce of gold, worth about $50. Thus my premium on that gold was $190. I could have gotten almost another half ounce at spot for that for bullion. See what I mean?
If you like the coins for art or hobby then The type set suggestions above are great ideas. I'm a date/mint set sort of guy, but for a beginner I think type sets are almost always the besrt path.
Myriads
Say I spend $750, I feel the least I get is its gold value of $400. Of course gold prices can go down/up. But you get the point.
Currently attempting the 12 Coin US Gold Type Set and the 20th Century US Major Coin Type Set. Completed a Franklin Half Proof Set.
As an investment, I tend to favor coins with greater numismatic value. The Eagle and the Maple Leaf will fluctuate with the price of gold; rarer, older issues I believe are more stable. With gold coins, if the price of gold rises, so will the value your coins. But if it falls, your coins are more likely to retain their value.
-Jay
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Gold is a hedge. Just make it a smaller portion of your portfolio. I collect modern world gold because of their beauty and lesser premium over spot.