Is there a downside in buying gold coins in AU58?

llafoe · June 9, 2011 1:51PM

My children want to add gold to their collections... 30 different to be exact - type (12), commemorative (11) and mintmark (7). Is there a downside in buying these coins in AU58? They prefer handled coins over "collector" coins.

Zoins · June 9, 2011 2:00PM

They may be more expensive due to Everyman registry sets?

ranshdow · June 9, 2011 2:01PM

I don't know. I like gold in AU58, I've probably got more gold in that grade than any other... yep, 6 in that grade and all but one are c@c. All no-motto too.

If you look you can find some really pretty Philly half eagles from the 1850's in AU58 for less than a grand.

numobri · June 9, 2011 2:05PM

AU 58 is a good grade.

Just don't over pay.

Brian

Broadstruck · June 9, 2011 2:05PM

I wouldn't buy early commemorative gold in AU58 as the price spread on the $1 issues for example isn't that much greater at MS63.

llafoe · June 9, 2011 2:07PM

<< I wouldn't buy early commemorative gold in AU58 as the price spread on the $1 issues for example isn't that much greater at MS63. >>

True, but they like to believe the coins were actually coins... the history means more than the delta in costs.

TomB · June 9, 2011 2:15PM

<< 

<< I wouldn't buy early commemorative gold in AU58 as the price spread on the $1 issues for example isn't that much greater at MS63. >>

True, but they like to believe the coins were actually coins... the history means more than the delta in costs. >>

I have to agree with Frank on this. Additionally, the true history of these gold commems is that they were sold at a premium as collector pieces and were not meant to circulate in large numbers. Therefore, a more accurate assessment of their history might be as MS pieces instead of a revised historical view that would like to believe they should be AU.

scottgardener · June 9, 2011 2:22PM

In the case of double eagles, I feel it is better to go the 5-10% price difference to get the higher grade, better-looking coin. Most of these coins also did not circulate very much outside of bank to bank, so you can feel confident that these coins are honest to history as pinnacle pieces in the type set.

llafoe · June 9, 2011 2:23PM

<< 

<< 

<< I wouldn't buy early commemorative gold in AU58 as the price spread on the $1 issues for example isn't that much greater at MS63. >>

True, but they like to believe the coins were actually coins... the history means more than the delta in costs. >>

I have to agree with Frank on this. Additionally, the true history of these gold commems is that they were sold at a premium as collector pieces and were not meant to circulate in large numbers. Therefore, a more accurate assessment of their history might be as MS pieces instead of a revised historical view that would like to believe they should be AU. >>

True to you too (or two), but they were circulated and thus are available in AU. They began as collector coins a large amount were spent in commerce... just as some proof coins are spent today during downturns in the economy. They're both very interested in history and this is their current trigger... circulated coins.

Broadstruck · June 9, 2011 2:23PM

<< True, but they like to believe the coins were actually coins... the history means more than the delta in costs. >>

Well in that case on the type I wouldn't just stick to AU58 as there's some great looking gold in all AU 55, 53, and 50 holders.

ArizonaJack · June 9, 2011 2:25PM

Good thread !!

numobri · June 9, 2011 2:27PM

In AU58, forget about the commemoratives. Go for type.

Brian

llafoe · June 9, 2011 2:29PM

<< In the case of double eagles, I feel it is better to go the 5-10% price difference to get the higher grade, better-looking coin. Most of these coins also did not circulate very much outside of bank to bank, so you can feel confident that these coins are honest to history as pinnacle pieces in the type set. >>

Jon... Scott... whoever you are...

We would only choose PQ 58s that have been graded by PCGS, bean'd by CAC and imprinted in color-changing ink by CCAVS. This would ensure the coins were the best available and would ensure my children could sell then to Rick at Pawn Stars during their college years!

llafoe · June 9, 2011 2:30PM

<< In AU58, forget about the commemoratives. Go for type.

Brian >>

I tried the type thing... I've been married to blondes, brunettes and redheads... type just doesn't work for me!

Bochiman · June 9, 2011 2:32PM

Commems that are AU, particularly gold, likely weren't really circulated....rubbed, carried, whatnot, but likely not circulated.
AU gold is fine, imho, particularly if classic, but I wouldn't get commem in AU....and, as you are finding out elsewhere, some dealers jack up the AU58 coins to be about equal to MS63/64.

I don't mind AU58 even if there isn't much spread with MS63, as many times the AU58 will still look better than some of the gold MS63, but I would personally stick to the ones that were classic AND meant to be circulated.

numobri · June 9, 2011 2:33PM

I hear ya

Bbbrian

Broadstruck · June 9, 2011 2:34PM

Here's a couple of PCGS AU50 examples of N/M Libs now owned by other members.

Both examples where guessed at AU58 in GTG type past threads.

Just posting as examples why to consider a AU set and not get hooked on the AU58 slab insert grade.

llafoe · June 9, 2011 2:35PM

We'll discuss the commemoratives in more detail. They could just do the type set and mintmark set and each would have a gold Box of 20.

numobri · June 9, 2011 2:36PM

ATA boy

Brian

Broadstruck · June 9, 2011 2:40PM

<< We'll discuss the commemoratives in more detail. They could just do the type set and mintmark set and each would have a gold Box of 20. >>

I agree with the Gray on the gold commemoratives skip all the minor denominations and just buy your kids each a $50 Round and Octagonal Pan-Pac... AU58 is fine on these!

llafoe · June 9, 2011 2:44PM

<< I agree with the Gray on the gold commemoratives skip all the minor denominations and just buy your kids each a $50 Round and Octagonal Pan-Pac... AU58 is fine on these!

>>

That made me laugh... Larsen saw the $50 Pac-Pacs in the Stacks-Bower sale. I said... those sell for $75-150K each. He literally said "Okay, we'll just skip that one." No smile... completely serious and he didn't skip a beat to discuss the next gold coin. Larissa liked the 1795 AU58...

Broadstruck · June 9, 2011 2:51PM

<< That made me laugh... Larsen saw the $50 Pac-Pacs in the Stacks-Bower sale. I said... those sell for $75-150K each. He literally said "Okay, we'll just skip that one." No smile... completely serious and he didn't skip a beat to discuss the next gold coin. Larissa liked the 1795 AU58...

>>

Sounds like you'd just have to let them spend more time with uncle BillJones!

Bochiman · June 9, 2011 2:52PM

<< 

<< That made me laugh... Larsen saw the $50 Pac-Pacs in the Stacks-Bower sale. I said... those sell for $75-150K each. He literally said "Okay, we'll just skip that one." No smile... completely serious and he didn't skip a beat to discuss the next gold coin. Larissa liked the 1795 AU58...

>>

Sounds like you'd just have to let them spend more time with uncle BillJones!

>>

And, Uncle TradeDollarNut

RedHerring · June 9, 2011 2:55PM

I like pieces like this one. Bought it raw a few years ago for $800.

llafoe · June 9, 2011 2:57PM

<< I like pieces like this one. Bought it raw a few years ago for $800. >>

Want to double your money?

clackamas · June 9, 2011 2:58PM

I personally love 1870's $20 Libs in Au58, there are some real bargains to be had.

RedHerring · June 9, 2011 2:59PM

<< Want to double your money?

>>

That is the plan.

Broadstruck · June 9, 2011 3:00PM

<< I personally love 1870's saints in Au58, there are some real bargains to be had. >>

1870's saints

numobri · June 9, 2011 3:01PM

Again, AU58 is a cool grade

Brian

Broadstruck · June 9, 2011 3:03PM

There is some very pretty AU58 gold out there but it takes a long time to find these pieces and you gotta pay up!

clackamas · June 9, 2011 3:03PM

<< 

<< I personally love 1870's saints in Au58, there are some real bargains to be had. >>

1870's saints

>>

Doh, Brain fart, $20 Libs

numobri · June 9, 2011 3:13PM

I'm glad that was a brain fart and not a brian fart.

Brian

coinsarefun · June 9, 2011 3:16PM

PCGS AU55

illini420 · June 9, 2011 3:20PM

The real key is to buy mint state gold coins that are in AU58 holders... especially old holders

robkool · June 9, 2011 3:25PM

<< 

<< I agree with the Gray on the gold commemoratives skip all the minor denominations and just buy your kids each a $50 Round and Octagonal Pan-Pac... AU58 is fine on these!

>>

That made me laugh... Larsen saw the $50 Pac-Pacs in the Stacks-Bower sale. I said... those sell for $75-150K each. He literally said "Okay, we'll just skip that one." No smile... completely serious and he didn't skip a beat to discuss the next gold coin. Larissa liked the 1795 AU58...

>>

Speaking of Pan-Pacs... Steve Contursi at Rare Coin Wholesales has a complete set of these from the half dollar to the $50 round & octagonal, with it's original box & case. All NGC graded MS65 to MS67 for $325K. A bargain there...

ajman · June 9, 2011 4:06PM

atarian · June 9, 2011 5:07PM

I dont know about AU58 but up to about MS62 there isnt a big spread MS63 starts the price jump. I bought alot at MS62 and been very disappointed in prices since 2003. Metals took off but right now numismatic values stagnated for the most part.

PerryHall · June 9, 2011 9:26PM

<< In the case of double eagles, I feel it is better to go the 5-10% price difference to get the higher grade, better-looking coin. Most of these coins also did not circulate very much outside of bank to bank, so you can feel confident that these coins are honest to history as pinnacle pieces in the type set. >>

Agree. Doesn't make sense to limit yourself to just one grade. Buy the highest grade before the big jump in price in the next higher grade. As far as the 7 mintmark set, the Dahlonega and Charlotte mint coins would be quite acceptible in XF45 while they would be extremely expensive in true AU58.

FilamCoins · June 9, 2011 9:38PM

<< True, but they like to believe the coins were actually coins... the history means more than the delta in costs. >>

How about get them some dirty old gold in XF? Lots of history ... definitely circulated.

Is there a downside in buying gold coins in AU58?

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