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Jackson Gold Spouse Coins Overpriced?
RichR
Posts: 3,983 ✭✭✭✭✭
The United States Mint will begin accepting orders for Andrew Jackson’s Liberty First Spouse Coin on August 28 at noon Eastern Time. The 24-karat gold coins will be available in 1/2-ounce proof and uncirculated versions priced at $619.95 and $599.95, respectively.
My question is this...with gold now at a 6-month+ low shouldn't these coins be closer in price to the Dolley Madison issue, which is still being sold for $529?
My question is this...with gold now at a 6-month+ low shouldn't these coins be closer in price to the Dolley Madison issue, which is still being sold for $529?
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I do like the Liberty versions, somewhat. At least they aren't grouchy looking elderly women.
Agreed...the "retro" design is the only reason I'll probably cough up the premium tomorrow.
So far, the ony other issue I've bought is the Jefferson "non-spouse".
I'd like to own the four piece Buffalo gold set in the mint package, but I won't pay those prices!
<< <i>If the high price keeps the mintage to just a few thousand, then the small premium (about 50% over spot) will be a great price! >>
Yes, if you like low mintage historically insignificant, made to sell to gullible speculators, junk.
After a while the mint is going to kill the goose that lays their eggs with this stuff. After while some collectors will wise up and learn that there not much difference between the old Franklin Mint and the U.S. Mint. The Post Office did it with too many stamps. The mint is doing it with too many collector coins.
<< <i>
<< <i>If the high price keeps the mintage to just a few thousand, then the small premium (about 50% over spot) will be a great price! >>
Yes, if you like low mintage historically insignificant, made to sell to gullible speculators, junk.
After a while the mint is going to kill the goose that lays their eggs with this stuff. After while some collectors will wise up and learn that there not much difference between the old Franklin Mint and the U.S. Mint. The Post Office did it with too many stamps. The mint is doing it with too many collector coins. >>
well said.
<< <i>
<< <i>If the high price keeps the mintage to just a few thousand, then the small premium (about 50% over spot) will be a great price! >>
Yes, if you like low mintage historically insignificant, made to sell to gullible speculators, junk.
After a while the mint is going to kill the goose that lays their eggs with this stuff. After while some collectors will wise up and learn that there not much difference between the old Franklin Mint and the U.S. Mint. The Post Office did it with too many stamps. The mint is doing it with too many collector coins. >>
I guess you could call pure gold coins junk, but Its just the kind of junk I would like to fill my garage with (so I can park my car on the street like the rest of my neighbors).
Fred, Las Vegas, NV
That said, I concede!!!! To all of those who have dogged this series over the past year and a half, I don't necessarily agree with all of your points. However, I will admit that there are so many nice coins on the market that I'd rather buy when given the alternative of paying 50%+ over spot for the First Spouse series. If they were 10%-20% over spot I'd be in for 2 sets through the end. But I just can no longer justify the expense/investment given the preimum and the availability of other great coins (which have probably a better chance of appreciating by 2016!!!).
I'll still collect my one set of proofs and uncs as I still think its an interesting series and is a decent way to accumulate some bullion. But my 2nd set will go no further and will be sold off as soon as bullion spot prices allow me to recover my cost. Thank you to the U.S. Mint for helping me come to my senses!!!
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700
<< <i>Ok ok, I've been a fan of the First Spouse coins since they came out. Been buying 2 proofs and 2 uncs of each issue so far. Planned on assembling 2 sets of each, keeping one and unloading the other in 2016 or so when the set is done (figured there wouldn't be too many complete sets, let alone any for sale). Worst case, I'd just keep both sets as bullion if a full set would be too pricey. I still think over the years the popularity of this series will fluctuate. The Liberty coins will be hot and draw some attention to the others. The coins for the more popular First Ladies/Presidents will also draw attention. I also think as the series draws to a close, the coins of Kennedy-Reagan will be much more popular than the coins of Tyler-Buchanan (is that too obvious??) and may create demand for the earlier (and presumably lower mintage issues).
That said, I concede!!!! To all of those who have dogged this series over the past year and a half, I don't necessarily agree with all of your points. However, I will admit that there are so many nice coins on the market that I'd rather buy when given the alternative of paying 50%+ over spot for the First Spouse series. If they were 10%-20% over spot I'd be in for 2 sets through the end. But I just can no longer justify the expense/investment given the preimum and the availability of other great coins (which have probably a better chance of appreciating by 2016!!!).
I'll still collect my one set of proofs and uncs as I still think its an interesting series and is a decent way to accumulate some bullion. But my 2nd set will go no further and will be sold off as soon as bullion spot prices allow me to recover my cost. Thank you to the U.S. Mint for helping me come to my senses!!!
Well put!
I agree that I too have been excitied about the pure gold series yet with the Mint's seemingly stale attempt at limiting the chance of a quick sell-out by setting the price too high, they have acheived what many have complained about - the innaccessibility of the series to the slow handed internet buyers and slow-dialing phone orders!
I will pass till the bullion price gets closer or the aftermarket takes off - which may limited to high buy-it-nows on ebay for those stung by the intitial frenzy.
To me it seems the Mint staff have become lazy with the prospect of having to raise the prices later or complacent with the idea of controlled boredom for collectors.
Miles
I understand gold goes up.....and gold goes down.....right now...it is down....and I cannot justify paying $1200 to get the pair....
I will either wait and see if I can get them post release for cheaper.......or just enjoy my Jefferson.
$1200 an oz is just too much...sorry US MINT.
Damn...I am in retail.....and here we have a group of people...WILLING.....and damn near BEGGING to spend good money on a product...if only the retail outlet ( US MINT) would price thier product fairly.
I price my product fair...and would never turn away willing and able paying customers...
This really p*sses me off...as I really was going to commit to buying the 4 Liberties.......Money will now go into classic gold or more silver for my hoard.
RAH
I agree....as you can see by the high price points of the buy-it-now's on ebay for 2008 Platinum and the recent small circle of recent Gold Spouse buyers, it becomes difficult to collect the series.
Miles
<< <i>I guess you could call pure gold coins junk, but Its just the kind of junk I would like to fill my garage with (so I can park my car on the street like the rest of my neighbors). >>
This is nothing wrong with .999 gold coins when you can buy them for nearer the melt value. BUT you are paying $1,200 an ounce when the spot price is $800, you had better have some numismatic value to make up the difference. The "junk" label applies to coins with no significant numimatic merrit, NOT them medal content. Hence the terms "junk silver" and "scrap gold."
``https://ebay.us/m/KxolR5
What the hell...I just ordered 2...one proof and one unc.
Going to the casino next week...what's a few hundred bucks in the larger scheme of things?!?
You only live once!
<< <i>Overpriced. These will drop to spot shortly after the initial buying frenzy at the Mint. >>
only with a no reserve, starting bid at melt.
let me know when one is on the 'Bay so i can get on it.....hehehe
Were there any available when they opened up for sale...did they actually sell out within two hours?
Or is the mint just delaying the first production run?
I see no point in putting my order in until the 12th. That is, unless they are selling out in two hours...
PARANOIA!!!
<< <i>I placed my order at 12:04 PM and it is backordered. >>
Maybe the mint didnt want to use up 20,000 ounces of gold until they were sure they could sell them.
<< <i>
<< <i>I placed my order at 12:04 PM and it is backordered. >>
Maybe the mint didnt want to use up 20,000 ounces of gold until they were sure they could sell them. >>
The Mint has a somewhat limited supply of Gold & Silver blanks available & that is why they suspended sales of the ASE proofs & AGE business strikes. I doubt very much if more than 7,500 of these have even been produced so far. The Mint has a year to produce more if the demand warrants it.
<< <i>
I guess you could call pure gold coins junk, but Its just the kind of junk I would like to fill my garage with (so I can park my car on the street like the rest of my neighbors). >>
Its not too wise to fill your garage with gold if you pay 50% over spot price for it. Unless of course it has at least a 50% over spot price numismatic premium attached to it in the secondary market. These definitely don't. I think I'll round out my set of liberty golds in OGP at much more attractive prices after they have been in the market for about a year.
<< <i>What if only 2,500 of them sell due to the high prices? Do you think you will get them at melt in a year? >>
I'll take my chances.....at $1200 a pair ( ONE ounce of bullion gold )...I could spend my money more wisely....
I'll keep an eye on them during the coming months...if I miss out so be it.
All the best,
RAH
<< <i>
I'll still collect my one set of proofs and uncs as I still think its an interesting series and is a decent way to accumulate some bullion. But my 2nd set will go no further and will be sold off as soon as bullion spot prices allow me to recover my cost. Thank you to the U.S. Mint for helping me come to my senses!!!
After thinking it over some more, I'm only going to sell off most of my 2nd set. Will keep a 2nd set of the "Liberty" sub-series. That said, I placed my order for 2 of each earlier today. Will have 5 oz. of gold for sale as soon as gold gets up to around $1000/oz again or so.
I doubt there will be any on eBay at prices lower than issue price for awhile. The only chance of getting them for less than issue price will be from the folks who bought in bulk, sent them in and have to sell off their MS69s and PF69s at a discount. I wouldn't count on getting them at melt though (unless MS brings back 25% cash back on buy it nows
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700
And besides I still have to pay for the new bargain gas-guzzler Truck I so foolishly bought.
<< <i>. . .not much difference between the old Franklin Mint and the U.S. Mint. >>
If these were not being merchandised by the government, no one would buy them. Even the Franklin Mint would sell them for less, because they'd have to.
my early American coins & currency: -- http://yankeedoodlecoins.com/
No one will pay much above spot for these ... let that be your guide to price.
www.AlanBestBuys.com
www.VegasBestBuys.com