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Generic gold coin prices

Gold is down to about $1,050 per ounce. Is now a good time to pick up common date numismatic gold items for low prices? I am going to a coin show next week and would like to know what to expect. Gold is down, so gold coins should also be down, right? I'm not referring to truly rare gold coins with a high numismatic value, but rather generic gold. Think 1924 Saint Gaudens double eagles and 1932 ten dollar gold pieces. These fit my definition of generic gold.

Comments

  • TopographicOceansTopographicOceans Posts: 6,535 ✭✭✭✭
    When gold goes up, gold coins go up.

    When gold falls, gold coins don't fall as far.
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭
    When the value is in the numismatics, bullion prices don't change it much.
  • COCollectorCOCollector Posts: 1,287 ✭✭✭✭✭
    I'm predicting/hoping gold drops to $950 next year. So I'm waiting to get a St Gaudens and other gold type coins.



    But who knows?

    Successful BST transactions with forum members thebigeng, SPalladino, Zoidmeister, coin22lover, coinsarefun, jwitten, CommemKing.

  • ShadyDaveShadyDave Posts: 2,186 ✭✭✭✭✭
    I have seen that many of those larger gold common date items in AU or low MS are going for relatively "cheap" prices in my opinion, only a few percentages over spot. Fractional pre-33 ($1, $2.5 and $5) still has quite the premium but can be found for spot + 5% or 10% if you buy raw or if you keep an eye out on forums, eBay or GC. I've been buying quite a few 58-62 $2.5 that I feel is either strong for the grade or under graded over the past 12 months. Who the heck knows where spot will be in the next few years but gold is down a lot since the recent highs. Just my .02
  • COCollectorCOCollector Posts: 1,287 ✭✭✭✭✭
    As a newbie, my biggest worry buying a raw gold coin: Be sure it isn't made in China.

    Successful BST transactions with forum members thebigeng, SPalladino, Zoidmeister, coin22lover, coinsarefun, jwitten, CommemKing.

  • hchcoinhchcoin Posts: 4,825 ✭✭✭✭✭
    Here is a thread from January you may find interesting when gold was around $1,180.

    Generic Gold
  • DaveGDaveG Posts: 3,535
    It's hard to say if gold coins will be available at reduced prices - it really depends on the individual dealer selling the coins.



    To get the most current prices, I'd suggest finding a dealer who actively buys and sells gold coins for modest premiums - such a dealer will, most likely, focus on turning over his inventory rather than making sure that he makes a profit on each coin.



    Dealers who only carry a few gold coins in inventory may be more willing to hold onto the coins in the hope that the price of gold will recover. (If they're looking to reduce their inventory of gold coins, they will most likely have already sold them to the most active buyer before the show opens to the public.)



    If you know which dealer at the show you're going to is the most likely to be offering gold at modest premiums, go to him as soon as you get to the show (and get there early - with cash in hand). If you don't know who that dealer is, then ask whichever dealer you have the best relationship with who that dealer is.

    Check out the Southern Gold Society

  • joebb21joebb21 Posts: 4,732 ✭✭✭✭✭
    Yes you can buy lots of generics for almost the lowest premiums ever recorded.



    There are plenty of dealers who have adjusted their prices for todays market. Since generics are a dime a dozen dont feel the need to jump on the first piece.

    Shop around and get the best price
    may the fonz be with you...always...
  • GoldbullyGoldbully Posts: 16,823 ✭✭✭✭✭
    Originally posted by: joebb21

    Yes you can buy lots of generics for almost the lowest premiums ever recorded.



    There are plenty of dealers who have adjusted their prices for todays market. Since generics are a dime a dozen dont feel the need to jump on the first piece.

    Shop around and get the best price




    The deals out there are insane. It is so hard not to pull the trigger.



    I have done so of late I must say....but I believe I have come to a stop to sit back and observe this insanity......the bottom is yet to be seen it appears.



    *Pleaes note I am only speaking of generic and/or type coins.

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    The 1932 $10's in MS63 have cycled back and forth in the $900-$1300 range over the past 4 years. As they approach the $900-$950 for yet another time, they might offer a decent play. I think they got as low as $850-$875 in July when gold last bottomed in the $1070's. Their price range from 2006-2015 is from $650-$2500 which is pretty impressive. It's hard to combat the continuing supply of fresh pieces coming in from overseas. So in this case, the slab pops increasing....no different than if the US mint was still striking them. Whatever you do find the most PQ coin you can in either a 62/63/64 $10 Indian or a 63/64 $20 Saint. I personally like the 63/64 $10's and the 64 Saints. You can still find fresh looking 64+ quality slabbed Saints (unstickered) for very little premium.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • veryfineveryfine Posts: 1,763 ✭✭✭
    Although it's tempting to buy at these comparatively low levels, I'm constantly reminded of how cheap gold was only ten short years ago. Not ancient history by any means.

    Gold may never get back to those levels, but if it were to drop below $900, I'd seriously consider completing my 20th century gold type set. But if the price of the ubiquitous 1904 $20 in AU-MS62 grades continues to sell for over $1000, I'll just have to do without it.

    Now if gold goes way up again, I'll probably kick myself for not taking advantage of these "cheap" current prices, but I'm willing take the chance and wait.

    Not advising, so only speaking for myself.
  • BillJonesBillJones Posts: 33,430 ✭✭✭✭✭
    The question about buying generic gold when the bullion prices go down is not just a matter of pulling the trigger at a lower price. It is as a question of finding coins that are conservatively (accurately) graded. It has been my experience that finding a conservatively graded example of the before mentioned 1932 $10 gold is not that easy. There are literally entire showcases of these coins available, some of them on sale at a single show. The trouble is the grading is more often than not 1 or 2 points on the optimistic side for Mint State pieces.



    I bought my generic gold coins many years ago and have only done a few upgrades since then. I have not followed the quality of the coins offered when prices decline because of the lower bullion quotes. In other areas of the market lower published prices don't necessarily result in offerings of quality coins at the new lower levels. Given the number of generic gold coins in existence, there are undoubtedly conservatively graded coins on the market. The trouble is finding. How many "green bean" quality coins are offered in the lower market? That is a question that remains to be answered.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • VanHalenVanHalen Posts: 3,789 ✭✭✭✭✭
    Remember the generic $20 Libs in 63 selling for $2500 when gold was $800 in 2008? Man it seems hard to believe now. Same can be said for a lot of generics. If the negligible premiums for choice mint state pieces continue we might see MS63 $20 Libs under a $1,000 next year!
  • s4nys4ny Posts: 1,562 ✭✭✭
    To me, the ultimate generic gold to buy with maximum confidence is

    NGC MS62 Saint. You can buy them for a net cost of around $1225 - 1275.



    NGC because they are a bit cheaper than PCGS and you can look them up

    and compare the coin you are buying with the NGC picture to make sure

    you are getting the coin that was originally graded and slabbed.

  • joebb21joebb21 Posts: 4,732 ✭✭✭✭✭
    ms62 saints are now $1150-$1175
    may the fonz be with you...always...
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Pricing of gold coins is not always reflected in the bullion price.... many dealers added

    coins at premium prices of two to three years ago and have been holding them. True,

    some will be selling and taking tax losses....however, I have noted a reluctance to take

    a realistic loss.... Bullion is one thing, coins a totally different market. Cheers, RickO
  • TreashuntTreashunt Posts: 6,747 ✭✭✭✭✭
    The problem is that when the prices go up, the dealers are VERY quick to increase their prices.



    When they go down, not so quick to lower them.



    The last big drop I was at a show and asked for a price on some generic gold, it was still at the old high, the dealer said it was still the same.



    'What? Do you expect me to take a loss?'



    Or words to that effect.



    I said: 'So, it is okay for me to lose money, but not you?'



    And walked away.
    Frank

    BHNC #203

  • BillJonesBillJones Posts: 33,430 ✭✭✭✭✭
    Prices are more likely to be "sticky downward" than they are sticky upward. It's human nature.


    As for holding on until the price goes back up, that all depends upon perceptions and business policy. Some dealers will never take a loss. That can be very counterproduction for them because sometimes it's better to get your money out of something and get it to work earning you returns with something else. That is especially true of "dead stock." Some coins, like more than few once popular modern pieces, have died and will never revive.


    As for the price of gold bullion, it will go up again eventually. It just depends on how long some dealers are willing to wait.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,796 ✭✭✭✭✭
    Laura advised me a long time ago that anything generic at spot was a good buy. I thought the closer to spot the better. So does everyone else.

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