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 Replies: 12 / Views: 1,348 |
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New Member
United States
3 Posts |
(From a newbie, I might add). This is my first post, so mods please move this to another forum if it isn't appropriate here. In anycase, here is my situation: Every Christmas my father used to buy me a 1/2 oz Gold American Eagle Proof (The kind in the blue velvet cases) as a commemortive investement, figuring I could sell them when gold was high and I needed the money. Well, gold is high and I need the money. :) My questions are: 1) Do proof American Eagles (still in plastic disk and case) fetch more then the standard AE bullion coins? 2) If so, where is a good place to sell them? Also, back in college (1998), I invested some money I inherited in a MS66 1908 Wells Fargo No Motto St. Gaudens (PCGS no. 99142). Unfortunately, it didn't appreciate much relative to the lesser grades according to latest PCGS prices. 1) Why is this? I would think the rarer coins would increase more. 2) The dealer I bought it from offered to buy it back but for several hundred dollars LESS then PCGS value. I realize dealers have to make their money, but is there a better place to get near PCGS value for a PCGS graded coin (in plastic and everything). At his price, I would essentially break even on a 10 year investment, despite the fact gold has soared. Any suggestions? In any case, I realize these are newbie questions, so I appreciate any help (as well as tolerance) you could give. I tried to find information on the internet, but most of the information I found was from online dealers who were looking to sell, not buy. Thanks, Jonathan |
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Pillar of the Community
United States
2269 Posts |
I don't know if Proof AGE fetch more if they are in the original case, They would probably sell much faster because of the case. I sometimes sell Proof AGE, and I have had the best luck selling on ebay. Welcome to the Forum Edited by Spider5689
02/16/2008 12:58 pm
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New Member
 United States
3 Posts |
Hey Spider,
Thanks for the reply. So the Proofs don't have a higher market value price per-say, but because they are "nicer" then the regular bullion coins they are easier to liquidate?
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Pillar of the Community
United States
2269 Posts |
It depends on rarity/mintages. Most proof AGE are fairly common. I wouldn't say they are any easier to liquidate, but less people collect the proof versions of the AGE. Right now you would make a profit on any gold purchased in 1998 due to the increase of the gold price. In 1998 Gold was less than half the price it is today per ounce.
Lately I have been selling APE. The common Proof APE sell for slightly over melt, but since the price of platinum is high, I'm profiting from these issues. I would have made a greater profit If I purchased unc APE, but I'm not complaining either.
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Pillar of the Community
United States
2335 Posts |
The prices listed on the PCGS web site are generally higher than fair market value. What's known as the greysheet has current bid & ask prices that will be closer to fair market value. Maybe someone here that subscribes to the greysheet could post prices for you. Without knowing current prices there's no way to know if the dealer is trying to rip you off or not. ebay could be a good place to sell, if you have decent feedback & accept Paypal. Do a search on ebay for completed items similar to yours to get an idea of selling prices. Don't forget to take in to account fees when making a decision. |
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Bedrock of the Community
United States
17884 Posts |
The proofs will tend to bring a higher price than just the regular bullion but not a tremendous amount more. The one oz tend to list about $100 over bullion I believe the half oz would probably be around $50 over bullion. As for where to sell, ebay would probalby be good but you might get killed by the fees. There are a few large bullion dealers that may be better because they make a market and buy/sell with a small margin. As for the Wells Fargo double eagle, untill that hoard turned up MS-66 saints were very scarce, then that hoard dumped a ton of them on the market. Also when they first hit the market they were promoted at inflated prices because 66's were rare and because of the "story" and pedigree. Since then the market has stablized but 66's are no longer as scarse as they once were which has had a tendency to depress the price, and the secondary market buyer are not as impressed by the story and pedigree so the inflated value laid on by the hype is now gone. This results in the poor performance of your investment "speculation". |
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Valued Member
United States
251 Posts |
The January 18 CDN lists the 1/2 oz American Gold Eagle at $463.30 Bid and $467.05 ask. I don't see a listing for the proof.
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Valued Member
United States
99 Posts |
I know when I want to sell something I have to ship it off, the dealers around here don't want to pay anything and act like they're doing you a favor taking it off your hands at a fraction of its worth. I don't think were allowed to post links here so do a search for bullion dealers and get quotes from them all- watch out for other coin dealers though as I had a few of them wanted to pay same as local and I would have to ship to Florida, no thanks. I have never done ebay myself and I think finding a dealer who would take the whole lot would be alot faster and hassle free for you. You should definately be able to get spot for the proofs if not a few dollars premium. Also there are other forums that cater to a more gold and silver crowd that could help. HH Mark |
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Pillar of the Community
United States
533 Posts |
I know that gold is high, and you need the money, but if you can stand to hold out a bit longer gold is going to go higher, possibly much higher.
I know that this is hardly the place to really get into the economics of the issue, but the FED is going to keep lowering interest rates to try and avoid a recession, which inturn will weaken the US Dollar even further, thereby driving the price of gold up even more.
I bought some gold a little over a year ago, and I'm not going to even think about selling it until gold reaches $1500. (which I think it should easily hit this year) IMHO.
Just my 2 cents on Gold. (Silver too)
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New Member
United States
3 Posts |
I'm so sorry that it has taken me so long to respond to all your comments, but I have been out of town. Thanks so much for all your suggestions. As I said, I am a newbie, and really don't know the in's and out's of selling gold coins. It's too bad that one cannot post the names of reputable dealers online (although I do understand the reasoning behind it). So, I'll do some checking around to see what I can find out. Although, as MorganNoob says, my best bet may be to wait a while longer as it does appear that gold prices are still rising. Again, thanks for all the information. I appreciate it!
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Pillar of the Community
United States
2049 Posts |
quote:
I sometimes sell Proof AGE, and I have had the best luck selling on ebay.
That's what I would suggest as well. It seems like things go for close to or sometimes even above "book" value on ebay. Even with the fees taken out, you still alot better than you would selling to a dealer. |
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Valued Member
United States
231 Posts |
The modern proofs are no longer demanding any premium. With gold as high as it is, even the $50 Gold Buffalo Proofs are being melted down. I have had to turn away several people this week with double eagles and the buffalo proofs. I am paying 7% under spot and the refiner pays me 3 1/2% under spot. This is the lowest gold margin I have ever had. To top it all off, with the IMF getting ready to dump all that gold on the market, most dealers (me included) are scared to death to hold any gold since it will surely drop significantly when this does happen.
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Valued Member
United States
130 Posts |
You really think it will drop significantly?
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Replies: 12 / Views: 1,348 |
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Posted 02/16/2008 12:58 pm
