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 Replies: 10 / Views: 2,088 |
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New Member
United Kingdom
3 Posts |
Hello, I'm a completely unknowledgeable when it comes to coins and coin collecting so please forgive me for any ignorance. Apart from the odd sovereign and britannia I have inherited over the years I know nothing about coins! I have come into the ownership of a One Guinea Coin and I would like to know whether it is something collectible, or whether it is a nice shiny disc shaped piece of scrap metal worth a little over spot? The information on the exact coin I have won is here: http://www.eicgold.com/gold-collect...-proof-coin/If it is collectible I may keep it, but if it's not I will probably sell it on. If it is worth selling on please can you recommend where is best to sell it (I live in London). Thank you in advance. |
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New Member
United Kingdom
34 Posts |
When you see things like this it should sound alarm bells. It will always be worth its intrinsic metal value, but is unlikely ever to be worth more. Even though there is a thousand limit, the collector base is likely to be minute and so they will never be in demand. Similar things to avoid for the same reasons include Westminster collections and London Mint Office products. I'm not saying don't buy them if you like them as long as you are aware of the position you will be in. i.e. never pay more than melt.
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Pillar of the Community
United Kingdom
1687 Posts |
Welcome to CCF. Congrats on winning that coin. The bullion value of the coin is probably less than £200 but that is indeed more than the £2 face value of the coin. The link to the coin on The Royal Mint web site is http://www.royalmint.com/shop/2013_...d_Gold_Proof and they report it as sold out and their selling price was £900 compared to £795 for the link you provided. Maximum Mintage: 1,110 Limited Edition Presentation 1,000, so what sets did the other 110 go into? Is a coin collectible is always a difficult question since that is really something that only you can decide. Do you link the coin? Does it fit into your collection? Does the coin fit into your collecting goals? I can't offer any advice as to where to sell but bear in mind that you probably will not get near the £795 price from a dealer since they will need to buy it from you and make a profit when they eventually do sell the coin. Now if I had the coin and a dealer offered me a gold 1 oz coin like a Krugerrand or Britannia, etc in exchange, I would gladly take that deal. Ken |
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New Member
United Kingdom
34 Posts |
The problem is the amount of material produced by The Royal Mint and everyone else to tap into the collecting bug. The EIC was a legitimate company, but eicgold.com is selling these cheaper than the RM is suggesting the RM is just trying to make a bit on the back of someone else's product. If it isn't an official RM product the collector base will be much reduced. The RM on its own has an output verging on a serious medical illness. The decimal section of the latest Spink catalogue devotes 128 pages to just over 40 years of coinage. The 128 pages prior to the decimal section takes you back to George I. i.e nearly 300 years. That is a very graphic demonstration of the quantities of coins produced by the RM and the rate at which new coins are issued. They are almost never rare, invariably overpriced and typically ensure a monetary loss on resale. The RM is rapidly becoming a bric-a-brac shop and the me-too issuers the equivalent of Poundland without the cheap prices. |
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New Member
 United Kingdom
3 Posts |
Thanks for the replies. I am not sure it has any relation to The Royal Mint coin(s) as it has a completely different design and denomination, so I'm guessing it is unlikely to be collectible... I'm not expecting much from it - at a guess around spot, but I will take it up to Hatton Gardens and see whether any of the coin dealers there would be interested. Thanks again! |
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Pillar of the Community
United Kingdom
1687 Posts |
Somedays, I really should not reply to stuff when I am busy at work..... I just looked again....the one you posted is from Saint Helena. I agree that The Royal Mint (like the US Mint, Canadian Mint, and Australian mint) all make too many not for circulation coins. What is even worst, is the "knock-off" coins that like the one acquired....which in the long run, don't have much collector value. Only coins that I buy direct from The Royal Mint is the £20 for £20 coin and the non-bullion silver Britannia (and I cringe at the price that I have to pay for them these days). Ken |
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Moderator
 Australia
16868 Posts |
Hello and welcome.  I don't know who this "East India Company" is; the original East India Company was dissolved in 1874. WhoIs reports the eicgold website was "established" by a website proxy company and I can't find any information on their website or anywhere else about which mint actually made the coins; it all sounds very shadowy to me. I don't think their coins have anything to do with The Royal Mint. I'm not even entirely sure they are actual legal tender coins. They might not even be genuine gold. As such, most collectors aren't going to really want them. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United Kingdom
856 Posts |
Looks like a St Helena commemorative, which is basically a bullion coin to me. Do you know the weight and fineness (carat) of the gold? If so I believe that selling through one of the gold by post companies can give better results than direct to a shop. A contact has used http://www.hattongardenmetals.com/Q...side-uk.aspx and got decent prices. You can just enter the details online and get a quote before you start visiting actual shops. DO NOT use high street 'we buy gold' stalls. They pay significantly less than melt. |
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New Member
United Kingdom
3 Posts |
From the website it says:
Specification
Alloy: 916.7Au
Denomination: £1.05
Diameter: 24mm
Weight: 8gm
Quality: Proof
Issue Limit: 1000
Special Finishes: Compass Milled Edge
So I'm guessing from above it is similar specification to a Sovereign?
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Pillar of the Community
United Kingdom
856 Posts |
Yes. 916.7 is 22 carat. Same as a sovereign. That would give you just over £167 at the site I mentioned above. (A bit more in Argos vouchers!) So now you have a benchmark for offers from other dealers/jewellers. You might get more on ebay. But remember to build in the fees (about 16% including PayPal fees and postage). With ebay I imagine it would help if you have a Certificate of Authenticity. Jewellers and the like will no doubt just test it themselves as it's not a regular sovereign. Alternatively, stick around. When you have 250 posts and have been a member 90 days you could offer it for sale to members here! Edited by Tom Goodheart
01/03/2014 07:51 am
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Pillar of the Community
United Kingdom
1351 Posts |
It is a shame these companies are allowed to trade.Daily Mail hold your head in shame.
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Replies: 10 / Views: 2,088 |
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Posted 01/02/2014 10:25 am
