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Anybody see the GSA $5 gold coin on treasure Hunter?
Delorean
Posts: 470 ✭✭✭
Hi everyone,
I'm new to coin collecting and have a question. I was watching treasure hunter with Jimmy Gertsel last Friday and he had a coin on there which he said 5000 were just discovered, he said it was a GSA $5 gold coin and the dates were varied but were around 1879, They were also graded. He had 75 coins and was selling these for $599. Do you think that would have beed a good buy? Sure would seem to be with only 5000 coins?
Thank you,
Chuck.
I'm new to coin collecting and have a question. I was watching treasure hunter with Jimmy Gertsel last Friday and he had a coin on there which he said 5000 were just discovered, he said it was a GSA $5 gold coin and the dates were varied but were around 1879, They were also graded. He had 75 coins and was selling these for $599. Do you think that would have beed a good buy? Sure would seem to be with only 5000 coins?
Thank you,
Chuck.
Chuck,
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I think you said the person on the show said there were 5,000 coins discovered. That doesn't cover how many are already in existence before the discovery. If there are a million coins already, discovering 5,000 doesn't constitute a discovery of something that is really rare. Now, if there are only 500 known and 5,000 are discovered, that's a different story entirely.
An authorized PCGS dealer, and a contributor to the Red Book.
I think you said the person on the show said there were 5,000 coins discovered. That doesn't cover how many are already in existence before the discovery. If there are a million coins already, discovering 5,000 doesn't constitute a discovery of something that is really rare. Now, if there are only 500 known and 5,000 are discovered, that's a different story entirely.
Yeah, the first scenario is discovering 5000 worthless coins while the second scenario describes finding so many that the value instantly plummets.
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group of less then 5,000 pieces of old U.S. gold coinage. With so few
coins, a public sale was out of the question. Can you imagine the riots it
would cause if a public sale for less then 5,000 coins was announced? The
GSA decided to have the coins graded and certified by Numismatic Guaranty
Corporation (NGC) who has been dubbed with the title of the grading service of
choice by the ANA (American Numismatic Association). NGC not only graded
and certified these these coins but also marked these coins with a GSA pedigree
on the label that appears within the coin encapsulation. This is great
news for the Coin Collector, because now there is GSA gold that is
available to match the GSA Silver Dollars. The GSA has auctioned off
these gold pieces, and 3 or 4 major Coin Dealers within the United States are
currently in possession of these gold pieces for their collectors. Some of
these Dealers are prepared to sell them immediately, and some are just going to
wait. Among the gold pieces are the Liberty Head $2 1/2, $5, $10and $20,
as well as the Indian Head $2 1/2, $5, $10 and the $20 St. Gaudens.
The GSA Gold will be sold at at premium because they were purchased from the
government at premium prices, so expect to pay more then you would normally.
It seems that there are a variety of grades available from Very Fine through the
Gem Mint States grades, and the pricing will vary accordingly. Pricing for
the coins starts at about $500.00 (USD) to well over $3000.00 (USD) depending on
the date, mintmark, denomination and grade of the coin. The release of the
GSA Gold has just started to the general public through a couple of the auction
winning Coin Dealers so don't expect to find them on eBay at this time or
through magazine advertisements because you just will not find them. As a
matter of fact, many Coin Dealers within the United States do not even know GSA
gold exists.
"Keep your malarkey filter in good operating order" -Walter Breen
I love me some cheezy coin hucksters!!
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Worry is the interest you pay on a debt you may not owe.
<< <i> With so few coins, a public sale was out of the question. >>
If the GSA was actually selling them a public sale is the only legal way to sell them. That's how the GSA disposes of all surplus government property. They do not do private deals with some dealers.
<< <i>Within the past few months, in an audit of the U.S. vaults, the GSA found a
group of less then 5,000 pieces of old U.S. gold coinage. With so few
coins, a public sale was out of the question. Can you imagine the riots it
would cause if a public sale for less then 5,000 coins was announced? The
GSA decided to have the coins graded and certified by Numismatic Guaranty
Corporation (NGC) who has been dubbed with the title of the grading service of
choice by the ANA (American Numismatic Association). NGC not only graded
and certified these these coins but also marked these coins with a GSA pedigree
on the label that appears within the coin encapsulation. This is great
news for the Coin Collector, because now there is GSA gold that is
available to match the GSA Silver Dollars. The GSA has auctioned off
these gold pieces, and 3 or 4 major Coin Dealers within the United States are
currently in possession of these gold pieces for their collectors. Some of
these Dealers are prepared to sell them immediately, and some are just going to
wait. Among the gold pieces are the Liberty Head $2 1/2, $5, $10and $20,
as well as the Indian Head $2 1/2, $5, $10 and the $20 St. Gaudens.
The GSA Gold will be sold at at premium because they were purchased from the
government at premium prices, so expect to pay more then you would normally.
It seems that there are a variety of grades available from Very Fine through the
Gem Mint States grades, and the pricing will vary accordingly. Pricing for
the coins starts at about $500.00 (USD) to well over $3000.00 (USD) depending on
the date, mintmark, denomination and grade of the coin. The release of the
GSA Gold has just started to the general public through a couple of the auction
winning Coin Dealers so don't expect to find them on eBay at this time or
through magazine advertisements because you just will not find them. As a
matter of fact, many Coin Dealers within the United States do not even know GSA
gold exists. >>
I did catch the show yesterday and saw these coins. They do have the special label from NGC and are AU58. They wanted $589 per coin
Fred, Las Vegas, NV