Please Explain "Generic" Gold...
OneCent
Posts: 3,561 ✭
Stupid question, but what the heck.
When dealers/collectors speak of generic gold I am assuming that they mean gold coins that sell for bullion value. Is this right? Also, does generic gold reside in PCGS/NGC slabs or is it usually raw?
When dealers/collectors speak of generic gold I am assuming that they mean gold coins that sell for bullion value. Is this right? Also, does generic gold reside in PCGS/NGC slabs or is it usually raw?
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
0
Comments
Basically it is common-date gold coins that trade based upon the value of their bullion content.
Shure, just look at the pop reports for low ms saints.
They have slabbed tens of thousands.- too many to ever be much more than bullion.
<< <i>You are pretty much correct, and it can be in or out of a slab.
Basically it is common-date gold coins that trade based upon the value of their bullion content. >>
I agree, common date gold, but it doesn't necessarily sell at spot prices, especially when slabbed. For example, the premiums on common $20 Liberty gold seems to be at least $200 over spot right now. Common $20 Saints are less of a premium, but they can't exactly be found at spot prices...
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>Stupid question, but what the heck.
When dealers/collectors speak of generic gold I am assuming that they mean gold coins that sell for bullion value. Is this right? Also, does generic gold reside in PCGS/NGC slabs or is it usually raw? >>
Not exactly.
These are definitely common date coins, but they can also be a higher grade. A raw AU/BU 1927 Saint is a generic gold coin, but so is a PCGS/CAC MS-66 1927 Saint, and it does not sell for anywhere near its bullion value.
<< <i>A common date Lib, Indian, or Saint that sells close to melt value... >>
Wrong!
<< <i>
<< <i>Stupid question, but what the heck.
When dealers/collectors speak of generic gold I am assuming that they mean gold coins that sell for bullion value. Is this right? Also, does generic gold reside in PCGS/NGC slabs or is it usually raw? >>
Not exactly.
These are definitely common date coins, but they can also be a higher grade. A raw AU/BU 1927 Saint is a generic gold coin, but so is a PCGS/CAC MS-66 1927 Saint, and it does not sell for anywhere near its bullion value. >>
Ok...So if I am understanding you correctly, Generic Gold does not necessarily = bullion value. It can equate to bullion value but it also can equate to simply a common date gold piece that, in high grade, can sell for multiples of melt. Generic Gold = Common Date Gold Piece.
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
<< <i>
<< <i>
<< <i>Stupid question, but what the heck.
When dealers/collectors speak of generic gold I am assuming that they mean gold coins that sell for bullion value. Is this right? Also, does generic gold reside in PCGS/NGC slabs or is it usually raw? >>
Not exactly.
These are definitely common date coins, but they can also be a higher grade. A raw AU/BU 1927 Saint is a generic gold coin, but so is a PCGS/CAC MS-66 1927 Saint, and it does not sell for anywhere near its bullion value. >>
Ok...So if I am understanding you correctly, Generic Gold does not necessarily = bullion value. It can equate to bullion value but it also can equate to simply a common date gold piece that, in high grade, can sell for multiples of melt. Generic Gold = Common Date Gold Piece. >>
Correct.
<< <i>RYK is one smart cookie, but im gonna go out on a limb and say HE is wrong! If I called 6 different coin shops Monday and asked if they had any "junk silver", they would know I meant 90% U.S. silver sold at or about bullion value. If I then asked "how about any generic gold", I think they would assume im talking about pre 1930's U.S. gold that has become disconnected from almost all numismatic premiums, much the same as "junk silver". Thats my take on this topic anyway. >>
Well, dude, your limb just broke under your weight. Call Heritage on Monday and ask them to define what "generic gold" is and report back to us.
Edit: Here is how "generic gold" is defined by National Gold Exchange.
Here is how generic gold is defined at Park Avenue Numismatics.
Here is how generic gold is defined at Gold Rarities Gallery.
And I can go on and on...
<< <i>
<< <i>RYK is one smart cookie, but im gonna go out on a limb and say HE is wrong! If I called 6 different coin shops Monday and asked if they had any "junk silver", they would know I meant 90% U.S. silver sold at or about bullion value. If I then asked "how about any generic gold", I think they would assume im talking about pre 1930's U.S. gold that has become disconnected from almost all numismatic premiums, much the same as "junk silver". Thats my take on this topic anyway. >>
Well, dude, your limb just broke under your weight. Call Heritage on Monday and ask them to define what "generic gold" is and report back to us.
Edit: Here is how "generic gold" is defined by National Gold Exchange.
Here is how generic gold is defined at Park Avenue Numismatics.
Here is how generic gold is defined at Gold Rarities Gallery.
And I can go on and on... >>
I stopped reading your links after I saw a $3 gold piece in 65 described as "generic". Lets think about this in a logical sort of way. A bag full of 1937 mercs in EF/AU condition would be categorized as "junk silver", whose value would be solely derived by the bullion values. However, a superb gem mint roll of the same would NEVER be grouped as "junk silver", and would be valuated almost entirely in numismatic premium. Similarly, I believe one could never refer to a 1924 Saint in MS68 condition as being "generic gold".
generic gold definition
<< <i>Here is how David Hall himself defines the term. >>
An MS66 Saint Gaudens generic? Maybe to those who have a lot of dough, but even a 1924 brought $2,700 on eBay recently (Dec. 30th). "Generic" to me means a circulated common date, that sells for little more than its bullion value. But hey, I'm not David Hall.
my early American coins & currency: -- http://yankeedoodlecoins.com/
The 1878 is the most common $3 gold but try to find one at melt.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>Here is how David Hall himself defines the term. >>
An MS66 Saint Gaudens generic? Maybe to those who have a lot of dough, but even a 1924 brought $2,700 on eBay recently (Dec. 30th). "Generic" to me means a circulated common date, that sells for little more than its bullion value. But hey, I'm not David Hall.
The question in the OP was not, "Hey, what do YOU consider to be generic gold?" It was what do dealers/collectors who speak of generic gold consider it to be. Several gave the wrong impression that it was gold available at melt, and I gave the correct answer that it was common date gold coins in a variety of grades, many of which do not sell anywhere near melt. I gave numerous examples of dealers who buy/sell this generic gold including their buy/sell prices.
So the bottom line is the market, dealers, investors, and collectors who are active in common date or generic gold really do not care what YOU (or others who are not familiar with the accepted lingo) think is generic gold. I want to make sure that folks who read this thread understand what knowledgeable people who buy/sell/trade generic gold are talking about, and not what a few outsiders want it to be considered.
One more question: if a generic gold coin has a "green bean sticker," is it still "generic?"
<< <i>
<< <i>
<< <i>Here is how David Hall himself defines the term. >>
An MS66 Saint Gaudens generic? Maybe to those who have a lot of dough, but even a 1924 brought $2,700 on eBay recently (Dec. 30th). "Generic" to me means a circulated common date, that sells for little more than its bullion value. But hey, I'm not David Hall.
The question in the OP was not, "Hey, what do YOU consider to be generic gold?" It was what do dealers/collectors who speak of generic gold consider it to be. Several gave the wrong impression that it was gold available at melt, and I gave the correct answer that it was common date gold coins in a variety of grades, many of which do not sell anywhere near melt. I gave numerous examples of dealers who buy/sell this generic gold including their buy/sell prices.
So the bottom line is the market, dealers, investors, and collectors who are active in common date or generic gold really do not care what YOU (or others who are not familiar with the accepted lingo) think is generic gold. I want to make sure that folks who read this thread understand what knowledgeable people who buy/sell/trade generic gold are talking about, and not what a few outsiders want it to be considered. >>
Is David Hall an active dealer, investor, and collector? Is he someone who knows coins? Because HE seems to think that generic gold is defined not only by common dates, but also within GRADE ranges as well. Or perhaps he is what you consider one of the few "outsiders".
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>How is "generic" different from "widget" which Laura used to use?
Agree, the 2 names seem to be synonymous. Thats partly why I cannot, and will not categorize an MS65 $3 gold piece as either "generic" nor a "widget", common date or otherwise. The fact is that you could visit a relatively large coin show (75+ tables), and not even see one of these.
<< <i>
<< <i>How is "generic" different from "widget" which Laura used to use?
Agree, the 2 names seem to be synonymous. Thats partly why I cannot, and will not categorize an MS65 $3 gold piece as either "generic" nor a "widget", common date or otherwise. The fact is that you could visit a relatively large coin show (75+ tables), and not even see one of these. >>
Another gecko thread where he continues to argue just for the sake of it.
I will change my official answer to:
"Generic gold is whatever gecko says it is."
Edit: Tomorrow, I will email Park Avenue, Heritage, GRG, and everyone else and inform them that they do not know what they are talking about.
I'm officially out of this thread. Bye.
<< <i>
<< <i>
<< <i>How is "generic" different from "widget" which Laura used to use?
Agree, the 2 names seem to be synonymous. Thats partly why I cannot, and will not categorize an MS65 $3 gold piece as either "generic" nor a "widget", common date or otherwise. The fact is that you could visit a relatively large coin show (75+ tables), and not even see one of these. >>
Another gecko thread where he continues to argue just for the sake of it.
I will change my official answer to:
"Generic gold is whatever gecko says it is."
Edit: Tomorrow, I will email Park Avenue, Heritage, GRG, and everyone else and inform them that they do not know what they are talking about.
I'm officially out of this thread. Bye. >>
Dont get upset RYK. David Hall HIMSELF doesnt even refer to a $3 gold piece as "generic gold". Why is this so hard for you to digest anyway?
<< <i>Where's that popcorn thingy when you need it?
``https://ebay.us/m/KxolR5
<< <i>The question in the OP was not, "Hey, what do YOU consider to be generic gold?" .... So the bottom line is the market, dealers, investors, and collectors who are active in common date or generic gold really do not care what YOU (or others who are not familiar with the accepted lingo) think is generic gold. >>
I have great respect for RYK, but I think I'm entitled to express my opinion. The thread does read: "Please Explain "Generic" Gold..." and was addressed ro the Board, which includes "outsiders" (whatever that means).
my early American coins & currency: -- http://yankeedoodlecoins.com/