$20 Saint pricing?
gecko109
Posts: 8,231 ✭
About 2 1/2 years ago, I bought a NGC slabbed MS63 generic Saint to commemorate my son's birth (actually bought it while wife was in labor!). I seem to remember paying melt plus about $150 for the coin back then. Now the same coin sells for melt plus $400. Why such a huge jump in the premium? I know that gold has gone up, but the premium on the coin has risen faster than the gold itself.
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roadrunner
Down at the store we get a lot of people talking about "pre-1933 U.S. gold" as though it had some mystical power to ward off government confiscation. Apparently several of the high-pressure boiler rooms are selling this story as a means to sell people coins.
Such people tend to be interested in $20's, though recently they have been buying $10's and $5's as well. This has driven premiums way up.
If the Y2K panic buyers are any indication, it will be many years before these coins find their way back into the marketplace.
MOO
TD
Dang if only I had bought more when spot price was 260.00 and hsn sold 08 nm for 400.00
<< <i>Just my theory, but as gold prices rise, people start snapping up generic gold coins.... less available = higher premiums on mint state slabbed gold. MS 63 still has considerable numismatic value to a lot of budget minded collectors ( like me ) >>
Bingo. One of the dealers I do business with told me with the shortage of bullion coins, the next best thing for buyers were common date Libs and Saints. Thus the dramatic increase in their premium over spot.
<< <i>Hey Phil,
Down at the store we get a lot of people talking about "pre-1933 U.S. gold" as though it had some mystical power to ward off government confiscation. Apparently several of the high-pressure boiler rooms are selling this story as a means to sell people coins.
Such people tend to be interested in $20's, though recently they have been buying $10's and $5's as well. This has driven premiums way up.
If the Y2K panic buyers are any indication, it will be many years before these coins find their way back into the marketplace.
MOO
TD >>
I've heard this story down here in the San Antonio area as well. Had a guy who wanted to buy pre-33 gold or "numismatic" silver so the government couldn't confiscate it.
Another guy only wanted silver that had the percentage of silver documented on the coin.
Another guy walked in the store I hang at... and dropped 6K on the counter and said... 1/3'rd gold, 2/3'rds silver please.
And finally, another guy is currently liquidating his IRA's and putting everything into gold because he heard the goverment is considering taking away everyones IRA's and will pay 3% interest annually.
This is the reason why premiums have gone up. It's almost market hysteria these days.
Steve
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