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 Replies: 49 / Views: 12,313 |
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Pillar of the Community
Canada
4944 Posts |
I just found out that the Canadian Mint will be selling 30,000 1912-1914 $5 and $10 gold coins, that they have had in storage. Another 200,000 of the coins, which have been stored by the Bank of Canada for the past 75 years, are not considered to be of high quality and will be melted down. [Quote from article] http://www.680news.com/news/nationa...e-gold-coinsThis will not be good for prices of the coins that are currently on the market.  |
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Pillar of the Community
United States
2408 Posts |
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Pillar of the Community
 Canada
4944 Posts |
Thanks. Not sure how I missed that thread.
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Pillar of the Community
Canada
1554 Posts |
 Makes one wonder what else will come out of the woodwork next! Will it be 50 rolls of Victorian half dollars? Glenn  |
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Bedrock of the Community
Australia
21788 Posts |
These contain the same amount of gold as the U.S. Eagle and Half Eagle. There have been a few top quality fakes of these made, in very good quality gold, as have almost all of the U.S. series of gold coins. I guess that buying from the RCM is about the best original source you can get, with provenance supported with their sales invoice. I have a liking for the $10, more than the '67 $20 gold proof Centennial. All of these are handsome coins. Both have some significance to Canadian history. |
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Moderator
 Canada
10458 Posts |
I would not be happy, if I was sitting on a mint state 1914 $5 gold coin acquired prior to this release...
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
1844 Posts |
I agree SPP, I have an ICCS MS 60 $ 5.00 1914 and now that these coins are coming out prices will drop...
I thought that precious metals had no Taxes? so why are they charging Tax ? and why are they charging premium for collector value? should they not charge simply the value of gold ? or is there another reason for these coins to suddenly appear after all this time ? Hum makes you wonder whats next? A hoard of 21's that were mysteriously found
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Pillar of the Community
Canada
5324 Posts |
these are my exact sentiments on this sale by the RCM, my comments are in the nclt thread already, what is the RCM doing to the numismatic community? wasnt these coins supposed to been melted? |
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Valued Member
Canada
299 Posts |
I think the coins are 22k, so tax gets applied. I was always told, by dealers, only 99.9% gold/silver are exempt in Canada.
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Pillar of the Community
Canada
1192 Posts |
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Pillar of the Community
Canada
4944 Posts |
Quote:
I would not be happy, if I was sitting on a mint state 1914 $5 gold coin acquired prior to this release...  What kind of drop do you think we will see in prices? I would assume all the coins they are selling are around MS-63. Another question would be, who did they have to grade the coins?  |
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Pillar of the Community
 United States
1352 Posts |
This is teh reason why I would never consider buying a 1916 sovereign. Same thing happened with some US $20 gold that people previously thought scarce or rare. Too many examples of countries and banks that have had stuff like this stored away for decades.
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Pillar of the Community
Canada
1700 Posts |
What if Canada's economy must be so bad that it must dig into its exchequer/national tresury for reserved/preserved coin to sell?
Please delete this comment if it's too harsh.
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Valued Member
Canada
299 Posts |
I sort of view this with mixed feelings. I have all 6 coins in various states, from AU50 to MS62 as per ICCS. This looks like a great opportunity for collectors bringing some of these coins into an affordable price range, possibly even going to bullion prices as time ticks on and the secondary market starts to see more and more. As a mostly 1967 and down collector, these have always been, to me, part and parcel of this era in Canadian coins. Besides, gold is gold and to be able to get a bit in the form of a 100 year old coin is always kind of cool! :) There are several holes in my collection and I'm kind of looking forward to seeing what other coins RCM may offer. |
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Valued Member
Canada
334 Posts |
bosox
Many years back there was speculation among some dealers that there was indeed rolls of sovereigns sitting there . It would not surprise me in the bit if these do well you will see them be released . Dealers have probably been hollering for a controlled release for some time .
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Valued Member
Canada
334 Posts |
Further note - maybe the reason they are melting the majority of them , was heat from dealer groups . The 200,000 lower quality ones would still sell ( even just for bullion ) .
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Replies: 49 / Views: 12,313 |
Posted 11/28/2012 11:36 pm
