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 Replies: 12 / Views: 7,405 |
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New Member
United States
18 Posts |
*** Moved by Staff to a more appropriate forum. ***I am selling my dad's coin collection. I went to the coin buyer (very nice guy and the shop had good references). I had 10 gold coins to sell. He looked at the $10 1907 Liberty Half Eagle and said "This is not a real coin. You can tell with one look. I will pay you $580 for it since it is made with actual gold from when gold was cheap. But this was never used as a coin". He said the other 9 pieces were authentic. The 1907 looks exactly like the other gold pieces and Dad never dealt in "fakes" or "commemoratives". The coin-buyer said that the discount is only $120 since the coin would be worth $700 if it were real and $580 as it is. I have researched the 1907 and not seen any references to 1907's issued as decoratives or commemoratives. It looks real to me (i enjoy collecting but am not an expert). I am selling to settle the estate so I need to sell everything. I sold rolls of Washington Head quarters (prior to 1960) and got a good price from this store.
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Valued Member
United States
139 Posts |
Hey Surf, First!  Great to have you. I am assuming that is not the only coin you have? Here is what I would suggest first...which you probably know but DO not clean any coins. Now that is over with. To the coins..Could you make a little inventory of what you have in single coins, or even in rolls so we help you out. As for 1907 Liberty Half Eagle...I am not sure exactly on the price, but what is the condition? Do you have a picture? |
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New Member
 United States
18 Posts |
I will never clean coins. I promise. I don't have a photo but I looked at the photo on this site (gallery?) and it was exactly what I have. I got excellent help on this forum getting the other silver coins sold. The other family members thanked me and I told them that the coincommunity deserved the thanks. I think I can find the other values online. I have a 1909 Indian Head $5 gold. a 1903 Liberty Head $5 gold. 1910 Indian Head $10 gold. (2) 1880 Liberty Head $5 golds. (4) 1955 Mexican 5 peso golds. 1897 Netherlands 10 guilder gold coin. All are in fine condition but I don't think the shop cares; I think they are just paying on the gold.
I think I posted in the wrong category. I should have been in "Classic" coins. I don't want to re-post too soon in 2 categories since I am new to this forum. Or can I post this same question in Classic?
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Pillar of the Community
United States
1064 Posts |
A Half Eagle is a $5 coin; is this 1907 a $5 Half Eagle, or a $10 Eagle?
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Rest in Peace
United States
9104 Posts |
By price, it's an eagle.
What I don't understand is if he's only buying for gold and it's full weight and purity, he should pay the same as the others. Melt is $729.
You have every reason to believe he's honest, so there's no reason to doubt him. Besides, if he wanted to nick you for $120, he could just offer $12 a coin less.
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Pillar of the Community
United States
3540 Posts |
Weird. If he is paying spot...then he is paying spot. No reason to discount gold because it is...well... made from gold when it was cheap.
Kind of like selling ice ...in the arctic circle....it is still ice.
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New Member
United States
18 Posts |
@JackB, the coin is $10. Liberty on front with a circle of stars around the edge. Eagle with wings spread on reverse.
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Bedrock of the Community
United States
10982 Posts |
If you could post some pictures we could be of more help. It's ironic the dealer would offer $580 if he knew it was not genuine. If he knew it wasn't authentic, he wouldn't know the purity of the metal content without testing it.
Also, 1907 gold Eagles are a common-date. The likelihood of it being a counterfeit is low.
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Valued Member
United States
183 Posts |
Usually fakes are identified by very subtle differences that you won't notice unless you are very familiar with the coins. It could be that he is taking a gamble on the gold purity based on the weight of the coin. Also it is possible he is trying to rip you off, but I think that less likely if he has been honest in the past. If you post a photo on here, there are so many experts around someone will be bound to tell you if real or fake.
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Pillar of the Community
United States
1659 Posts |
If you don't have the ability to post pictures here, you could try taking the coin to a different dealer to get a second opinion on it.
Do you have the ability to weigh it and measure the diameter of it?
A real 1907 $10 Eagle will weigh 16.718 grams and have a diameter of 27mm. The weight and diameter may be slightly less due to wear.
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New Member
United States
18 Posts |
I did go to a 2nd dealer. I told him that the 1st dealer had said it was not a coin. 2nd dealer said that many excellent forgeries were made and when he started to look, he said "This does appear to have a couple of unusual features on the "strike" but nothing conclusive. Then he weighed it and it came out at the correct weight ( @cwb8539 thank you for explaining ). He said he would give me $650 for it. I know that I should post photos but part of being 62 years old is a hesitation to learn how to get good photos and then upload them (I'm sure it is easy). I am so glad that this community was willing to help me. Someday I will have to find a way to pay you back.
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Pillar of the Community
United States
1081 Posts |
It sounds like he's not buying purely on melt value, but adding a numismatic premium on the the "genuine" coins, thus the higher price. He probably feels b/c he believes them to be real, he will sell them as real and make a premium on the gold content, while that coin he is buying just for gold content. To me, the price seems low. However, it's hard to judge this situation without actual pics of the coin in question, and how/why the dealer is buying them.
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Bedrock of the Community
United States
10982 Posts |
Quote:
He said he would give me $650 for it. I know that I should post photos but part of being 62 years old is a hesitation to learn how to get good photos and then upload them (I'm sure it is easy). You did the right thing getting a second opinion. Don't worry about the photos. Well, at least you can be sure you have a 1/2oz gold piece! My guess is it's a genuine 1907 Eagle. Did you have other questions or concerns we might be able to help with? Best of luck! |
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Replies: 12 / Views: 7,405 |
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Posted 04/25/2011 8:48 pm
