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 Replies: 14 / Views: 9,375 |
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New Member
United States
21 Posts |
In April 2010 I bought a 4 coin set of PCGS MS70 Gold American Eagle coins on ebay. The total gold is 1.85 oz. Gold was $1200 at the time and I paid $2625 with shipping. I thought they might be worth more because of the supposed rarity of the MS70 grade. At coin shops, they seem to be worth only melt or slightly above. I have a buyer on Craigslist who is offering 3% over melt and I am probably going to sell them tomorrow. Is there any reason why I shouldn't? I paid too much for them but now because of the price of gold, I will have a profit. Are these MS70 bullion coins really worth more, or is it just a scam? PCGS shows a value of $525 for the 2003 $5 Eagle. I can't find anyone who thinks it is worth more than $160.  |
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Valued Member
United States
172 Posts |
back when silver and gold were lower ms-70 did have a slight premium becuase it is very hard to get a coin graded 70 because that would mean that its literally flawless in everyway and has a great strike......with gold and silver so high now the gap between melt and high graded coins have closed A LOT!.....most people now are selling their so called "junk" silver to upgrade to a more collectable piece (example: selling a terribly toned and battered silver eagle for the same price as you buy the brand new Brilliant uncirculated eagle).....gold especially has lost its gap due to the heavy prices per ounce everyone.......funny thing is you say you paid too much for the set you got....and I'm pretty sure that is from the HSN on t.v. because they sell that exact set every year WAY over priced....luckily for you and everyone else gold rose so much that you didn't get ripped off you actually made a profit......so if I were you i'd sell them if you can get any kind of premium and possibly upgrade to even more desireable coins...just my opinion!....still are beautiful coins and would be nice to have in a collection
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New Member
 United States
21 Posts |
I bought them on an ebay auction in May 2010 (not April as I mistakenly said in original post). Paid $2625 with gold at $1200. Got 2% back on ebay Bucks, so net cost is $2573. Took them to a coin shop to sell (not expecting to sell, but to verify that they were real) and was offered melt. Guy said that all the bullion coins are MS69 or MS70s which made sense. Now, with gold around $1500, I have a cash buyer paying 3% over melt. Probably will take that offer tomorrow. |
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Bedrock of the Community
United States
10034 Posts |
 Switching to a coin with numismatic value means you are pretty much off the roller coaster ride of wondering what your coins are worth each day as the market fluctuates. |
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Pillar of the Community
United States
931 Posts |
If that was a 2008 set I think people would be willing to pay quite a bit more due to the low mintages.
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Pillar of the Community
United States
931 Posts |
Whoops!
Edited by junior e
05/15/2011 12:36 pm
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Valued Member
United States
333 Posts |
Sometimes at coin shows they are willing to pay a bit more for them. For example, with gold at $1500 dealers were selling the 1/10th ounces for 170 and paying around 165 and this was for ungraded stuff. Of course, there was a lot of variation around between dealers.
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Pillar of the Community
United States
3184 Posts |
check ebay and if its worth more, sell it on ebay. In general, MS70 coins should sell for more, not for melt, etc. |
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New Member
United States
21 Posts |
I agree, on ebay they sell for more. If I sell for $3000 on ebay, I pay $100 ebay fee (new fee schedule); $85 to Paypal, $20 for postage/insurance, and wind up with $2795, which is 1% above the $2766 melt value. |
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Pillar of the Community
United States
1213 Posts |
In my opinion, it's pretty hard to tell the difference between MS69 and MS70. I don't get why people are willing to shell out so much more for the "rare" MS70 grade,
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New Member
United States
21 Posts |
I think there is no difference. And, I cannot find any buyer who is willing to shell out more. Last night an auction of 7 MS70 $5 Eagles sold for $1276 or $182/coin. About the same as raw coins.
If MS70 bullion coins are essentially a scam for Home Shopping Network, the top grading services: PCGS, NGC, and ANACS are co-cospirators.
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Valued Member
United States
299 Posts |
Come back in 75 years and the 69-70 diff may effect price/value.
But for now, if you are investing in newly minted coins, go for proofs. Other wise it is just bullion by the ounce.
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New Member
United States
21 Posts |
As a follow up, I decided to keep the MS70 set rather than sell it 3% over melt. I sold
2 raw $50 American Eagles for 2.5% over melt instead. I decided that the 3% premium on PCGS MS70 coins
is bedrock, and only the gold content is subject to decline.
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Rest in Peace
United States
9104 Posts |
I was gonna offer 4%, just for the halibut.
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New Member
United States
21 Posts |
The transactions I made were in person.
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Replies: 14 / Views: 9,375 |
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Posted 05/15/2011 11:46 am
