Modern eagles, buffaloes, and first spouse coins are, technically, legal tender. You could spend them at the grocery store. You'd get funny looks, but only a complete idiot wouldn't accept them!
Maine_Jim: kudos for your decision, and glad you are doing your research. Just be sure it's something with which you're happy. A first gold coin can be a landmark item with enough sentimental value that you hang onto it for years or decades. For me, I loved the Saint Gaudens design as a kid--having one was the ultimate in coin collecting. Getting one two years ago was very fulfilling, a way of declaring that "some day" had finally come. Your pathway to this point seems a bit different, but this coin will still carry some importance beyond what you spend to get it.
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Way I see it Modern Bullion will stay on par with the amount of money you buy it for or at least stay close.
If you want to go with the older gold coins all I will say is only buy certified coins by either PCGS or NGC. The older gold coins are some of the most counterfeited and abused i.e. doctored coins on the market and can be a snake pit for the inexperienced collector. The extra cost of the slab is cheap insurance for the newbie.
But I do like the idea getting coins straight from the mint too, and myself I'm going for the last of the Liberties in proof and MS as soon as they are released to finish out that short set. I will submit mine for grading so they are easier to market by the kids when I’m gone.
One thing you will find is that Modern Bullion has its detractors. You will hear from "coin purists" who insist that Modern Bullion isn't really coinage for various reasons and that the Mint is acting shamelessly like a commercial enterprise by selling coins at a premium to the public as collectors' pieces. What you are really experiencing is sour grapes from those who are invested in classic coins and who see the Mint's output as competition. So be it. Going back through history the Mint (or Mint employees) has/have often acted shamelessly, and the Mint has always produced special coins for special audiences. In fact, some of the most sought-after rarities that these same people covet were not made for circulation, so that whole argument is full of sand.
Most people who put any kind of significant money into gold coins are looking at potential return. The perplexing thing is that many of the same "coin purists" who say they collect for the "history" and the "authenticity" of it all are the same people who will boast about making a killing by selling a high dollar coin they just bought to a "greater fool" one year later. Modern Bullion collectors suffer under no such illusion. The fact is that Modern Bullion coins are collected for the same reasons that classic coins are collected. The fact is that many of the Modern Bullion and Modern precious metal collector coins have blossomed quite quickly into acknowledged modern rarities, and the market prices reflect that rarity and desirability. The fact that they are not 100 years old is a moot point.
I prefer the Modern Bullion and Modern collectible issues mainly for the same reasons that LindeDad mentioned. No worry about mass counterfeiting or coin "doctoring". Great profit potential. Great designs. Brand new and attractive finishes - just to name a few reasons.
In my opinion, there are collectors of all stripes and flavors and you should find a niche that appeals to you. If you end up with an appreciation for classic coins, don't make the mistake of so many old-time collectors who tend to disparage a whole class of coinage that they simply missed the boat on.
P.S. - I also think that the 2010-W Gold Proof Buffalo or the 1/2 oz Proof and Unc Gold Buchanan Liberty Spouse Coins are very good choices.
Regards, an "old time collector" who decided that Moderns were for me, jmski.
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I'd also like to point out that a HECK of a lot of the First Spouse coins hit the melting pot. Who knows what's going to be scarce in a decade or two once the dust has settled.
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I finally made my first gold coin purchase today. I went with a proof Liberty Spouse. I like the design and the fact that it is direct from the mint swayed me a bit. I will likely get a pre 1933 for my next coin. Thanks for all the suggestions!
<< <i>I'd also like to point out that a HECK of a lot of the First Spouse coins hit the melting pot. Who knows what's going to be scarce in a decade or two once the dust has settled. >>
What do you mean hit the melting pot? Aren't most of them still available from the Mint?
Comments
Maine_Jim: kudos for your decision, and glad you are doing your research. Just be sure it's something with which you're happy. A first gold coin can be a landmark item with enough sentimental value that you hang onto it for years or decades. For me, I loved the Saint Gaudens design as a kid--having one was the ultimate in coin collecting. Getting one two years ago was very fulfilling, a way of declaring that "some day" had finally come. Your pathway to this point seems a bit different, but this coin will still carry some importance beyond what you spend to get it.
Way I see it Modern Bullion will stay on par with the amount of money you buy it for or at least stay close.
If you want to go with the older gold coins all I will say is only buy certified coins by either PCGS or NGC. The older gold coins are some of the most counterfeited and abused i.e. doctored coins on the market and can be a snake pit for the inexperienced collector. The extra cost of the slab is cheap insurance for the newbie.
But I do like the idea getting coins straight from the mint too, and myself I'm going for the last of the Liberties in proof and MS as soon as they are released to finish out that short set. I will submit mine for grading so they are easier to market by the kids when I’m gone.
One thing you will find is that Modern Bullion has its detractors. You will hear from "coin purists" who insist that Modern Bullion isn't really coinage for various reasons and that the Mint is acting shamelessly like a commercial enterprise by selling coins at a premium to the public as collectors' pieces. What you are really experiencing is sour grapes from those who are invested in classic coins and who see the Mint's output as competition. So be it. Going back through history the Mint (or Mint employees) has/have often acted shamelessly, and the Mint has always produced special coins for special audiences. In fact, some of the most sought-after rarities that these same people covet were not made for circulation, so that whole argument is full of sand.
Most people who put any kind of significant money into gold coins are looking at potential return. The perplexing thing is that many of the same "coin purists" who say they collect for the "history" and the "authenticity" of it all are the same people who will boast about making a killing by selling a high dollar coin they just bought to a "greater fool" one year later. Modern Bullion collectors suffer under no such illusion. The fact is that Modern Bullion coins are collected for the same reasons that classic coins are collected. The fact is that many of the Modern Bullion and Modern precious metal collector coins have blossomed quite quickly into acknowledged modern rarities, and the market prices reflect that rarity and desirability. The fact that they are not 100 years old is a moot point.
I prefer the Modern Bullion and Modern collectible issues mainly for the same reasons that LindeDad mentioned. No worry about mass counterfeiting or coin "doctoring". Great profit potential. Great designs. Brand new and attractive finishes - just to name a few reasons.
In my opinion, there are collectors of all stripes and flavors and you should find a niche that appeals to you. If you end up with an appreciation for classic coins, don't make the mistake of so many old-time collectors who tend to disparage a whole class of coinage that they simply missed the boat on.
P.S. - I also think that the 2010-W Gold Proof Buffalo or the 1/2 oz Proof and Unc Gold Buchanan Liberty Spouse Coins are very good choices.
Regards, an "old time collector" who decided that Moderns were for me, jmski.
I knew it would happen.
I'd also like to point out that a HECK of a lot of the First Spouse coins hit the melting pot. Who knows what's going to be scarce in a decade or two once the dust has settled.
Maine_Jim
<< <i>I'd also like to point out that a HECK of a lot of the First Spouse coins hit the melting pot. Who knows what's going to be scarce in a decade or two once the dust has settled. >>
What do you mean hit the melting pot? Aren't most of them still available from the Mint?