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Pillar of the Community
United States
7293 Posts |
It's crazy. I wouldn't pay more than what the mint charged. It's just a bullion coin. It has $17 in silver. Oh well I get mine in a few days they are being delivered by sloths. I don't understand modern collectors. You get a coin from the us mint you pay to get it slabbed when you know it's genuine as you purchased it from the us mint. You pay for things like slabbing a certificate and then you put fancy labels on it, for a coin that costs $65 you pay over $100 for a price of plastic and then you say buy the coin not the slab. Only reason I got the coin(s) is because of the hype and that I was going to maybe sell it. Heck no I'm keeping it. I hope I get number 1 on the certificate so I can be offered crazy amounts of money and won't sell it (being honest if I get number 1 and get offered crazy amounts of money I'll sell it super quick, it's only $17 of silver but if someone wants to pay me stupid money, heck I have loose morals :)
Edited by hfjacinto
11/23/2019 11:15 am
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Pillar of the Community
United States
4901 Posts |
There are quite a few collectors that feel a tad different.
I would NEVER pay the present going price for this coin but there are a bunch that ARE paying it. I scoffed at the original $600 sales...now it's over a grand.
I WILL sell it at that price though....and there WILL be a buyer out there....
I try to never let my opinion get in the way of the facts in front of me.
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Valued Member
United States
71 Posts |
I'm not planning on selling mine. I'm not planning on getting it slabbed either. I'm thrilled to have it in my collection. This discussion brings to mind a very old joke: Quote:
Churchill: Madam, would you sleep with me for five million pounds?
Socialite: My goodness, Mr. Churchill. Well, I suppose. we would have to discuss terms, of course.
Churchill: Would you sleep with me for five pounds?
Socialite: Mr. Churchill, what kind of woman do you think I am?!
Churchill: Madam, we've already established that. Now we are haggling about the price. |
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Bedrock of the Community
13014 Posts |
Quote:
It's crazy. I wouldn't pay more than what the mint charged. It's just a bullion coin. It has $17 in silver. No it's not a bullion coin and this is a pet peeve of mine when people just make wild claims like this. Bullion is sold by the mint for spot plus a set amount. Bullion is only sold to authorized purchasers of which there were 9 last time I checked and 3 or 4 of them were overseas. This coin was sold direct to collectors. This coin is a enhance3d reverse proof. There is only 1 version of bullion ASEs and that coin costs about 19-20 dollars right now. It was made as a numismatic collector coin, it was marketed as a one, it was sold as one, it was priced as one, and it has a special finish as one. Calling this coin bullion is just factually incorrect. Unless you're going to tell me ALL proofs don't matter and that and that all silver coins including 1804 dollars and the 10 million dollar coin are just bullion because of the silver this coin is not bullion and people need to stop saying that |
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Pillar of the Community
United States
7293 Posts |
Yep it's a bullion coin with a fancy finish. In a fancy box with a fancy certificate but just a bullion coin.
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Bedrock of the Community
13014 Posts |
Quote:
Yep it's a bullion coin with a fancy finish. In a fancy box with a fancy certificate but just a bullion coin. For anyone that actually cares about facts especially those that may not know better this is completely incorrect |
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Valued Member
United States
102 Posts |
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Valued Member
United States
165 Posts |
"Yep it's a bullion coin with a fancy finish. In a fancy box with a fancy certificate but just a bullion coin."
If you Actually believe that then why are participating and commenting on a "Collector" forum discussion.?
Collector coins value is determined by Collector Interest.
Bullion coins value is determined by the Spot market which includes industrial demand.
Try telling your wife that her Gold wedding ring is only " bullion" and not a precious metal. :)
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New Member
United States
35 Posts |
I have been lurking for a while now but finally made an account because there are some comments being made here that make no sense. The fact that someone is willing to pay 300x the metal value let alone the MSRP is evidence this is not a "bullion coin". The market decides what is bullion and what is not. The market has spoken about this piece regardless of your own personal beliefs. Most who are calling this a bullion coin are just annoyed they couldn't get one at MSRP and are now trying to convince themselves it is just bullion
Edited by knowledge101
11/23/2019 12:43 pm
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Pillar of the Community
United States
7293 Posts |
Yep I'm annoyed that I didn't get one at msrp :) yep I didn't get one ;)
It's still bullion, and you can disagree all you want. People pay for fancy packaging and this just shows it.
Look I paid for fancy packaging and I got what I got because of this actual thread. But I know what it is. If the market fells that its worth more than I paid. That's great I'm not one to argue that the market is wrong.
Edited by hfjacinto
11/23/2019 2:13 pm
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New Member
United States
35 Posts |
https://www.dictionary.com/browse/bullionnoun 1. gold or silver considered in mass rather than in value. 2. gold or silver in the form of bars or ingots. 3. Also called bullion fringe. a thick trimming of cord covered with gold or silver thread, for decorating uniforms. 4. embroidery or lace worked with gold wire or gold or silver cords. Of these four definitions, the only one that would fit a coin is the first. So now, is the coin considered based on its mass or its value? If it was considered based on its mass, it would be 1 oz silver worth $17 USD (or maybe $19-$20 if you want to consider the cost of production and profit margin a typical ASE would cost). Good luck trying to find one of these based on its mass. Rather, its "value" is why it is sought after (ie the rarity of it since demand exceeds supply) and therefore it is not bullion. Is it a numismatic? https://www.dictionary.com/browse/numismaticsnoun (used with a singular verb) 1. the study or collecting of coins, medals, paper money, etc. Are people purchasing this coin to collect? Yes. This is a numismatic coin, and not a bullion coin. The idea that only historic rare coins can be consider numismatics and all modern coins are bullion is a fallacy. After all, rarity, which gives numismatics their value, can be a product of our own supply and demand, so the date of production of the coin is irrelevant in this discussion.
Edited by knowledge101
11/23/2019 2:18 pm
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Pillar of the Community
United States
7293 Posts |
From the Red Book all ASE's are listed under Silver Bullion, from the grading companies (PGCS as an example) all silver eagles are listed under Bullion. https://www.PCGS.com/prices/usLets take a simple example. If I buy a bullion silver eagle and I get it graded and it comes back as MS70, the value of that coin is no longer going to sell at bullion rate. BUT that coin is still a bullion coin. The super duper reversed anti gravity glow in the dark enhanced color ASE will sell at a premium to its cost but its still a bullion coin in fancy wrapping. Again whether you want to pay more for that fancy wrapping thats up to you. But its just a fancy bullion coin in a fancy wrapping calling it numanastic because it sells for more than its price doesn't change the fact that its a bullion coin. The Red Book, Blue Book and the grading companies call the ASE's bullion coins. Edited by hfjacinto
11/23/2019 2:24 pm
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Bedrock of the Community
13014 Posts |
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New Member
United States
35 Posts |
I'm not arguing that the industry views modern coins as bullion. You are correct in that regard. However my point is these standards are changing. No one would ever have thought that someone would be willing to pay $5k-$10k for a "bullion coin" that is only worth $17. The idea that a numismatic must be a historic coin is slowly being chipped at by the free markets. You can continue to have a definition that separates modern vs historic coins, but to the average collector and consumer it matters very little.
Edited by knowledge101
11/23/2019 2:24 pm
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Valued Member
United States
276 Posts |
hfjacinto - If you really do feel that it is just a bullion coin, why would you pay $65 for it? That seems a ridiculous price for bullion. And why would you consider it to be worth more than that now? It seems like, by your logic, all coins are bullion and worth only the metal they are made of.
Either you are not being intellectually honest with yourself, or you are just trying to stir the pot here and get a few people worked up.
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Posted 11/23/2019 09:58 am
