$3 gold Indian, how much would you pay?
Ppp
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I picked up these 1856 and 1857 $3 Indian gold coins in capital holders. Both appear to be jewerly pieces with solder residue on the reverse,
I usually obtain gold jewerly coins for melt or less and these being $3 Indians I think they still should command some premium. I was thinking about $875- ea. which is bid for Vf20
Does that sound fair or is it being ridiculous?
1856 obverse
1856 reverse
1857 obverse
1857 reverse
1
Comments
Ex-jewelry = spot.
+1
On second thought spot +10-15%
Not only ex-jewelry but also polished to heck, which often go hand in hand. I can't see many people looking to buy one of those for its numismatic value.
Young Numismatist • My Toned Coins
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Are you sure that those coins are genuine? This series has been heavily counterfeited and sometimes the counterfeits are polished to hide their origins.
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Hard pass at any price. Nothing but potential trouble.
Melt
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Even if they were no problem coins, you'd have to think like a dealer buying for resale and these can be hard to sell.
I've been actively looking for a nice CERTIFIED $3 for some time... and hard pass!!
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Thank you for all the comments, ouch. One of the things I love about this forum is the respectable tough love. 🙂
It appears from the responses I am wrong that jewerly $3 Indians would still bring a premium because of their rarity.
Sometimes we take chances and they work out and sometimes they don’t. Worst case scenario is that the coins are still gold.
Nicer problem $3s bring $1,000. The rough polished jewelry examples bring about $700. Considering the harsh cleaning and the heat treatment and discoloration, I would guess these are around $600. Melt is $550.
"But seek ye first the kingdom of God and His righteousness and all these things shall be added unto you" Matthew 6:33. Young fellow suffering from Bust Half fever.
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There are too many nice examples out there for the problem coins to command much premium. $3s are still very common, and the spread between grades of the common dates is small.
"But seek ye first the kingdom of God and His righteousness and all these things shall be added unto you" Matthew 6:33. Young fellow suffering from Bust Half fever.
BHNC #AN-10
JRCS #1606
There are too many risks with this piece to pay more than melt. Even then, you might not get your money back ALTHOUGH with the increases in the price of gold, you might.
Just an update:
I traded both $3- coins at $700- each (his offer) and some cash for a bunch of graded Morgan’s at bid, $2.5 Indians slightly over melt, and various ms70 graded one ounce coins to a dealer.
Both of us were happy.
Are the 2.5 Indians graded.? Its a very heavily counterfeited coin.
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A geologist who sets up at a flea market had one of these raw that he was calling "AU58"; it looked XF/AU to me at best. He wanted high into the teens on it. He'll have it a long time I think. Even certified $2 1/2 Indians in AU are worth a little over $500. So why would someone stretch to larger premiums? The Indians melt at $454; the $3 pieces melt at $546: https://www.ngccoin.com/price-guide/coin-melt-values.aspx?MeltCategoryID=1&BaseMetal=US-Gold-Coin The CDN prices are unrealistic IMO.
You should be very happy. Those problem coins are now someone else's problem.
Don't buy.
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