I stopped a co-worker from going to a Hotel Buyer

Coins101 · June 21, 2011 2:30AM

This is a break-off thread from the Hotel buyer Thread. I indicated I that there were a couple Hotel Buyers in town and a co-worker of mine had some Green Label PCGS MS 62 gold coins that she thought about taking down there. I convenced her not to do that and showed her the PCGS price guide for the coins. However, I have read here many times that the price is basically the highest retail price for the coins and it seems to sell them to an honest dealer, she would get about 2/3rds of that price. I know it is tough to say without pictures, considering they are Green Label coins, but am I close? The coins are:

1926 Eagle
1922 Double Eagle
1900 Half Eagle
1901-S Eagle
1903-S Double Eagle

PCGS' price guide says they are worth a little less than $6,500 and the gold value was around $4,800 (which is more than 2/3rds the PCGS price). So, are these coins basically worth melt? What am I missing?

I have not seen them other than a glance at the 1901-S.

TPRC · June 21, 2011 2:51AM

You undoubtedly did the right thing. I don't know gold well but I feel certain that OGH MS-62s are worth more than melt, though it appears not a great deal more due to the high spot price of gold. But in these times, every bit helps.

dbcoin · June 21, 2011 2:51AM

you should be able to get $1600 for the double eagles, $800 for the eagles and $400 for the half eagle with no problem. Possibly $10 or $20 more on each.

with a little effort maybe even more. They are definitely worth more than melt

robkool · June 21, 2011 3:11AM

That's the best thing you could do... We need more heros like you.

Coins101 · June 21, 2011 7:41AM

<< <i>That's the best thing you could do... We need more heros like you.

>>

Thanks. I think she is going to keep them now but I told her to give me first stab at them.

roadrunner · June 21, 2011 7:52AM

Assuming the ogh's are all average for the grade or lower end, the current sell price on this group from one of the major gold wholesalers is around $5600. That means a buy
price around 5% less. If there were any 63 candidates maybe the group is worth a few hundred bucks more.

Gold value in those coins today is around $5240. Yeah, a whopping 7% premium to spot.

roadrunner

PerryHall · June 21, 2011 8:03AM

<< <i>

<< <i>That's the best thing you could do... We need more heros like you.

>>

Thanks. I think she is going to keep them now but I told her to give me first stab at them. >>

Did you warn her about taking them to a coin shop? (Disclaimer for CaptHenway---While many coin shop owners are quite honest, there are enough that aren't that a non-collector should be warned that they will try to rip-off your coins with a low ball offer.)

Coins101 · June 21, 2011 9:01AM

Yes. In fact, her husband had been talking to a coin shop about some silver he has and I told her it would be interesting to see what he would give her for the gold (but not sell it) to see if he is being honest about the silver.

I told her I would like to see what they have before they sold any but being her supervisor, I don't really want to push the issue. At least she has an idea what those 5 coins should bring as I told her your guys deal in this all the time and are honest people. She did say she has more slabbed gold that her mom bought about the same time. Therefore, I am assuming they are in OGH as well.

I looked at the 1910-S a little closer and notices the higher points are discolored (both sides) and there were at least two 2mm scratches, one the neck of Liberty and one on her cheek and two about the same size in the flat field next to the eagle's neck on the reverse. That was looking at it with my reading glasses.

joebb21 · June 21, 2011 9:22AM

generally 2/3rds is a good estimation. However these particular coins are easy worth over $5200 and as roadrunner stated at least $5240- which many people would gladly pay for that little collection

ricko · June 21, 2011 11:19PM

Collectors will usually pay more than dealers... the BST might be a venue for your co-worker ..... Cheers, RickO

roadrunner · June 22, 2011 12:12AM

The typical 5% spread that the wholesalers buy at basically puts these at 2-3% above melt. Which almost seems criminal. But the market for generic gold is so oversold and
out of favor that this is what you have.

The bright side is the only real downside to these coins now is the price of gold falling. Their numismatic premiums cannot go any lower. So you have a choice between modern
AGE's or MS62 classic gold for about the same price.

roadrunner

TwoSides2aCoin · June 22, 2011 12:24AM

Imagine if you hadn't stopped her

A motel buyer might have said something like :

" Ma'am you have a $5 coin, 2 $10 coins , and 2 $20 coins".
and I will pay you ten times face value... and that's a great price for generic coins- $650... and while I'm at it, will you crack them out ? That plastic is worthless ! "

I stopped a co-worker from going to a Hotel Buyer

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