Would you keep this Frosty Franklin or cash out now that silver is over $100.00 per ounce?
SanctionII
Posts: 12,888 ✭✭✭✭✭
If this was your coin (PF67, even though I think it warrants a CAM) would you keep it or liquidate it?
At a spot price of $100.00 this coin has value of about $36.00. The current Price Guide value for this coin is $50.00 (with actual recorded sales being less than $50.00).
For me, if the coin was a run of the mill brilliant proof I would liquidate it. However, it is much more attractive than a run of the mill brilliant proof (though since it was made after 1959 there is a substantial number of proof Franklins such as this present in the hobby available to collectors).
I would be reluctant to part with this coin (because I would not want to see it melted and instead would like to see it preserved as a collectible coin available to current and future collectors), however at some price point for silver it would make sense to cash out and liquidate this coin (i.e. $250.00 per ounce is about $90.00 in value, which may allow me to obtain $75.00 for this coin).
Interesting to see your take on this.
Comments
If the coin is something special to you, I'd keep it. I have similar issues re Washington Quarters I have that were minted in the 1930s. This reminds me of 1980, where I cashed out low grade common date Barber coinage for melt.
"Seu cabra da peste,
"Sou Mangueira......."
That reverse spot would bother me.
I wouldn't sell it for $36. yet $50. or more would be tempting.
Don't forget that even though the coin technically has $35-$40 worth of silver based on current spreads you're likely to only get around $25 for the piece if you try and sell it based on silver content only.
No, why ruin a good thing
I would keep it. I think values will adjust themselves as silver prices level out. I have heard some old timers say it takes about 6 months or so for values to adjust.
I have no personal knowledge on this but maybe some here can give personal experience opinions.
IMHO you should keep it. If not for the difference between the actual price you'd get for it sold as scrap vs what it's worth then at least because it's a higher grade example of a Franklin Proof. No no one is putting it in a set registry, but unless you need the cash keep it.
Also (again IMHO) I can see why you didn't get the CAM designation. The bell doesn't look quite "contrasting" enough to me. It's the kind of coin our Neighbors who also Grade Coins would probably call "PF67*"
Based on what you wrote, it sounds like you’ve already decided to keep it. If so, why ask for opinions regarding what you should do?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Ebay, $1 start, let the masses decide.
Collector, occasional seller
Which would you prefer to have- the coin or the money?
I’d keep it. I have that exact coin (year, grade, look) and it’s a keeper for now. I already let go of two of its raw cousins at a lower spot price.
Mark.
After reading your reply I re-read my thread title and opening post.
I then edited my thread title be removing the words Should I and replacing those words with Would you.
My reason for posting this thread is not to ask forumites what I should do (my original thread title not withstanding).
Instead I would like to know what other forum members would do if they find themselves in a situation where they are faced with keeping a coin that they like (for whatever reason) or liquidating it based upon the increase in the spot value of the metal in the coin.
As a cameo, it is a $90-$100 coin without the milk spot. I’d probably wait until melt value hit around $75-$80 for it. I agree with you it warrants a CAM grade despite the label. Now if it was an unfrosted PF67, it would be a different story. The melt calculator had it at $47 earlier and the last PF67 at auction sold for $48. In that scenario, especially with the spot, I would have no problem scraping it.
Edited: Silver has fallen back to $103, down from $116 earlier. I may have glanced at the calculator wrong. The point still holds: When bullion value approximates numismatic value, I’d have zero reservations about selling it as scrap silver. If you are so inclined that is.
Understood, thank you. With that additional information, if the coin were mine, I’d try to weigh the enjoyment it brings me against that which I might derive from the proceeds of a the sale at current levels. Trying to put myself in your shoes, based on your posts here and your apparent love for coins, I’d keep it.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I see people mention getting melted, but locally, these kinds of products do not go to the melter, they are put out and resold to collectors.
One coin? Keep it if you like it. Or give it to a kid or a new collector if you don’t.
.
All comments reflect the opinion of the author, even when irrefutably accurate.
I would keep it.
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne
I would keep it, i like the look of it.
I'm going through this "dilemma" on a few coins...some raw, in our dansco. Some slabbed where I paid more, years ago, than their silver worth right now...and sad thing is that, because of the spot runup, premiums have really left many of them and they likely won't sell for above spot (at best)
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I don't get it. If I read the OP right the coin is numismatically worth more than melt value. So why melt?
Keep it.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc