I"m starting out buying some old gold coins from the Rive D'or Collection that Omega sales is selling. I'm new to coin collecting, and am really interested in buying some gold. I have purchased a couple from this company part of the same collection. I'm happy with my purchases, but do not want to spend way more than they are worth. I'm trying to make some wise investments. I want to run these buy the group and get your take on the pricing, the more I learn the more I think these may be priced way to high. $5 Liberty 1900-P MS63 $1,695 (Best example at Smithsonian is MS64) 1907-P MS63 $1,695 LAST YEAR OF ISSUE (Best example at Smithsonian is MS64) $10 Liberty 1901-P MS63 $2325 (Best example at Smithsonian is MS64) 1901-S MS63 $2325 (Best example at Smithsonian is MS66)
Looking at the collection site, they are PCGS graded, and using the usually high price PCGS price guide, the $5 liberties are over $500 high, and the $10 liberties are over $800 too high. The PCGS label does say the "collection.....", but don't go for the "Smithosonian has only..." type of statement. There are 264- 1901 $10 liberty coins above MS64 and if the Smithsonian wanted one, they could buy one. Too much, intended for those who don't know markets. IMO. Welcome !!! Jim
First, who assigned grades to the coins? Are they slabbed by PCGS, NGC or ANACS? Or are you taking the word of the seller? If the seller is assigning the grades WATCH OUT! Those prices appear to be very high. Grey sheet for a 1900 or 1907 $5 MS-63 is $950 and $1,375 in MS-64. That is dealer wholesale. $1,695 seems like a hefty markup. Grey sheet for a 1901 or 1901-S $10 is $1,210 in MS-63 and $2,200 in MS-64. Again, the dealer price of $2,325 appear way high unless the coins are PQ (Premium Quality) MS-63. What does it matter what the Smithsonian's best example is graded? That sounds like smoke and mirrors to me. These are not rare coins in MS-63. I'm sure you could find PCGS or NGC slabbed examples for much less than that dealer's prices. How did you get hooked up with this dealer? Please don't tell me they called you on the phone out of the blue or that you answered an ad in Parade Magazine or answered an e-mail solicitation. I have numerous misgivings about this "dealer" already. For now I would recommend that you DO NOT buy any more coins from this "dealer" until you get more information. I recommend you gather together all the coins you have purchased so far and take them down to a reputable local coin dealer. Look for a dealer who is a member of ANA. If he is a member of PNG that would be excellent. Ask the dealer for his opinion of your coins - specifically their grades and approximate value. If you want to you can get opinions from more than one dealer. That should give you an idea whether you have been making wise purchases or if you got ripped off. A year or two ago an elderly neighbor who is a widow paid $32,000 to a boilerroom operation in NYC for a bunch of grossly overgraded - and ridiculously overpriced - coins that were worth a fraction of what she paid. Good luck and keep us posted. By the way, welcome to CoinTalk.
Thanks guys for the response. Fortunatley I have only bought 2 coins from this comapny. I think they are legit, but I beleive I paid too much for the coins. The place is called the New Your Mint, here is the website: http://www.newyorkmint.net/ Both coins are slabbed by PCGS. What are some good sites to purchase coins from. I don't trust the Ebay deal for coins, especially being a newbie. What about the Heritage on-line auction etc?
Those prices are absurdly high - you basically paid MS64 prices for MS63 coins which are not particularly rare. And, as has also already been noted, it's irrelevant what grade examples of those dates happen to be in the Smithsonian. If you paid similar exorbitant prices for the pieces you already bought (and I would guess you did), you should do everything possible to return them, even if it means taking a large loss. For example if you paid $2000 for a coin that is worth only $1200, even if you lose 20% of your cost and get $1600 back for it, that is still much better than keeping the coin, which is worth $1200. Swallow your pride, use this as a learning experience and sell the coins back, rather than keeping them and praying that some day they will appreciate in value to what you paid for them. I know from having helped other collectors and investors in similar situations, that it's easier and less unpleasant to do nothing, not confront such sellers and not think about the unpleasant reality. But that will cost you a lot of money.
Hevb, On their website you gave they say at the bottom Just call and say you are not satisifed and ask for your money back. If you charged it on a credit card, they will help you get it back also. I think they will honor your request as they can always find others on TV. If you know the value of the certified coin you wish, and are willing to research the cert number to be sure it is the same coin, stay with the top cert services, and pick your dealer carefully, Ebay can be an OK place to shop. Buying raw coins on ebay requires more experience and research and can be OK also with the right dealer, but until one feels secure about their ability to determine such, most coins can be found certified already for about same price being asked. Auction houses are good sources also, just figure the buy %charge in your pricing. Oh, Be sure to take the little added expense to return the coin to nymint by registered mail with insurance at full price paid. Not insured mail, Registered mail! Jim Chek out the OPEN section here of coins that members have for sale.
And be prepared for them to try to talk you into keeping the coins. Keep in mind that the seller has something to gain by getting you to keep them, even if it means exaggerating or lying to you. On the other hand, we have nothing to gain by telling you the truth and encouraging you to return them or sell them back.
Hey guys Thanks for all of the advise. I've already called, and they are taking the coins (2) back. no real hassle. I'm just chalking this up to a learning experience. I bought on emotion, not knowing what I was doing. Thanks for advise of registered mail. It was only after getting the coins, and then doing some research did I begin to think I had paid way too much!! One last question, Is there any value added to a coin if it comes from horde or hidden stash of coins.
That's excellent news! And you sound as if you have a good/non-defensive attitude. Make sure you keep the registered mail slip with the tracking information on it and contact the seller if you don't get your refund promptly. In answer to your question, while there are some exceptions, generally speaking coins are not worth a premium merely because they came from a particular horde, stash, etc. And keep in mind, a good number of the so-called discoveries are pure BS.
Very good advice by some very knowledgeable people , I wish I had access to there advice when I got back into collecting . so I'd return them , Also making money at collecting coins is not easy , buy the coins because you like them , but don't diminish your collection by buying at inflated prices . rzage
Hevb, Just a word of advice - Don't buy coins from any place that has the word "Mint" in their name unless it is the US Mint or the official mint of some other country.
I think that's excellent advice. And ditto for coins advertised on TV, radio and (non-coin) newspapers.
