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US LIBERTY HEAD $10.00 GOLD EAGLE (INFO/ADVICE PLEASE)
CoinGuy42
Posts: 307 ✭✭✭
Good evening everyone,
A friend of mine told me he purchased some US Liberty Head $10.00 Gold Eagles from an "investment" firm in 1997 when gold was in the $283-$362 per ounce price range. He paid $5,000.00 for all 10 eagles. The dates are as follows: 1881, 1892, 1893, 1894, 1898, 1899, 1901, 1905, 1901-S, 1907. All of them are PCGS MS-62, green labels. His obvious question to me was what their worth is. Based on my research, I figure the value of each coin to be approximately 450.00 each (all common dates). Based on my observation of the coins, none of them had exceptional eye appeal, except one. I am not an expert in any coin series, and certainly not very knowledgable in gold coins. I suspect he's going to be disappointed when he learns of their value. Correct me if I am wrong but these coins contain about 1/2 ounce of gold.....correct?
I was wondering if any board members can add any other comments/advice about this situation. My friend is very OK financially, so there is no over-riding issue about money. He'd just like some advice on what to do with the coins and what their worth is.
As I see it, I'd recommend he keep them (as he does enjoy them) but not to expect any significant financial gain, unless gold goes through the roof of course. Does anyone here have anything to add, I'd appreciate your comments.
Thanks.
A friend of mine told me he purchased some US Liberty Head $10.00 Gold Eagles from an "investment" firm in 1997 when gold was in the $283-$362 per ounce price range. He paid $5,000.00 for all 10 eagles. The dates are as follows: 1881, 1892, 1893, 1894, 1898, 1899, 1901, 1905, 1901-S, 1907. All of them are PCGS MS-62, green labels. His obvious question to me was what their worth is. Based on my research, I figure the value of each coin to be approximately 450.00 each (all common dates). Based on my observation of the coins, none of them had exceptional eye appeal, except one. I am not an expert in any coin series, and certainly not very knowledgable in gold coins. I suspect he's going to be disappointed when he learns of their value. Correct me if I am wrong but these coins contain about 1/2 ounce of gold.....correct?
I was wondering if any board members can add any other comments/advice about this situation. My friend is very OK financially, so there is no over-riding issue about money. He'd just like some advice on what to do with the coins and what their worth is.
As I see it, I'd recommend he keep them (as he does enjoy them) but not to expect any significant financial gain, unless gold goes through the roof of course. Does anyone here have anything to add, I'd appreciate your comments.
Thanks.
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Comments
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
Based on what you've said, I would have the coins evaluated by a reputable dealer to see if any of the coins would qualify for higher grades. If you
can get 1or 2 to upgrade, he would have a better chance of recouping his money.
Although, nobody can guarantee he will get his money back, unless
we get a nice gold spike, which is definitely a possibility.
I feel his pain, however...I consigned raw Gold coins for someone last year that were called MS66's by the dealer (and he paid MS66 prices). They came back as MS63's from PCGS, so he was very disappointed.
Hopefully your friend will have a better outcome.
Len
"La Vostra Nonna Ha Faccia Del Fungo"
The next grade higher is more than double the price. Unfortunately, it is often the case that "investment" coins are leftovers that knowledgeable collectors do not want, meaning the low-end, less-nice ones. If this is the case, the chances of upgrades are not that good even with the old holders. It is hard to say without having a gold specialist look at the coins and evaluate each one.
For all those new readers, this kind of story is a typical experience for the average coin investor that doesn't know much about coins and buys what is sold to him/her. Be careful out there.
A business associate of mine purchased some Morgan dollars from an "investment" firm back around 1989-90. They were all slabbed MS-65 by some grading firm I had never heard of. He paid about $450 each for them and had spent more than $15,000 in total. I had the sad job of informing him that the coins were worth about $25-35 each, tops.
He passed away in 1996. So far as I know he still held the "investment" coins.