"Oh wait -- I do have a camera with me!" went through my mind when I was unexpectedly wowed by the display. Here's what I got with my compact camera...
I had to read the words "Please touch..." more than once before that I realized there was no glass in front of these models. That was a nice effort considering how much these high relief pieces beg to be handled.
Here's two different exposures to show the collars vs. the coins.
I've decided the pieces that I really want are those geometric-pattern pieces over on the far left!
All in all a nice display by the mint. I think they should have left the glass out of this last display as well, because after all, the real money grab was in the first case filled with 400 oz. gold bars (not shown; it's just bullion, after all ). Come to think of it, considering how hard it would be to run away from at least dozen Mint police while carrying $2.3M in gold under your shirt, I don't know why they bothered with glass on that display either.
This makes my 1000th post. I'm still wanting to do a giveaway when I get some more time, but I'll squeak in this post for now.
<< <i>"Oh wait -- I do have a camera with me!" went through my mind when I was unexpectedly wowed by the display. Here's what I got with my compact camera...
I had to read the words "Please touch..." more than once before that I realized there was no glass in front of these models. That was a nice effort considering how much these high relief pieces beg to be handled.
Here's two different exposures to show the collars vs. the coins.
I've decided the pieces that I really want are those geometric-pattern pieces over on the far left!
All in all a nice display by the mint. I think they should have left the glass out of this last display as well, because after all, the real money grab was in the first case filled with 400 oz. gold bars (not shown; it's just bullion, after all ). Come to think of it, considering how hard it would be to run away from at least dozen Mint police while carrying $2.3M in gold under your shirt, I don't know why they bothered with glass on that display either.
This makes my 1000th post. I'm still wanting to do a giveaway when I get some more time, but I'll squeak in this post for now. >>
Nice pics Planetsteve!!!!! Mr. Gorbachev, tear down that glass!!!!
I think the main reason why the glass is in front of the gold bullion is not to protect from theft. I don't think that could happen.
But I bet folks would try to left one, find out how heavy 27.5 pounds is in such a small volume, and smash their fingers by dropping it, or worse, completely smash your foot by dropping it to the floor!. It would be a health hazard. Nobody could resist picking one up.
These pictures are awesome! Cool displays! Thanks on behalf of someone who wishes they were at the show!
The glass is there to keep collectors from drooling on the display.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Depending on what kind of camera you have, you might be able to get away with no flash. But little point-and-shoots don't have great low-light capabilities.
The other thing to do is shoot at a steep angle to the glass, this will cause most of the light reflecting off the surface to bounce away from you.
Lastly, if you have something you can use as a diffuser, to change the "spot" flash into a wider flash, like an index card, or even your hand, that might work as well.
<< <i>Depending on what kind of camera you have, you might be able to get away with no flash. But little point-and-shoots don't have great low-light capabilities.
The other thing to do is shoot at a steep angle to the glass, this will cause most of the light reflecting off the surface to bounce away from you.
Lastly, if you have something you can use as a diffuser, to change the "spot" flash into a wider flash, like an index card, or even your hand, that might work as well.
I WANT ONE OF THESE COINS!!! >>
Thanks for your advice, I should upgrade to a nice SLR Nikon.
Oh well, here's today's attempt with a flash...but no diffusion...and yes, some angulation!!
Even though hundreds of thousands of million billion will be minted, they will be popular like the Buffalo Silver Dollar and command a premium because no one will want to part with this piece of history. imo
<< <i>Depending on what kind of camera you have, you might be able to get away with no flash. But little point-and-shoots don't have great low-light capabilities.
The other thing to do is shoot at a steep angle to the glass, this will cause most of the light reflecting off the surface to bounce away from you.
Lastly, if you have something you can use as a diffuser, to change the "spot" flash into a wider flash, like an index card, or even your hand, that might work as well.
I WANT ONE OF THESE COINS!!! >>
Thanks for your advice, I should upgrade to a nice SLR Nikon.
Oh well, here's today's attempt with a flash...but no diffusion...and yes, some angulation!!
Now you can almost taste these gold bars!!!!!!
>>
Much better! And, yes, you SHOULD get a Nikon dSLR (I own one, so I'm biased)
Although I might prefer one of these new Saints...
According to comments by Director Moy, who was at the show most of today, the MMIX $20 pieces will be minted in one finish, with quantity equaling orders, and sold in 2009 (with a small reserve sold in early 2010).
No gimmicks.
He feels this brings closure to the Saint-Gaudens design story begun in 1905, and we now should move forward to a new era in coinage designs. This is the New Renaissance of American Coinage he has spoken about.
If the Mint leaves it at that, I'd say that it will be a master stroke and a suitable way to pay homage to the artistic genius of St. Gaudens. If they hold true to mintage quantity = orders with no gimmicks, then I'd say that's the way it ought to be.
GB: Yes. I was standing at the back when that questions was asked. In the morning, the CCAC had made its recommendation for the first of 6 reverse designs inspired by phrases in the preamble to the Constitution. These will be used on the platinum American Eagle coins. They also recommended an eagle head privy mark. This can be used on the platinum coin reverse and satisfy the law requiring an eagle, but permit much greater design flexibility.
If they aren't inclined to follow the original intent of the law that requires an eagle as a focal part of the design, why don't they do the honorable thing and just terminate the Platinum Eagle Program?
If they want design flexibility, why don't they get a sponsor and present a proposal to Congress, instead of circumventing the original law, like bureaucrats are always inclined to do? Why do they *always* presume to know what's best, instead of (gasp!) actually asking their constituents? Is their a public comment venue for these changes, or are we just getting it rammed down our throats as usual?
Just curious.
Q: Are You Printing Money? Bernanke: Not Literally
<< <i>"Oh wait -- I do have a camera with me!" went through my mind when I was unexpectedly wowed by the display. Here's what I got with my compact camera...
I had to read the words "Please touch..." more than once before that I realized there was no glass in front of these models. That was a nice effort considering how much these high relief pieces beg to be handled.
All in all a nice display by the mint. I think they should have left the glass out of this last display as well, because after all, the real money grab was in the first case filled with 400 oz. gold bars (not shown; it's just bullion, after all ). Come to think of it, considering how hard it would be to run away from at least dozen Mint police while carrying $2.3M in gold under your shirt, I don't know why they bothered with glass on that display either.
This makes my 1000th post. I'm still wanting to do a giveaway when I get some more time, but I'll squeak in this post for now. >>
<< <i>This thing is gonna look really cool in a PCGS holder! >>
..............or the new NGC edge view holder.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
From wiki: "A piedfort or piedforte is a coin of twice or more times the thickness of the currency coin, though often exactly twice the normal weight and thickness. They are normally struck for presentation purposes by mint officials, collectors or VIPs.
The word "piedfort" is French and combines the two words "pied", meaning weight, and "fort", meaning strong or heavy; thus a piedfort is literally a "heavyweight" coin."
I have a feeling that it will NOT fit in the current PCGS holder unless they make some modifications to it to accommodate the 4mm thickness. It really does NOT matter to me as I do not send coins for submission to TPGs.
The MMIX EHR $20 reproductions are not piedfort pieces. They are made on planchets of smaller than normal diameter that still contain an ounce of gold. The thickness is an artifact of production and not an intentional characteristic as in a true piedfort.
These also cannot be directly related to the originals since the reproductions are made of .999 pure gold not .900 fine coin gold.
<< <i>The MMIX EHR $20 reproductions are not piedfort pieces. They are made on planchets of smaller than normal diameter that still contain an ounce of gold. The thickness is an artifact of production and not an intentional characteristic as in a true piedfort.
These also cannot be directly related to the originals since the reproductions are made of .999 pure gold not .900 fine coin gold. >>
Semantics. The point here is whether the 4mm thickness can be accommodated by the PCGS/NGC/ANACS holders.
<< <i>The MMIX EHR $20 reproductions are not piedfort pieces. They are made on planchets of smaller than normal diameter that still contain an ounce of gold. The thickness is an artifact of production and not an intentional characteristic as in a true piedfort.
These also cannot be directly related to the originals since the reproductions are made of .999 pure gold not .900 fine coin gold. >>
Semantics. The point here is whether the 4mm thickness can be accommodated by the PCGS/NGC/ANACS holders. >>
trozau, I believe RWB made some cogent and informative points.
I don't believe he has any concern about the 4mm UHR fitting into a PCGS slab.
<< <i>trozau, I believe RWB made some cogent and informative points.
I don't believe he has any concern about the 4mm UHR fitting into a PCGS slab.
Regards, GB >>
Until I hear a definitive yea from PCGS that their holder can accommodate the 4mm thickness, it's a toss (until they start grading and attempt slabbing these puppies in 2009).
We should come up with a special name for these Ultra High Relief coins...like how the toned coins have MONSTERS ...how about something like GLADIATOR or THE BEAST!!!???
I've been contemplating why I would want one of these coins since this thread began and it suddenly struck as a reminder of my childhood days playing carroms with my siblings. I will buy several along with a new board. Other than that I have no interest in it.
Wowee, Mr. Nachbar says................"The new Double Eagle coin is expected to be priced at a possible 50 percent premium"
From U.S. News and World Report
Alpha Consumer
by Kimberly Palmer
Is the New Double Eagle Coin a Good Buy? August 04, 2008 05:47 PM ET
Dear Alpha Consumer,
The U.S. Mint will soon be coming out with a gold coin that is a modern version of the 1907 Double Eagle. It's being billed as the most beautiful coin ever created, and I was thinking of buying one each for my preschool-age granddaughters. When the girls reach college age, will they be likely to thank me, or will they secretly think that Grandpa should have put his money in a 529 savings plan instead?
Don't let the gorgeous golden design fool you: From a purely monetary perspective, you should probably stick with a more traditional investment vehicle such as a college savings plan. But if you want to spark a lifelong appreciation for historic coins, buying the new version of the Double Eagle is the way to go.
The 24-karat gold coin, which was originally designed by the sculptor Augustus Saint-Gaudens in the early 1900s, is considered by many to be the most beautiful coin the United States has ever produced. It's essentially a piece of sculpture embedded on a coin, says U.S. Mint Director Ed Moy. And unlike in 1907, the Mint is now able to create the coin in as high relief as the artist intended. "We figured out how to do it. We can marry the needs of commerce and artistic beauty," says Moy.
The cost of the coin, which will become available in 2009, will depend on the price of gold and will probably be well over $1,000. (The Mint adds a modest margin to the value of the gold plus manufacturing costs, says Moy.) The Mint will produce as many as are demanded in 2009, so a key factor in determining the coin's value—how many of them exist—has not yet been decided.
"If they make hundreds of thousands or millions, then the coin is going to be common," says Ron Guth, president of the Professional Coin Grading Service. He adds that if you want to give the coin to spark an interest in coin collecting, it's a great choice, because even noncollectors "will look at it and say, 'This is a cool coin.' "
Professional numismatist Richard Nachbar suggests that instead of buying the new coin, purchase 1-ounce "gold eagles," which look similar but are available for just slightly over the price of gold. If you are buying gold coins because you believe gold will go up in value over time, then you should pay the smallest "premium" over the gold price as possible, he explains. (The new Double Eagle coin is expected to be priced at a possible 50 percent premium, which includes both the manufacturing costs and the additional margin, says Nachbar.)
Historically, certain rare coins have appreciated quickly. The original 1907 coins currently sell from between $50,000 to $1.5 million, Moy says. But coin investments also tend to be volatile and difficult to predict. If you're looking for something your grandkids can cash in on when it's time for them to go to college, then you're probably better off sticking to the stock market (through a tax-protected 529 plan). Because if your granddaughters fall in love with coin collecting, then they probably won't want to part with the 2009 Double Eagles their grandfather gave them, anyway.
I do not know who that Nachbar guy is but I think he is full of it. I would WAG a price for the 2009 Double Eagle to be about the same price as the 1 troz proof 2009 GAE/gold buffalo.
Comments
I had to read the words "Please touch..." more than once before that I realized there was no glass in front of these models. That was a nice effort considering how much these high relief pieces beg to be handled.
Here's two different exposures to show the collars vs. the coins.
I've decided the pieces that I really want are those geometric-pattern pieces over on the far left!
All in all a nice display by the mint. I think they should have left the glass out of this last display as well, because after all, the real money grab was in the first case filled with 400 oz. gold bars (not shown; it's just bullion, after all
This makes my 1000th post. I'm still wanting to do a giveaway when I get some more time, but I'll squeak in this post for now.
<< <i>"Oh wait -- I do have a camera with me!" went through my mind when I was unexpectedly wowed by the display. Here's what I got with my compact camera...
I had to read the words "Please touch..." more than once before that I realized there was no glass in front of these models. That was a nice effort considering how much these high relief pieces beg to be handled.
Here's two different exposures to show the collars vs. the coins.
I've decided the pieces that I really want are those geometric-pattern pieces over on the far left!
All in all a nice display by the mint. I think they should have left the glass out of this last display as well, because after all, the real money grab was in the first case filled with 400 oz. gold bars (not shown; it's just bullion, after all
This makes my 1000th post. I'm still wanting to do a giveaway when I get some more time, but I'll squeak in this post for now.
Nice pics Planetsteve!!!!! Mr. Gorbachev, tear down that glass!!!!
Thanks for sharing and posting.
"Please touch"....I love those words!!!!!
Oh, did you say 400oz. gold bars????
Since these will be made to order and there's no limit on the number of allowable orders, how many do you think will be struck / sold?
100,000? 300,000? 500,000?
I'm guessing 200-300K but who knows?
Must have been quite a show!
thanks to all that have posted pics
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
But I bet folks would try to left one, find out how heavy 27.5 pounds is in such a small volume, and smash their fingers by dropping it, or worse, completely smash your foot by dropping it to the floor!. It would be a health hazard. Nobody could resist picking one up.
These pictures are awesome! Cool displays! Thanks on behalf of someone who wishes they were at the show!
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Since these will be made to order and there's no limit on the number of allowable orders, how many do you think will be struck / sold?
100,000? 300,000? 500,000?
I'm guessing 200-300K but who knows? >>
If someone can give us the mintages of the past $50 buffs and AGE's then we might get an idea as to what the mintages of these might be.
I was a Monkey
The other thing to do is shoot at a steep angle to the glass, this will cause most of the light reflecting off the surface to bounce away from you.
Lastly, if you have something you can use as a diffuser, to change the "spot" flash into a wider flash, like an index card, or even your hand, that might work as well.
I WANT ONE OF THESE COINS!!!
<< <i>Depending on what kind of camera you have, you might be able to get away with no flash. But little point-and-shoots don't have great low-light capabilities.
The other thing to do is shoot at a steep angle to the glass, this will cause most of the light reflecting off the surface to bounce away from you.
Lastly, if you have something you can use as a diffuser, to change the "spot" flash into a wider flash, like an index card, or even your hand, that might work as well.
I WANT ONE OF THESE COINS!!! >>
Thanks for your advice, I should upgrade to a nice SLR Nikon.
Oh well, here's today's attempt with a flash...but no diffusion...and yes, some angulation!!
Now you can almost taste these gold bars!!!!!!
Ren
Everyone was in a good mood.
Kids were learning about U.S Coins all over the vast halls.
The Mint did a phenomenal job.
Italy, Germany, Poland, Canada, and Britain among the countries represented......no wonder the ANA commercial had a British announcer.
I could not believe Liz Coggan of J.J. Teaparty was wearing a gigantic(2 1/2ft tall) balloon hat of pink flower shapes on Friday!!!
I know, this post is useless w/o pictures!!!
I've never seen David Hall and Ron Guth in the PCGS booth at the same time....it lasted about 2 minutes!!!
I chatted with tootawl, newsman, and Julian.
Mrs. Dick Osburn only left the booth to go potty(her words).......it was the busiest they've ever been at a show!!!
Thanks again to Stewart Blay for sharing his awesome copper collection!!!!
Even though he called me a copper weeny!!
Edited to add.....I really loved meeting the "Saintly" one....saintguru is truly loved by you forum members, isn't he??
<< <i>The glass is there to keep collectors from drooling on the display.
<< <i>Ok, OK ...I want one too!
What everones guess on pricing?
$ 1495.00 unc
$ 1525.00 proof >>
I asked the Mint rep. about pricing today. She said based on today's spot they would be $1200.
I love the coin, the case, the whole deal. I plan to buy one PCGS 70 FS on Ebay and a couple at least to keep in the VERY NICE OGP. Awsome!!!
But, what if the price of gold doubles by January 2009? I guess I'll have to settle for a nice picture.
<< <i>
<< <i>Depending on what kind of camera you have, you might be able to get away with no flash. But little point-and-shoots don't have great low-light capabilities.
The other thing to do is shoot at a steep angle to the glass, this will cause most of the light reflecting off the surface to bounce away from you.
Lastly, if you have something you can use as a diffuser, to change the "spot" flash into a wider flash, like an index card, or even your hand, that might work as well.
I WANT ONE OF THESE COINS!!! >>
Thanks for your advice, I should upgrade to a nice SLR Nikon.
Oh well, here's today's attempt with a flash...but no diffusion...and yes, some angulation!!
Now you can almost taste these gold bars!!!!!!
>>
Much better! And, yes, you SHOULD get a Nikon dSLR (I own one, so I'm biased)
Although I might prefer one of these new Saints...
No gimmicks.
He feels this brings closure to the Saint-Gaudens design story begun in 1905, and we now should move forward to a new era in coinage designs. This is the New Renaissance of American Coinage he has spoken about.
If the Mint leaves it at that, I'd say that it will be a master stroke and a suitable way to pay homage to the artistic genius of St. Gaudens. If they hold true to mintage quantity = orders with no gimmicks, then I'd say that's the way it ought to be.
GB:
Yes. I was standing at the back when that questions was asked. In the morning, the CCAC had made its recommendation for the first of 6 reverse designs inspired by phrases in the preamble to the Constitution. These will be used on the platinum American Eagle coins. They also recommended an eagle head privy mark. This can be used on the platinum coin reverse and satisfy the law requiring an eagle, but permit much greater design flexibility.
If they aren't inclined to follow the original intent of the law that requires an eagle as a focal part of the design, why don't they do the honorable thing and just terminate the Platinum Eagle Program?
If they want design flexibility, why don't they get a sponsor and present a proposal to Congress, instead of circumventing the original law, like bureaucrats are always inclined to do? Why do they *always* presume to know what's best, instead of (gasp!) actually asking their constituents? Is their a public comment venue for these changes, or are we just getting it rammed down our throats as usual?
Just curious.
I knew it would happen.
<< <i>"Oh wait -- I do have a camera with me!" went through my mind when I was unexpectedly wowed by the display. Here's what I got with my compact camera...
I had to read the words "Please touch..." more than once before that I realized there was no glass in front of these models. That was a nice effort considering how much these high relief pieces beg to be handled.
All in all a nice display by the mint. I think they should have left the glass out of this last display as well, because after all, the real money grab was in the first case filled with 400 oz. gold bars (not shown; it's just bullion, after all
This makes my 1000th post. I'm still wanting to do a giveaway when I get some more time, but I'll squeak in this post for now.
Touch me please!!!!!
Fred, Las Vegas, NV
<< <i>This thing is gonna look really cool in a PCGS holder! >>
..............or the new NGC edge view holder.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>This thing is gonna look really cool in a PCGS holder! >>
..............or the new NGC edge view holder. >>
PCGS would be silly crazy for not modifying their edge view for this.
<< <i>
<< <i>
<< <i>This thing is gonna look really cool in a PCGS holder! >>
..............or the new NGC edge view holder. >>
PCGS would be silly crazy for not modifying their edge view for this.
So the PCGS Edgeview is not as well designed as NGC's in your opinion????
OK, you prompted me to look at my PCGS Prez dollars and I see your point.
The holder grabs the coin in three places covering ~50% of the coin's edge....not great!!!
<< <i>This thing is gonna look really cool in a PCGS holder! >>
4 mm thick! Will it fit?
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
<< <i>
<< <i>This thing is gonna look really cool in a PCGS holder! >>
4 mm thick! Will it fit? >>
I just measured a PCGS slab and it is ~8mm thick.
That means 2mm of plastic on the obverse and reverse of the coin.
Seems OK to me!!
<< <i>
<< <i>
<< <i>This thing is gonna look really cool in a PCGS holder! >>
4 mm thick! Will it fit? >>
I just measured a PCGS slab and it is ~8mm thick.
That means 2mm of plastic on the obverse and reverse of the coin.
Seems OK to me!! >>
They fit the original, not sure why this one would not fit. I also am hoping they modify the edgeview for this
<< <i>
<< <i>
<< <i>
<< <i>This thing is gonna look really cool in a PCGS holder! >>
4 mm thick! Will it fit? >>
I just measured a PCGS slab and it is ~8mm thick.
That means 2mm of plastic on the obverse and reverse of the coin.
Seems OK to me!! >>
They fit the original, not sure why this one would not fit. I also am hoping they modify the edgeview for this >>
Because they're striking peidfort coins, which are a smaller diameter, but twice as thick.
<< <i>
<< <i>
<< <i>
<< <i>
<< <i>This thing is gonna look really cool in a PCGS holder! >>
4 mm thick! Will it fit? >>
I just measured a PCGS slab and it is ~8mm thick.
That means 2mm of plastic on the obverse and reverse of the coin.
Seems OK to me!! >>
They fit the original, not sure why this one would not fit. I also am hoping they modify the edgeview for this >>
Because they're striking peidfort coins, which are a smaller diameter, but twice as thick. >>
What's a Peidfort coin????
<< <i>What's a Peidfort coin???? >>
From wiki: "A piedfort or piedforte is a coin of twice or more times the thickness of the currency coin, though often exactly twice the normal weight and thickness. They are normally struck for presentation purposes by mint officials, collectors or VIPs.
The word "piedfort" is French and combines the two words "pied", meaning weight, and "fort", meaning strong or heavy; thus a piedfort is literally a "heavyweight" coin."
I have a feeling that it will NOT fit in the current PCGS holder unless they make some modifications to it to accommodate the 4mm thickness. It really does NOT matter to me as I do not send coins for submission to TPGs.
These also cannot be directly related to the originals since the reproductions are made of .999 pure gold not .900 fine coin gold.
<< <i>The MMIX EHR $20 reproductions are not piedfort pieces. They are made on planchets of smaller than normal diameter that still contain an ounce of gold. The thickness is an artifact of production and not an intentional characteristic as in a true piedfort.
These also cannot be directly related to the originals since the reproductions are made of .999 pure gold not .900 fine coin gold. >>
Semantics. The point here is whether the 4mm thickness can be accommodated by the PCGS/NGC/ANACS holders.
<< <i>
<< <i>The MMIX EHR $20 reproductions are not piedfort pieces. They are made on planchets of smaller than normal diameter that still contain an ounce of gold. The thickness is an artifact of production and not an intentional characteristic as in a true piedfort.
These also cannot be directly related to the originals since the reproductions are made of .999 pure gold not .900 fine coin gold. >>
Semantics. The point here is whether the 4mm thickness can be accommodated by the PCGS/NGC/ANACS holders. >>
trozau, I believe RWB made some cogent and informative points.
I don't believe he has any concern about the 4mm UHR fitting into a PCGS slab.
Regards,
GB
<< <i>trozau, I believe RWB made some cogent and informative points.
I don't believe he has any concern about the 4mm UHR fitting into a PCGS slab.
Regards,
GB >>
Until I hear a definitive yea from PCGS that their holder can accommodate the 4mm thickness, it's a toss (until they start grading and attempt slabbing these puppies in 2009).
<< <i>these puppies >>
We should come up with a special name for these Ultra High Relief coins...like how the toned coins have MONSTERS ...how about something like GLADIATOR or THE BEAST!!!???
<< <i>fatties!
Hey, I was going to post that too!!!
From U.S. News and World Report
Alpha Consumer
by Kimberly Palmer
Is the New Double Eagle Coin a Good Buy?
August 04, 2008 05:47 PM ET
Dear Alpha Consumer,
The U.S. Mint will soon be coming out with a gold coin that is a modern version of the 1907 Double Eagle. It's being billed as the most beautiful coin ever created, and I was thinking of buying one each for my preschool-age granddaughters. When the girls reach college age, will they be likely to thank me, or will they secretly think that Grandpa should have put his money in a 529 savings plan instead?
Don't let the gorgeous golden design fool you: From a purely monetary perspective, you should probably stick with a more traditional investment vehicle such as a college savings plan. But if you want to spark a lifelong appreciation for historic coins, buying the new version of the Double Eagle is the way to go.
The 24-karat gold coin, which was originally designed by the sculptor Augustus Saint-Gaudens in the early 1900s, is considered by many to be the most beautiful coin the United States has ever produced. It's essentially a piece of sculpture embedded on a coin, says U.S. Mint Director Ed Moy. And unlike in 1907, the Mint is now able to create the coin in as high relief as the artist intended. "We figured out how to do it. We can marry the needs of commerce and artistic beauty," says Moy.
The cost of the coin, which will become available in 2009, will depend on the price of gold and will probably be well over $1,000. (The Mint adds a modest margin to the value of the gold plus manufacturing costs, says Moy.) The Mint will produce as many as are demanded in 2009, so a key factor in determining the coin's value—how many of them exist—has not yet been decided.
"If they make hundreds of thousands or millions, then the coin is going to be common," says Ron Guth, president of the Professional Coin Grading Service. He adds that if you want to give the coin to spark an interest in coin collecting, it's a great choice, because even noncollectors "will look at it and say, 'This is a cool coin.' "
Professional numismatist Richard Nachbar suggests that instead of buying the new coin, purchase 1-ounce "gold eagles," which look similar but are available for just slightly over the price of gold. If you are buying gold coins because you believe gold will go up in value over time, then you should pay the smallest "premium" over the gold price as possible, he explains. (The new Double Eagle coin is expected to be priced at a possible 50 percent premium, which includes both the manufacturing costs and the additional margin, says Nachbar.)
Historically, certain rare coins have appreciated quickly. The original 1907 coins currently sell from between $50,000 to $1.5 million, Moy says. But coin investments also tend to be volatile and difficult to predict. If you're looking for something your grandkids can cash in on when it's time for them to go to college, then you're probably better off sticking to the stock market (through a tax-protected 529 plan). Because if your granddaughters fall in love with coin collecting, then they probably won't want to part with the 2009 Double Eagles their grandfather gave them, anyway.
U.S. News Link
It is beautiful but not sure it is worth a 50% premium. I would be forced to wait a year and get is slightly over melt on e-bay.
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Go ahead, make them more expensive.
Ha ha ha ha HA HA HA HA HA HA!
BUYING!!!!
Money is made for spending.