My first gold coin, seeking advice

Coinbot · July 19, 2012 3:47PM

I received my first gold coin today, a 1908 D no motto indian in AU58. The color is also a bit coppery. I can't see any wear but the luster is lacking. In general what's the first thing you look for when you pick up a gold coin? What do the graders look at? What are things that add value and what takes it away?

All knowledge, advice, lessons learned etc. Related to getting into gold coins is welcome and needed?

Thanks in advance!

tightbudget · July 19, 2012 3:53PM

Things to look for:

1. Crustiness (mainly for circulated coins)
2. Luster (mostly for AU and better coins)
3. Absence of bagmarks and contact is pretty important too

Nasty bagmarks and littered contact marks are usually my biggest turnoffs for gold and for some, large and/or numerous copper spots can be very distracting as well. Attractive, flashy luster is a plus on uncirculated coins and crusty, not heavily beat up coins are also pretty attractive for circulated coins.

Just my opinion though

CarlWohlforth · July 19, 2012 4:05PM

The incuse design coins are different. Study yours closely. The wear will be noticeable in the fields. That is also where you will notice a lack of luster in circulated coins. That is the opposite from regular coins. Makes sense because the highest part of the design will get the rub/hit first.

Learn as much as you can but understand you can't generalize because of the uniqueness of incuse design coins.

When I first pick up a gold coin I am looking for wear - is it a circulated coin or not? Then I look for luster.

53BKid · July 19, 2012 8:42PM

I look for wear on the contact points, bag marks, any dings along the rims. I use a 10x loop to try to determine whether or not the coin's been cleaned.

For me, nothing's as exciting as possessing a beutiful gold piece. Thankfully, there's so much diversity even within mintages to make every purchase an interesting adventure.

lcoopie · July 19, 2012 10:00PM

Do you have a photo?

lasvegasteddy · July 19, 2012 10:13PM

i've heard
you're dealing with quite a twist in coins for grading to begin with

general advice though
the likes of heritage and others have free access to great imaging for research
drop by a show or a coin shop for some in hand studies too

always best to bring a subway sandwich or 2 so at least tha owner has something to snack on while he studies you
don't bring donuts in though
it can cause a sugar rush which changes these shop owners mood and patience
these shop owners should come with users guides
but it is ok to feed um
although
they are pretty glutenous about that food carried in your wallet...so don't leave that out when visiting...or introduce that you're married with kids...you'll be fine then...

DorkGirl · July 19, 2012 11:40PM

<< <i>Do you have a photo? >>

IrishMikey · July 20, 2012 4:33AM

With $2.50 Indians, my first look is to make sure it is genuine. After that, it is all eye
appeal, with an emphasis on luster and originality. These usually do not get too
marked up, unless they have been mishandled.

Try to compare your coin to one that is in a 62 or 63 holder. You should be able to see
an obvious difference.

steveben · July 20, 2012 4:49AM

<< <i>I received my first gold coin today, a 1908 D no motto indian in AU58. The color is also a bit coppery. I can't see any wear but the luster is lacking. In general what's the first thing you look for when you pick up a gold coin? What do the graders look at? What are things that add value and what takes it away?

All knowledge, advice, lessons learned etc. Related to getting into gold coins is welcome and needed?

Thanks in advance! >>

no motto...ok nevermind...it's an eagle.

so, i have one that is also au58 with a very coppery toning all over the coin. plenty of luster though. i think the coppery look is a good sign the coin hasn't been messed with, unless it recolored...in which case you will see lots of hairlines all over the coin, usually going in the same direction.

PerryHall · July 20, 2012 4:53PM

<< <i>With $2.50 Indians, my first look is to make sure it is genuine. >>

Good advice for any gold coin. Unfortunately many gold coin fakes are so good that only an expert authenticator can detect them.

LanceNewmanOCC · July 20, 2012 6:12PM

.
here ya go for the first timers

First time you buy a gold coin, is a lot like the first time you have sex

You have absolutely no idea of what you are doing,

but it is exciting and one way or another it is over way too fast
.

lasvegasteddy · July 20, 2012 6:29PM

<< <i>.
here ya go for the first timers

First time you buy a gold coin, is a lot like the first time you have sex

You have absolutely no idea of what you are doing,

but it is exciting and one way or another it is over way too fast
. >>

simple enough i say too...

BillJones · July 21, 2012 1:51AM

I would a good reference book before I would buy too many more gold coins. I recommend the "Encyclopedia of U.S. Gold Coins 1795 - 1933" by Jeff Garrett and Ron Guth. The book is now in its second edition. This book provides brief write-ups of every U.S. gold coins. It tells you what look for with each issue with respect to average state of preservation, strike, luster and overall rarity. The price and number of coins graded by the major services have only a short term value because those data are always changing.

If you REALLY get into purchasing collector gold coins (as opposed to bullion pieces like Maple Leafs, Pandas and U.S. Gold Eagles) you might subscribe to "Coin Facts" which is offered by our hosts. It is will worth the $120 per fee, at least from my perspective, and you can access it with an IPAD at the shows.

Goldbully · July 21, 2012 1:53AM

One major lesson, buyers of common date gold do NOT want spots!!

My first gold coin, seeking advice

Comments

Leave a Comment