Madison Proof Mistake - Coin Community Forum

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Author	Replies: 6 / Views: 2,051
Bronxman95 Valued Member United States 178 Posts	Posted 03/16/2008 11:24 pm I made the mistake of buying a First Spouse proof Madison. My problem was that at the time of the purchase it was the only gold coin to buy from the usmint.gov Website. Any idea how long i'll have to hold it before I can take a profit? Report this Post to the Staff

GO Moderator United States 6563 Posts	Posted 03/16/2008 11:42 pm that depends...how much did you get it for? Report this Post to the Staff
Bronxman95 Valued Member United States 178 Posts	Posted 03/17/2008 09:09 am I haven't gotten anything for it yet. I paid 534.95 for it and S&H, how much of a premium is it worth over spot gold? Report this Post to the Staff
biokemist6 Bedrock of the Community United States 12437 Posts	Posted 03/17/2008 10:00 am You will not see a profit on that coin for a while, at least until the spot price of gold exceeds your cost. The problem is that the coin is still available from the Mint website so as long as they are still available, the secondary market is going to be virtually nonexistant. Report this Post to the Staff
amac44 Member United States 3242 Posts	Posted 03/17/2008 3:11 pm Last year I got Jefferson Liberty in unc 2 were about $695.00 + shipping. now 1 coin valued at $585.00 raw both mine are graded PCGS 1st Strike MS-69. I think last year was the time to buy gold. Report this Post to the Staff
jbuck Moderator United States 188130 Posts	Posted 03/17/2008 5:37 pm Good information from biokemist and amac. I will add that even though I believe the upswing is not over, if a lot of people that bought gold in the last few years start to take profits on the gains, it will level off or even drop. Buying coins for investment is tricky, which is why I don't play that game. That said, I would hold on to it for a while. I think longterm you will be better off, even if that term is ten years. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
eaglefoot Pillar of the Community United States 6326 Posts	Posted 03/18/2008 09:45 am It was the first "Spouse Coin" I was able to buy myself.....wasn't fast enough for all the others....and it's the "last" one I'll buy too. And I agree with everyone as well .....it'll be some time before you'd be "profitable" on that coin. Like Jbuck.....I don't play the "investment" game.......short term or long term. Meaning I never buy something with the thoughts of how much money I can make off of the purchase at some point in the future. I collect what makes me happy and when I become an "elder citizen" .....I'll be choosing which family member or coin enthusiast to leave my collection to. I hope my collection will be in the family for about 274 years !! Report this Post to the Staff
	Replies: 6 / Views: 2,051

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