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 Replies: 19 / Views: 2,361 |
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Pillar of the Community
United States
931 Posts |
I have had several discussions with a guy at work. He is interested in precious metals but has yet to buy any. I have a 2006 one ounce uncirculated Buffalo gold coin, and he wants to buy it. I told him that I wasn't really looking to sell any gold, and I would have to get $1950 out of it. He didn't even flinch and said "SOLD!". I bought this coin about six months ago and with shipping I have $1562 in it. His reason for wanting to buy my coin is that he has no computer, no checking account, and he is very nervous about sending that much money to anyone that he doesn't know. In essence he is willing to pay a hundred or so extra to be able to hand me the cash and get his coin instantly. I have been looking at a 2008 Prosperity Set at a local antique dealer and it includes a one half ounce 2008 Burnished Buffalo with the West Point mint mark and a 2008 one half ounce Burnished Gold Eagle. The set is $2500 for an ounce, but with the $400 profit from the Buffalo ouncer it would bring my actual cost for the Prosperity Set to $2112 and that Burnished Buffalo is pretty rare. What would you do? Edited by junior e
08/12/2011 1:32 pm
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Valued Member
Canada
91 Posts |
SOLD.... take that money and go buy another one then keep the extra as profit.. IMO
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Pillar of the Community
United States
830 Posts |
What can you get the same coin for now? I'm not up on buffalos. Don't forget to include taxes, shipping and stuff if its a factor.
Edited by GoThunder
08/12/2011 1:40 pm
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Pillar of the Community
United States
2661 Posts |
If he is willing to pay that then by all meens let him have it. I would put the revenue from the sale into Silver myself. But thats just me.
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Valued Member
Canada
442 Posts |
I would do it and continue to be his gold supplier!
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Pillar of the Community
United States
524 Posts |
Sell it, then go buy another one and pocket the difference. If he's willing to pay more than spot for convieniance, you benefit. That is if you can pick another one up for less than what he is paying you.
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Pillar of the Community
 United States
931 Posts |
Checked ebay and compared to their prices I'm about right only without the 13% hit from ebay and PayPal. I think I would be reloading with the Prosperity Set anyhow. The Prosperity Set would be a great thing to leave to my niece which is where my gold will probably end up going ( unless I get wild with it when I'm old. ) |
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Pillar of the Community
United States
667 Posts |
I don't know if I can give you much help junior. The prosperity set to me is more of a collector item. While the sets did not have a production limit and they contain two coins that you could get out side of the set the added price must come from the packaging when they were first sold.
Thus of course they have an extra premium above the coin value. If you feel this is a good item and will grow in price then it is probably a good thing to do. Though I'm not sure of what type of market their is for the prosperity set.
We are all different I tend to like my gold raw and clean but others like to do it differently such as graded coins or special sets.
Thus is you feel the money difference per oz is right then by all means do it.
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Pillar of the Community
United States
5832 Posts |
Edited by macmercury
08/12/2011 3:16 pm
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Pillar of the Community
United States
931 Posts |
Hey Mr MacMercury, do you think that the Prosperuty Set is a good investment? It looks to me like there is some serious demand for that half ounce Buffalo already. The gentleman at the antique store is the original owner, and a 2009 Buffalo Proof that I bought from him is very complete and an outstanding coin. The Prosperity Set seems to be a real gem from the mint. Is it true that they only made them for one day?
Edited by junior e
08/12/2011 3:19 pm
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Pillar of the Community
United States
3670 Posts |
In the end you are turning a 1 oz. Buffalo 2006 uncirc (non proof), into a rare unique half oz. Buffalo, and a half oz. Gold eagle, both burnished....
I like the rest say go for it. You are helping out a friend and he is happy to pay that premium, getting a real gold coin hand to hand, and you are getting a slight upgrade, an who knows how much that set may command in five or ten years....
I think many of us would rather have gold in half oz. instead of 1 oz. for obvious reasons. I have a hard time getting change back on hundreds, and would prefer to 50's in the end, lol....
Edited by Silverhawk74
08/12/2011 3:18 pm
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Pillar of the Community
United States
667 Posts |
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Pillar of the Community
United States
931 Posts |
Thank you for the link mkfarm! Lot's more info than I have previously seen. Thanks for the info Hawk. I don't have any half ouncers and I've been thinking about a $10 Indian Eagle gold coin, but I like the Buffalo design a lot, and with the low mintage I think the Prosperity set would be a real keeper for my tastes.
Edited by junior e
08/12/2011 3:35 pm
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Pillar of the Community
United States
5832 Posts |
In my opinion is that 2008 is the only year that the US Mint coined fractional Buffalo set, it would be a good buy if the coin are of high quality, strong strike and full detail.
That means no blemishes that you can see in your naked eye, red spots, bad wash. Any of the above I would look for another set instead. You would do better in the long run than a common 2006 un-circulated gold buffalo that have larger mintage.
Edit: And trade like bullion.
Edited by macmercury
08/12/2011 3:41 pm
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Rest in Peace
United States
9104 Posts |
Not sure what the question is.
He offered, you priced, he accepted. You are legally obligated to sell.
Whether you trade up, replace or hold cash is up to you, but there is no question that you should sell.
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Valued Member
United States
362 Posts |
Sell it and buy another, lol
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Replies: 19 / Views: 2,361 |
Posted 08/12/2011 1:40 pm
