Generic gold coin prices
stevepk
Posts: 238 ✭✭✭
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.
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When gold falls, gold coins don't fall as far.
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Generic Gold
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
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
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.
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.
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.
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.
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
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.
BHNC #203
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.