What's it worth? What I paid for it...I hope.

Hello all,

I have made a couple of transactions with the LCS. My very first. It is quite scary for a newb.
I sold off some unreadable constitutional silver and bought some 1/10 gold bullion coins and this $2.5 gold Indian.

Can anyone give me an idea of what kind of deal I got on the Indian, when I bought it yesterday, Aug 4. What should I have paid? And then I will let you know what I did end up paying. Thx

 

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I do love me an indian. I have quite a few. Gold has been on such a wild ride lately.... I haven't bought one for over a year. Seems I would have given around $225.00 for one a year back but I think current spot would have these at around $250.00 for precious metal value alone (subject to change in the next five seconds)..... It does look to my eye that this one has been polished up a bit.

 

As of now it has roughly $246 in gold content. I would think if you paid between that and $300 you did ok. That date doesn't really go up in value until you get to mint state grades.

 

Love Indians. Kicking myself every day for not buying one when gold was reasonable. Yours seems to have been polished at some point. I think a small percentage over melt would probably be reasonable for the coin.

 

If you paid under $275 you did alright. Yours has been polished. I'm still looking for a 1911-D (weak D) but I'm not looking hard.

 

Gotta agree polished, I'm thinking if you paid more than $275 it wasn't the best deal at all. Did you haggle or not?

 

There was one in this shop. He only had about 3-4 Indians, but one was the one you mention.

 

Strong or Weak D? Do you remember his price? This is the key to the series.

 

I just called them. It is a 1911 Weak D, AU 50, PCGS $1600.

 

Gold is going to seem 'reasonable' right now by the time we get to Christmas.

 

But what will it be next Christmas?

 

I can only say it won't be $0.

 

Thank you

 

So did you do alright on your purchase?

 

Well, I think I did pretty good. I paid $260. I was not expecting to see an Indian and I had no price guide with me. I was thinking it weighs a bit more than the 1/10 bullion I bought last week for $220. I was already assuming this coin was cleaned or something. Dealer left the Graysheet out and when he went in the back to check on another coin for me, I saw the sheet said $260. That surprised me. As for haggling, @fretboard, no I didn't haggle. I love to haggle and I've haggled with the best Turkish, Egyptian and Morrocan rug salesmen in the world-where if you don't leave their upper chambers full of their apple tea and a carrying a rug purchase you are some kind of superhuman.
But in this case, the dealer already had 'put me off' and I probably won't ever go back. Here's what happened. I entered the store with a container of random coins and photos (of the ones that are too valuable to carry) and two plexiglass cent sets. Although their website says: We will give you a free verbal appraisal of your collection, the dealer told me he wasn't going to appraise anything for me. I then asked him what he was paying for wheat cents, and silver. Then I showed him the cent set that has everything except the 4-5 key dates. It did have all the low S mints and a 1931-S in there. And he says to me: How much do you want for it? And I responded: Well, you tell me how much you will give me for it. To which he told me: I am not going to tell you a price on anything, if you intend to 'shop it around.'
That was the end for me. I did buy the $2.5 Indian because I thought I remembered it at about $300+ on JM Bullion. Was I treated nicely by this dealer? Or was I just a 'mark' for him?

 

That was absolutely a fair price. Yes, you did OK.

 

Congrats on $260. That is awesome!

 

You did alright on the price especially when you take a look at feebay! Gotta ask you, are you the person in your pic? If no, are you a female?

 

The price you paid was good. As I said earlier $275. Dealers tend to ask what you want and you challenged him so he took offense. When that happens it's best to either forget and walk away or ask for a price about 25% above what you want for them. The dealer will probably tell you you're to high. You may be able to work out a deal. Then, there's always a trade. You may have been able to trade them for the coin you bought. He comes down a little or you get more for your coins. It the bottom line that matters and you're the one that determines that.

 

That is my Father, the collector in the photo. He passed in 2001. I am his only child, a 59 yr old daughter now.