Home› World & Ancient Coins Forum
Options

A case for buying the plastic--OR--I finally bought a slab I've wanted for years (+ a coin)

StorkStork Posts: 5,205 ✭✭✭✭✭
in World & Ancient Coins Forum

As some of you oldsters know, I like Japanese coins. It all started when we were stationed in Yokosuka, Japan starting in 2002. When we moved there I wasn't much of a coin collector, but I'd been getting a bit of bullion. While there I thought 'hey, how about a gold Japanese coin', which led me to CU at some point (and some post or other by Roy/Satootoko). That morphed into a desire to learn more about Japanese coins in general and to start a type set.

Though I eventually purchased a modern gold commemorative for 'spot-ish' I did not get any numismatic gold while in Japan as that was all QUITE pricey (and I was too chicken to buy any of the pre-Meiji stuff that was a little more available).

I did eventually buy a gold coin, but re-sold it because it was just too much for me at the time. The funds were better spent elsewhere and I figured I'd never be able to do a type set (and those pesky OC traits would want a type set in gold too). So, I regretfully dropped the gold.

But, the market changed. A lot.

Between 2005 and 2007 a hoard (~30,000) of gold coins was released from the vaults of the Japan Ministry of Finance. Surprising these were not confiscated in the aftermath of WWII, but with the modern discovery the coins were released for collectors. Needless to say, the addition of 30K fresh coins--ranging from 1870-1930 had quite the impact on the market.

The coins were placed in special slabs and auctioned. Both NGC and PCGS can/will/have graded a number of them while leaving the coins within the Ministry cases--like with the GSA dollars. Needless to say, the prices are much more reasonable now. Not 'spot-ish' but within reason.

I've wanted one for YEARS now, but kept holding to my 'type set minus gold' mindset.

However a few things have changed. First, my type set is expanding into a bunch of date/variety sets. Second, in working on my semi-private vanity website I did buy a 1 yen gold as it was the basis for the other denominations.

Plus I decided to dump my Chinese bullion. I was fortunate to make a trade with a 'well known dealer'. He got a bit of slabbed Chinese gold and has the contacts to maximize a profit there. I asked for a few things that had been sitting in his inventory for awhile (that I noticed) so, he got a nice deal from me (I wasn't trying to ask eBay retail pricing after all) and I was able to pick out of his inventory some coins I normally wouldn't look at. In other wordsI FINALLY felt like I could justify buying into the Japanese gold..maybe not for a type set, but a denomination set would be cool.

Not the priciest coin in the world, but oh, how cool is the plastic!

For anyone who read @Ajaan's USPS thread on the liteside https://forums.collectors.com/discussion/comment/11574378/#Comment_11574378, I had received a package with a pretty badly damaged slab (and could see the dent marks where something heavy was on my package).

Anyway, thank goodness it wasn't THIS slab that took the hit. I really did buy for the plastic this time!

Comments

Sign In or Register to comment.