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Real value of 2010 Westminster ASE

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New Member
United States
1 Posts
 Posted 07/23/2010  5:17 pm Show Profile Bookmark this topic Add hpyhikn to your friends list Get a Link to this Message

Greetings: My boyfriend is thinking of buying Westminster Mint's 2010 American Silver Eagle for $79.95 + $4 shipping and handling. It was advertised in the newspaper. Unbelievably enough, I found the same on sale at another website http://www.coin-rare.com/2010-silver-eagles.aspx for $20.64. Am I crazy or is buying this coin an obvious bad investment? I'm planning to tell him to just give me the $83.00 and I'll put it in a savings account or buy Apple stock with it. At least he'll get a positive return. Why do people buy coins that obviously have negative value? It seems insane to me.

Pillar of the Community
United States
3098 Posts
 Posted 07/23/2010  5:20 pm  Show Profile Bookmark this reply Add wd1040 to your friends list Get a Link to this Reply
The old adage... fools and their money...

Quite frankly, you can find them for even cheaper (Spot +3 for ASEs are the common price). Go to a few nearby coinshops, and I'm sure you're going to get a better deal.
Valued Member
United States
321 Posts
 Posted 07/23/2010  5:25 pm  Show Profile Bookmark this reply Add mattbrowning7 to your friends list Get a Link to this Reply
80 is simply overpriced. 20 is about right. Its not that coins have negative value, its that people try to take advantage of uninformed individuals. Take a look at the silver prices recently. More than likely, if you buy it for 20 or cheaper (which is what the real price should be), you will make money.
Edited by mattbrowning7
07/23/2010 5:26 pm
New Member
United States
1 Posts
 Posted 07/23/2010  5:26 pm  Show Profile Bookmark this reply Add hpyhikn to your friends list Get a Link to this Reply
Hey THANKS! I will go sleep read and collect.
Pillar of the Community
United States
1037 Posts
 Posted 07/23/2010  5:34 pm  Show Profile Check specksynder's eBay Listings Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
whoa, slow down, there's some missing info here. The Westminster Mint is selling ASEs that are PCGS graded MS70 for $80. The ASEs you pick up raw are not going to be the high quality of the MS70 coin. 70 is an unusually high (perfect) grade that is rare. Dealers get coins that grade a 70 by sending in hundreds of coins hoping a few of them will hit 70. They sell those at a collectible premium.

If you search eBay's completed listings for "silver eagle pcgs 70" you'll find past years going from $70 to $900 (with $120-ish being normal).

So the silver value is about $18, but the collectible value is close to $75-80 right now with the potential to go much, much higher.
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 Posted 07/23/2010  5:38 pm  Show Profile Bookmark this reply Add Namachieli to your friends list Get a Link to this Reply
they don't know better / excellent advertising.

When buying bullion silver. you shouldn't be paying more than a slight premium over its melt price. So a 1oz silver round I wouldn't pay more than say $20 or so. So the second place you saw it sounds about right... $80 is WAAAAAYYYYY over priced.
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United States
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 Posted 07/23/2010  5:44 pm  Show Profile Bookmark this reply Add wd1040 to your friends list Get a Link to this Reply

Quote:
The Westminster Mint is selling ASEs that are PCGS graded MS70 for $80.


ohhh... yeah, on the website the ~$80 ones are MS70s. In that case, that price is fair.
Valued Member
United States
103 Posts
 Posted 07/23/2010  7:00 pm  Show Profile Bookmark this reply Add zazenboy to your friends list Get a Link to this Reply
Hee hee! The "Shirley Sherrod" syndrome strikes again!
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United States
651 Posts
 Posted 07/23/2010  7:36 pm  Show Profile Bookmark this reply Add fcrazo to your friends list Get a Link to this Reply
As a former employee of a coin shop, dealers tend to buy these as a basic UNC American Silver Eagle. Why? Because that's basically what they are worth! They've been sold at the same price as a regular Silver Eagle plus $5 more for the holder. Some people like them but MS 69 or MS 70 is how they come in a tube. If you buy a raw one just ask to get one from an opened tube. Al you would be doing is paying for the grading service and S&H.
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United States
1037 Posts
 Posted 07/23/2010  8:05 pm  Show Profile Check specksynder's eBay Listings Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
grading + s&h is what? $30? I bet if I sent in an entire unopened roll I wouldn't get a MS70.
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 Posted 07/23/2010  8:35 pm  Show Profile Bookmark this reply Add fcrazo to your friends list Get a Link to this Reply
Unless you are a big customer of their's.
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United States
1534 Posts
 Posted 07/23/2010  8:41 pm  Show Profile Bookmark this reply Add wheatguy to your friends list Get a Link to this Reply

Quote:

Unless you are a big customer of their's.


I disagree. There is an unfair perception backed by absolutely no facts that grading services are rigged and the big companies get high grades. Please provide proof before bashing any company, in this case a TPG.

Also, these command big premiums because of registry sets. I would personally rather get one for $20, but registry sets are competitive and I understand the premiums for MS-70's.
Edited by wheatguy
07/23/2010 8:46 pm
Pillar of the Community
United States
1037 Posts
 Posted 07/23/2010  9:05 pm  Show Profile Check specksynder's eBay Listings Bookmark this reply Add specksynder to your friends list Get a Link to this Reply
I don't think the grading is rigged (though others are free to disagree with me). I just think you have a much better chance of getting an MS70 if you submit 500 coins instead of submitting 5.

(Although I seem to recall someone posted a list of like 100 consecutive slab numbers that were ms70... anyone have a better memory than me?)
Valued Member
United States
321 Posts
 Posted 07/23/2010  10:25 pm  Show Profile Bookmark this reply Add mattbrowning7 to your friends list Get a Link to this Reply
So hpyhikn, the point is, if you just want to invest in silver, go with the $20 one. Perfect grades are nice...to the collector, but there is no more silver in the $80 than the $20.
New Member
United States
2 Posts
 Posted 07/24/2010  7:54 pm  Show Profile Bookmark this reply Add westminster mint to your friends list Get a Link to this Reply
In reply to the post made Hpyhikn. We advertised a PCGS certified MS70 silver eagle for $79.95 which is a very fair price. Look at the price some of the coin dealers who get favorable mention in this forum charge for the same coins! You say you found the same coin on http://www.coin-rare. This is also a Westminster mint site. The coin you found there was a regular uncirculated silver bullion coin. Silver bullion coins will only ever be worth their weight in silver while some certified high grade coins such as MS70 silver eagles have the potential to be more valuable in the future. Some MS70 silver eagles command over $1,000 each. PCGS is highly regarded and coin dealers large or small can't pay extra to get coins back in MS70 condition. There are significant costs involved in stocking MS70 coins. We recently sent in 3 x 500 coin sealed monster boxes of silver eagles to be graded and only got 39 coins back in MS70. For most people buying silver bullion coins is a safer option than buying numismatic coins. Both can be good value if you buy at the right price.
Valued Member
United States
103 Posts
 Posted 07/24/2010  8:26 pm  Show Profile Bookmark this reply Add zazenboy to your friends list Get a Link to this Reply

OUCH!

Hpyhikn, I think you've been had - best stick to trails and the fresh air, if your moniker is any indication! Since this is a public forum, the people and companies you rip on might actually read and respond... Just sayin'

Welcome, westminster mint, me thinks you get Shirley Sherroded everyday since the kind of ad you use is also used by other companies, but not you, to shall we say, entice the unwary & uninformed buying public to purchase valuable assets at inflated prices. I saw your ad and had the idea that that your PR-70 slab was perhaps a loss leader...

Anyhoo.


The political inuendo is noted , this is the second time I have seen the above reference posted by you,politics are not allowed in the main coin forums even in the round about way it has been used, Metalman
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