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 Replies: 29 / Views: 2,901 |
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Valued Member
Canada
71 Posts |
Hello all, I often like to show my whole collection to my family (close family) and there has been a question that I have been asked so many times and when ever I have tried to answer I always stumble upon different things to say and have never really given a clear answer. That question that always gets asked is..... *Family member looks at gold coin* "it only says 20 dollars, why would you pay 1.2k for it?" What are your ways of explaining this? How do you educate your friends and who ever you are presenting your collection to that your coin is not actually worth the face value?    ,Ivan (sorry for the edits, people seem to be getting the wrong idea.) (wrote this one on mobile, sorry for any mistakes) Edited by ivan123
03/16/2014 01:27 am
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Pillar of the Community
United States
1358 Posts |
Why pay $50 for a video game that doesn't even have a face value? It's a hobby, and money must be spent on it, just like everything else!  It's just like any other collecting hobby. Stamps, cars, antiques. A higher price indicates a greater demand for it. Additionally, gold, silver, platinum coins have much of their value set by metal content. Edited by coinsearcher83
03/15/2014 8:55 pm
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Pillar of the Community
United States
3486 Posts |
Because the coin contains XYX amount of gold which is worth ABC dollars.
When the coin was issued, the price of gold was MUCH less.
Good enough response?
Add more details but use this answer as a central theme.
Edited by matthewvincent
03/15/2014 9:01 pm
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Valued Member
 Canada
71 Posts |
@mattewwvincent
Great answer but what about modern 1oz issues (20 dollar gold Canadian 2013 1oz)
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Valued Member
Canada
71 Posts |
@coinsearch
ahh that's a smart answer, I never thought about using something like that.
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Rest in Peace
United States
7075 Posts |
My advice:
QUIT SHOWING OFF YOUR COLLECTION!
Your friends may be completely trustworthy, but one day one of them will say to some stranger: I know this guy that collects coins and he could tell you what yours are worth. He lives over on blah blah blah street. A week later you get robbed and if you're lucky, you're not home.
It may never happen, and of course, I hope it doesn't, but if anything bad happened, you will always wonder if a friend said something to someone who told someone else...
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Pillar of the Community
United States
2850 Posts |
Explain to them gold is around $1,300/oz. and that your 20 dollar gold Canadian is 1oz. of gold, plus that it has some collector value added too.
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Valued Member
Canada
71 Posts |
@buddy
I do not show my collection to anyone that is of any risk. I am very cautious about my coins, especially because I spend over 50% of my salary on them.
but anyways thanks for the heads up :p
appreciate it.
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Valued Member
Canada
71 Posts |
@wheatback
that's a good explanation but I have used it before and I got this reply:
"then why would they put 20$ on it"
and then I got lost, once again :o.
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Pillar of the Community
United States
3486 Posts |
In the case of a modern issue, say,
"This is essentially a bullion issue. The $20 face value
fulfills the requirement that it be a coin. But no one would spend
it for $20 worth of merchandise. In reality, it is a pretty lump of gold and valued according to the amount of the metal it contains, which is one ounce"
Gold is now trading at QRST $$ per ounce.
Any help?
I was thinking of the coins of 1912-1914. Very pretty.
Hope I got those years right.
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Valued Member
Canada
71 Posts |
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Pillar of the Community
United States
7618 Posts |
Quit showing off your collection to people that are obviously numismatically uneducated.
Problem solved.
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Pillar of the Community
United States
531 Posts |
That can be a hard question to answer. In my case my collection of US Half Cents, cents, and Two Cent Pieces ( over 550 pieces) has a total face value of $5.92. |
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Pillar of the Community
917 Posts |
Quote:
@buddy
I do not show my collection to anyone that is of any risk. I am very cautious about my coins, especially because I spend over 50% of my salary on them.
but anyways thanks for the heads up :p
appreciate it. He wasn't accusing your friends of being untrustworthy. But I'm sure you don't know all the people they associate with. Plus I have had great friends (so I thought) then one day bam, they turn into psychos. Not saying this is normal but weird stuff happens, and, well people are untrustworthy. People that would normally be good can do weird things when large sums of money are involved. |
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Pillar of the Community
Canada
5417 Posts |
Well Ivan I definitely don't have to explain it to you but since my collection is pretty much only silver/gold coins I say The silver/Gold value is worth that much. Since almost noone knows the silver spot price by heart unless they collect coins (In which case I don't have to explain) I say that I paid $50 for a silver dime saying it's worth that much in silver (I don't like getting into explaining numismatic value as that takes too long).
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Valued Member
Canada
71 Posts |
@westernsky @LincolnGuy
How about we assume my friends don't become psychopaths..
but once again thanks for looking out @lincolnguy.
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Replies: 29 / Views: 2,901 |
Posted 03/15/2014 8:59 pm
