New to the coin world. Your thoughts on my FIRST purchase.

Yes, I am a newb to the coin collecting world. Early this summer I started buying gold bullion and after talking with my father who has been in the coin world for 52 years he suggested I read and read and read some more and understand how to grade a coin as this is a huge factor obviously. Anyway, after a month or two of investigating and searching I finally pulled the trigger and bought a 2008 American Buffalo $5 1/10 oz .9999 old coin, NGC graded MS-70. I just think this coin is a good value considering these facts: 2008 was the only year fractional gold buffalos were produced, as well as the only year BU buffalos were made (17,429 including sets). Additionally the Buffalo was the first .9999 gold coin issued by the mint. So given these factors I went ahead and bought it at what I think is a good deal as I found it at a local coin show and had been eyeing it up all day and as the show was closing and vendors were packing their stuff up I ran up to the vendor and gave him an offer which he quickly declined, but when the cash came out of my wallet and he saw my greenbacks I could see the gears turning in his head and after he hem and hawed for a few minutes he agreed to my offer. So what do you think the value of this coin is? Also does anyone have any thoughts on my reasoning behind purchasing this particular coin. Much thanks!

 

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Dad's got a good 'bead' on things. Listen and learn grasshopper........

Welcome to the forum dear fellow.

 

Beautiful coin. How much did you get it for?

 

Nice choice! I wish I would have picked up some of the fractionals in 2008 :rollling:

 

they seem like a good investment. if the mint ever makes any other years it will stimulate interest in the first ones.

 

ms 70 bullion coins are funny. i have never been charged more from a dealer for a coin being 69 or 70, but in ebay world that 70 can probably bring a larger premium. i am a person who sees silver as silver and gold as gold. be it eagles, maple leafs, pandas, or any other countries bullion. and if you like gold, why not start buying some of our nations old gold coins. they can usually be had at their melt value (with the exception of gold dollars and some 2.50 dollar coins). but to answer your question i would say $200 because of what it is

 

Not saying this is what it's worth but look:http://www.ebay.com/itm/2008-W-5-Go...80997350198?pt=Bullion_US&hash=item2a24486336

 

Or this:http://www.ebay.com/itm/2008-W-Buff...10474952425?pt=Bullion_US&hash=item4849bfcee9

 

they bring that much??!!?!?!?!?! thats amazing for a bullion coin. how much did you end up paying for it Weird?

 

I don't know why they bring that much, but, If I were the op, I would put it on eBay at a starting bid of melt, and say, auction starts at melt, put a reserve on it of 400 dollars, have good pics, you could doubles your money

 

Hope you did not pay so much money on it. My estimate value of it about $ 160.00 + Plastic slab, Let say $ 175.00..That's all.

 

so without it being slabbed you wouldnt even pay melt for it? i want your dealer!!

 

If wishes were horses, then beggars would ride.........

 

Yup! In 5 years Gold will be in the range of $ 700.00 to $ 999.99 going down. So I will invest in Silver. Gold is time to SELL. When gold up to 1900.00 I sold some of my 24K gold.. Which is very good profit.

 

Sounds like you are mixing business with pleasure. If you like the coin, I am sure you made a good purchase.

 

Gold and Silver have a high correlation in prices. So probably you'll end up being wrong, even if the ratio shifts somewhat.