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Add For NGC MS-70 Silver Eagles

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Valued Member

United States
232 Posts
 Posted 03/11/2013  10:18 pm Show Profile   Bookmark this topic Add John Paul to your friends list Get a Link to this Message Number of Subscribers
Hello,
A magazine I read (not at all coin related) often has coin adds in it for bullion coins or silver coins from various companies. These typically seem to have a fairly high mark-up, but I have never really comparison shopped.

Recently was an add from a company which was claiming to sell 2013 silver eagles that were already graded MS-70 by NGC. Presumably they would need to have a lot of coins to justify advertising like that, but I would assume that MS-70 silver eagles would be hard to come by.

I have no intention of buying these - but I am curious. Are there so many MS-70 silver eagles that this could be legitimate? Or am I missing something here?

Thanks

Valued Member
United States
232 Posts
 Posted 03/11/2013  10:24 pm  Show Profile   Bookmark this reply Add John Paul to your friends list Get a Link to this Reply
Oops - one to many d's in Ad in the threat topic. Perils of relying on spell-check.
Bedrock of the Community
basebal21's Avatar
13014 Posts
 Posted 03/11/2013  10:31 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
Nothing suspicious about that ad. Theres a decent number of 70s for ASEs now a days. Compared to the total mintage theyre kind of scare (NGC is also loser with the 70s) but they arent hard to find if youre willing to pay
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denco7's Avatar
United States
2543 Posts
 Posted 03/11/2013  11:14 pm  Show Profile   Bookmark this reply Add denco7 to your friends list Get a Link to this Reply
Typically these places buy a monster box or thirty ..... of coins, send them in to be graded 69 or 70. As basebal said, with the improved quality at the mint, more and more 70's are graded. They then turn around and sell these $30 dollar bullion coins for $139 at MS 70 , sell the 69's for $99 and move the rest at spot + . I read somewhere ( and someone can dispute this ) that @ 10% of an unopened monster box grade at MS 70. So if you submit 15,000 coins you have @ 1500 to sell at MS 70.
Valued Member
United States
232 Posts
 Posted 03/12/2013  09:12 am  Show Profile   Bookmark this reply Add John Paul to your friends list Get a Link to this Reply
Thanks, I had no idea that so many MS-70s were made. Is this just for the bullion coins or are circulating coins this high quality as well (before they circulate)?
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Broken-Coin's Avatar
United States
1812 Posts
 Posted 03/12/2013  1:03 pm  Show Profile   Bookmark this reply Add Broken-Coin to your friends list Get a Link to this Reply
I would add that before anyone purchases a MS69 or 70 ASE at the requested premiums asked, telephone local dealers and mention that you just received some as a gift and you don't collect coins and would like to sell them, then ask what they are paying for these coins, and then you'll know how much of a hit your going to take should you need to sell.

I'm sure the offer wouldn't be much more then current spot.
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basebal21's Avatar
13014 Posts
 Posted 03/12/2013  1:27 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
Is this just for the bullion coins or are circulating coins this high quality as well (before they circulate)?


They arent as high quality but theyre getting theyre


Quote:
telephone local dealers and mention that you just received some as a gift and you don't collect coins and would like to sell them, then ask what they are paying for these coins, and then you'll know how much of a hit your going to take should you need to sell.


Or sell them on ebay for what theyre actually worth.
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