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Madison Proof Mistake

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Bronxman95's Avatar
United States
178 Posts
 Posted 03/16/2008  11:24 pm Show Profile   Bookmark this topic Add Bronxman95 to your friends list Get a Link to this Message Number of Subscribers
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?
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GO's Avatar
United States
6563 Posts
 Posted 03/16/2008  11:42 pm  Show Profile   Check GO's eBay Listings Bookmark this reply Add GO to your friends list Get a Link to this Reply
that depends...how much did you get it for?
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Bronxman95's Avatar
United States
178 Posts
 Posted 03/17/2008  09:09 am  Show Profile   Bookmark this reply Add Bronxman95 to your friends list Get a Link to this Reply
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?
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biokemist6's Avatar
United States
12437 Posts
 Posted 03/17/2008  10:00 am  Show Profile   Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply
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.
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amac44's Avatar
United States
3242 Posts
 Posted 03/17/2008  3:11 pm  Show Profile   Bookmark this reply Add amac44 to your friends list Get a Link to this Reply
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.
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jbuck's Avatar
United States
188130 Posts
 Posted 03/17/2008  5:37 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
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.
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eaglefoot's Avatar
United States
6326 Posts
 Posted 03/18/2008  09:45 am  Show Profile   Bookmark this reply Add eaglefoot to your friends list Get a Link to this Reply
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 !!
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