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Pillar of the Community
 United States
4469 Posts |
I did a little research on the gold dollars sold from the Col Green estate to Eric P Newman in March of 1943. The Col Green estate had a total of 1083 gold dollars covering the entire series by date and mint as well as proofs and major varieties. Newman bought the gold dollars for a total of $10,000. It appears the 1874 dollar above was one of the 1083 coins.
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Bedrock of the Community
United States
94367 Posts |
Interesting, thanks for that. So, basically Newman bought the dollars (including proofs) for an average of less than $10 apiece!
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Pillar of the Community
United States
2023 Posts |
Congrats, that's an attractive piece.
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Pillar of the Community
Norway
1358 Posts |
The dollar was worth quite a bit more in those days, though, and gold was, compared to a dollar, worth mooch less than it is now. And I have a strong impression that numismatics as a hobby wasn't exactly top priority in 1943, let alone a regular hobby. So I guess $9.23 a piece must have been at least a fair price in those days.
Anyway, just as with the Eliasberg collection, I think it's a big shame that also this world class collection is cut up. To me, the total of the collection gives added value to it, as the coins add context to each other, they tell a story together. I really hope there are more people who share this view and I certainly hope that at some point a similar collection (if still existing) will be saved. Money on coin collections can also be made by renting it out and putting it on display, not just by cutting it up and selling it.
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Pillar of the Community
 United States
3058 Posts |
 That is a gorgeous coin! |
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Rest in Peace
United States
7075 Posts |
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Pillar of the Community
United States
1450 Posts |
You know my LCS dealer says that in the days when gold was $400 an ounce the numismatic premium was much greater than now gold is $1300 an ounce. I don't know what gold half-eagles, eagles or double eagles sold for when gold was $400 an ounce. Anybody remember back that far? I don't know why numismatic values would change so much unless supply and demand changed for gold coins.
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Pillar of the Community
United States
3343 Posts |
I remember @terry. Common lib eagles traded at $200 in the early 90's. I sold 4 for $800 to buy the Breitling watch I still wear.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
United States
1450 Posts |
THQ I really wish I had been collecting coins back in those days. I only started to really collect when I got some spare money. I think I missed the boat. I did collect stocks. I had about thirty stocks including the certificates. Now I wish I had not sold them and still had the certificates. I got some coin sets now but it is purely a hobby and I never hope to make any profits off of it. I don't have time to buy really low and wait for another 2010-11 to sell all my gold and silver for big profits. I think those spikes in gold and possibly coin prices don't come around that often maybe once every 30-40 years. Did you see the way the spot price of silver jumped up today. I do have full sets of Peace dollars, LWH's, Benjamins, Mercury and silver Roosevelt dimes and silver Washington quarters. Plus I have about 60 Morgans and a jar full of foreign large silver coins. My ship may come in one day, but I am not touch gold until the price drops if it ever returns to earth. I was stacking silver of all sorts back in around 2003, but I got tired of just looking at it and sold it all. That will teach a guy that short term investing is for the birds. |
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Pillar of the Community
United States
3343 Posts |
@terry I treat gold as a semi-investment that accumulates slowly. I'll dump a stack to get something I want more than the stack, like that watch. Replacing it in-kind today would take 7-8 gold eagles, because Breitling watch retail prices have increased 2x faster than gold has. However, the 20 year old watch that I own has depreciated and is not worth more than 2 eagles today.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
United States
1450 Posts |
The $60,000 question is: Where is gold going and how high or how low and for how long? If it is a freight train going to $3000 an ounce then I want to get on board. If it is a slow train to China and is going to hover around the current price for years I would only buy certain coins I just like for the sake of the art work and maybe insurance.
I have never been a trader. I just accumulate things over long periods. When I think I am smart enough to trade I usually end up losing money just on the cost of trading. In other words, I don't know what I am talking about but that has never stopped me before now.
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Pillar of the Community
United States
4469 Posts |
Terry, you are not going to be able to out guess the prices in the gold market. Invest/collect the amount of gold coins that you are comfortable in buying. If you sit on the fence, you will watch the train go by.
I am going to collect one each of the gold coins listed in the 7070 set. I will be targeting coins that will have some Numismatic value and I am not going to worry about the spot price fluctuation of gold.
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Pillar of the Community
United States
3343 Posts |
@terry another observation from the past. I bought an 1891-cc raw eagle in high xf or au in the mid 90's for $350. 10 years later I sold it for $700. The appreciation had very little to do with it being a cc. The price of gold doubled in that period.
I wasn't selling the coin to make a bundle of money, but using it to buy a better coin. While the long term accretion of coins will have value for my heirs it's paltry compared to savings in mutual funds and 401-K's.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
United States
1450 Posts |
thq
I agree with you regarding savings in funds, 401-K's and Roth IRA's. If you can hand down a Roth IRA I don't think the heir has to pay tax on it, but not sure. A person making decent money who starts an IRA or 401-K and faithfully dollar cost averages into them can have a million, or more if they start early. Investing is boring. Trading is fun and costly. Slider23 has a good point that unless you get onboard the train it will keep on rolling without you. I think I am going to get me at least one $20 gold piece probably Liberty Head from 1894 up to the end. That coin has the largest and longest mintage. That coin was minted for almost 60 years. There are many that are not possible for ordinary hu-mon to collect, but what a set. Saints were only around 26 years. If you were just going to buy which would you get? Thinking about it I might try to get just one of each like 7070 set. I must remember that coins are a hobby and I have real necessary things I must buy.....remember, remember, remember!
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Pillar of the Community
United States
3343 Posts |
@terry I like $10 Indians better than $20 Saints. I would buy more 1907 and 1908 no mottos when I have the money and can find them. The best US coin design IMO.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Posted 06/28/2016 4:58 pm
