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 Replies: 13 / Views: 1,306 |
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New Member
United States
42 Posts |
Does anyone have insight into the likely future for late gold eagles in the AU range that have less than 100,000 minted? I wanted to buy myself a birthday present definitely under $600. So, I bought an 1887 AU 58... and there are supposedly only 58,000-- yet the coin still seems reasonably priced as other eagles that have much larger circulations... For investment's sake, I chose to put my money into this one instead of an 1840s eagle of lesser grade with the hope that it is a sleeper that is not in a coma...
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Pillar of the Community
United States
2797 Posts |
Quenton,
Welcome aboard. You won't lose your shirt on that deal because the bullion value will keep that coin from being a loser (unless gold tanks and stays tanked, not likely). If you wanted it to enhance your collection, you picked a nice piece and grade. If you are hoping for a windfall in the near future, I wouldn't count on it. Despite the low mintage compared to modern mintages ... the real movers are in the highest grades. An investment piece would be an MS63 or higher. That piece will keep up with the gold index.
A note to all others contemplating a rare coin investment for future profit. Pick a proven winner in the highest grade you can afford and pay very close attention to "eye appeal". A future buyer will be looking for these same things!
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New Member
 United States
42 Posts |
Thank you SeatedNut for the greeting and reassurance. I need my shirt! I am building a type collection of US Gold and had sold my only coronet eagle when in need of cash-- so I will save this one for a while. It does look quite nice...
It is very hard to judge values on some gold coins. I bought a 1904 double eagle that had the NGC grade of MS62 PL. But "PL" rarely shows up in price guides. But, as you said, it was the nicest looking highest grade coin I could afford at the time and it was worth a few extra dollars for that glimmer.
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Rest in Peace
United States
5375 Posts |
Oooh, I want a picture of the PL double eagle!
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Pillar of the Community
United States
6381 Posts |
I needed a Type 2 double eagle for my type set and elected to go for an 1876 that was certified AU-58 P-L by ANACS. I really liked the cameo look and reflective fields, even though the shiny surfaces highlight the many small abrasions. I can't see spending $50K or so for an actual proof double eagle, so a proof-like example is as close as I can come. My photos can't capture the full beauty of this coin, buy maybe you can get an idea. Quenton, I'd also like to see your coin. Please post a photo if you can.   Oh, welcome to the forum!  Edited by Jaobler
08/05/2008 11:54 am
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Pillar of the Community
United States
6326 Posts |
Quenton.............AND YES !!....WE LIKE PICTURES HERE !... 
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New Member
United States
42 Posts |
Thanks for the picture of that beautiful Type 2 double eagle! For the moment, I rest pictureless, unfortunately until I replace my old camera. But imagine for my Type 3 a similarly shiny very smooth background that does give the illusion of greater cameo relief.
Do you have a sense of how much a "PL" might add in grading to the coin and its value? One dealer I showed that coin to, out of curiosity as I would not sell it-- wanted to offer no more than for a 1903 MS 62 regular double eagle... I wish price guides would offer some guidelines on that since it is an official designation by the grading companies.
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Pillar of the Community
United States
6381 Posts |
I paid $950 for my 1876 and at the time similar ordinary AU coins were going for maybe $800 (gold was cheaper a couple years ago!). I also remember an MS-62 PL double eagle that sold for around $900 at a time when ordinary BU coins were less than $600. So, in general I think PL coins should bring some premium.
It does appear that the 1904 coin is pretty available with prooflike surfaces compared with other dates. The 1904 is also the most common Liberty double eagle. It looks like several 1904 NGC MS62 PL examples have sold in the $1100-1300 range on Heritage recently, while normal MS62 coins go for $1000-$1100.
So much depends on eye appeal. If my coin had nicer surfaces, I would have been interested even if the price had been higher than $950. If your coin has clean fields, deep mirrors, and strong cameo contrast, the right buyer might pay a lot more than $1300. My advice would be to hang onto your coin unless someone makes you an offer you can't refuse!
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Rest in Peace
United States
5375 Posts |
That's a pretty nice double eagle, Jaobler. Sounds like you got a pretty good deal, too.
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Pillar of the Community
United States
764 Posts |
gold coins are much different from other series because they all have histories. many were melted, exported, or ended up on the bottom of the ocean. some dates were almost entirely circulated while others stuck around in bank vaults. a particular date may have 5,000 minted with about 4,000 survivors while another with 700,000 minted has 20 survivors. many will disagree with me but I believe gold coins are one of the worst ways to invest in US coins. the 1933 double eagle was sold for over $7M because its the only one out of government hands (apparently at the time). a few years later, 10 more were uncovered, and while these are not legal to own, at least at the moment, they will kill the value of that date if they ever become legal. mintage figures tell very little about the value of a gold coin in most cases. however, not all gold is a poor investment. extremely high grade gold coins and also proof gold coins (not the bullion junk, actual intended for circulation coins) are awesome investments. |
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Bedrock of the Community
United States
20753 Posts |
In reality your question is like asking who should I marry, what car should I buy, what stocks should I invest in, etc. For all anyone knows tomorrow someone may invent the old thing about changing Lead into Gold. So then what would all Gold coins be worth? Probably the ones made in China out of Lead would be the valuable ones. Same with any coins. No one really knows how much any coin will be worth in the future.
I keep telling everyone if your looking for a great investment, avoid coins, Gold, Silver and find a company that makes Buggy Whips. With the prices of gasoline, the horse and buggy will be returning soon.
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Moderator
 United States
187570 Posts |
Quote:
With the prices of gasoline, the horse and buggy will be returning soon. Actually, I cannot wait for the new bike lanes that are coming to the remaining roads between my home and work that do not have them.  |
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New Member
United States
42 Posts |
Thanks for your response "just carl"... your cynicism is understood, but I don't think you understood my question. Little Boy and SeatedNut did and their answers have been most helpful. I like the buggy and whip quote too.
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Pillar of the Community
United States
3342 Posts |
100,000 mintage AU in US gold is hardly considered rare for any date. I've looked at low mintage Philadelphias in other denominations and haven't seen much premium unless the mintage was below 10,000. That said, I've never lost money selling US gold. You just have to wait long enough for bullion to be in your favor.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Replies: 13 / Views: 1,306 |
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Posted 08/04/2008 11:23 am
