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 Replies: 18 / Views: 2,141 |
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Rest in Peace
United States
9104 Posts |
Poll Question
A gentleman comes in and wants to sell the gold medal he won in the 1968 Olympics. He has proof that he actually won it, tho he is not one of the "name" athletes.
It weighs 80 grams (2.6 oz), and he wants $4500 for it. Do you:
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Rest in Peace
 United States
9104 Posts |
Olympic medals haven't been solid gold since 1912.
You're looking at at least sterling silver, with a minimum of 6 grams gold plating.
Five bennies sounds fair to me.
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Rest in Peace
United States
9104 Posts |
Never been offered an Olympic medal, but I did have a guy bring in a game-used torch, with documentation on who carried it where.
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Pillar of the Community
United States
830 Posts |
I voted pass because its a coin shop (and not solid gold), but if it was Pawn Stars I'd offer $500.  Edited by GoThunder
08/14/2011 12:00 pm
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Pillar of the Community
United States
5854 Posts |
If I had won a gold medal, I don't think I would be able to sell unless extremely desperate for cash.
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Pillar of the Community
United States
667 Posts |
That would rule out Tommie Smith then. It is is just a participant then probably $325 would be a fair price. That is for the gold I would have to figure out the silver value. This would based on the last gold medals since I know what they were made of. Of course I would have to search to make sure what the 1968 medal is made of.
Without knowing the history how could you make an offer?
If Michael Phelps were to melt down the eight gold medals he won at the Beijing Olympics Games and sell the gold, he could probably only make about $2,600.
The famed gold medals are mostly made of silver, not gold. Only six grams, or 0.19 ounce, of gold is required to coat the medal.
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Pillar of the Community
 United States
4618 Posts |
Wow! What an item! It's tragic that he's selling something like that. I know it may be that he doesn't care about it, but I don't see how he couldn't have some deep feelings about winning it and deeper feelings about selling it. If he knows it's not gold and still asking $4500, the $500 offer may upset him a bit. I've never seen an Olympic medal, so I wouldn't have any idea of the true value. I did find one on Heritage that sold for $26,290 from the 1968 US Basketball team (won by Ken Spain), so it's a big name, but the text with the sale also has this line. Quote:
The 1968 Summer Games remain among the most memorable in history, punctuated by the famous "Black Power" gloved-fist salute by American Gold and Bronze Medallists Tommie Smith and John Carlos during the 200m ceremony. While any Olympic Gold Medal carries tremendous collecting appeal, one awarded to an American athlete at the Mexico City Games rates among the most significant. So even though he's not a big name athlete, the fact that it's from the 1968 Olympic Games may be the key to the price. If the seller just plucked a price out of the air and has no idea of the true value, I would think he needs to have it looked at by a professional in sports collectibles. If he has, the auction house may have said $5000 and he just wants to unload it. It's up to you, but I would think it's worth more than $500 and may be worth much more that the $4500 he's asking. It all depends on the research he did. With an item like this, provenance is everything. ANA ID: 3203813 - CONECA ID: N-5637 Clean a coin that may be worth collecting? Please DON'T! When in doubt, leave it dirty!! 
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Bedrock of the Community
United States
10045 Posts |
I'd pass because the piddly money I'd offer could never match his achievement.
Some things just don't have a price--even if the athlete passed away; it should be a family heirloom, forever.
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Pillar of the Community
United States
830 Posts |
Quote:
I'd pass because the piddly money I'd offer could never match his achievement.
Some things just don't have a price--even if the athlete passed away; it should be a family heirloom, forever. Good way to look at it.  |
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Pillar of the Community
United States
1080 Posts |
Quote:
I'd pass because the piddly money I'd offer could never match his achievement.
Some things just don't have a price--even if the athlete passed away; it should be a family heirloom, forever. But if he needs the cash, if you don't buy it, someone down the road will. My dad once lamented at a pawn shop the military medals they had for sale. The owner said she often had family members of a vet come in looking for military medals to replace ones that had been lost. |
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Bedrock of the Community
United States
10045 Posts |
Sometimes people do impulsive things. If I were approached, I'd give him a chance to think that one through.
If he were that desperate for money, $500 or so probably won't make much of a dent on his debts. Better to exhaust other options.
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Pillar of the Community
United States
830 Posts |
How about buy it from him, but give him the option of buying it back later for the same price as long as you have it. |
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Rest in Peace
United States
9104 Posts |
That's pawnbroking without a license.
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Pillar of the Community
United States
830 Posts |
Even if I didn't charge him interest? I guess its true, no good deed goes unpunished.
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Moderator
Australia
16856 Posts |
I have no idea how often Olympic medals come up for sale in the USA. Here in Australia, they almost never come up for sale, for any money. And when they do, either the museums end up buying them with the help of donations given for that purpose, or some wealthy philanthropist buys it and gives it back to the original medal winner. The composition, weight and fineness are irrelevant; they're certainly worth way more than bullion value. Assuming I wasn't a medal dealer with the customer base to sell the thing myself, I'd know I could flip the thing on to one of the brick-and-mortar auction houses and be pretty sure of getting way more than $4500 for it.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Moderator
United States
189502 Posts |
Quote:
I'd pass because the piddly money I'd offer could never match his achievement.
Some things just don't have a price--even if the athlete passed away; it should be a family heirloom, forever. Best answer. |
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Replies: 18 / Views: 2,141 |
Posted 08/14/2011 11:57 am
