Why are 1928 Saint Gaudens so pricey?

Mintage: 8,816,000, but they seem to realize a few hundred more per auction (at least what I'm seeing on Heritage). Why?

(I have some research that has been sent to me, but my computer is on the fritz today... were a lot of them melted in 1933?)

 

Log in or Sign up to hide this ad.

Based on the beauty of the design, and the fact that is almost 100 years old, and basic economics, of supply/demand.

 

Gold Price Per Ounce

=

1293.1 US Dollar

This is today's price and it is low compared to what it has been. Add the age, and numismatic premium,and it is pretty obvious, when one is talking about an ounce of gold.

 

The estimated survival is somewhere between 500,000 to 1,000,000 (I forget the exacts - look it up); it is not a scarce date. Perhaps if you better explained your question, it would be easier to answer; "pricey" compared to what?

 

I should have been more specific.

Why are the 1928's more pricey than other years of lower mintages (such as 1927)?

When sorting by mintage, 1928 comes out at the top. Over 30,000 have been graded by PCGS, putting it 4th behind 1924, 1927, and 1909 "no motto". Yet the prices on Heritage for a comparable 1908/1924/1927 seem to be a few hundred cheaper than a 1928.

What am I missing?

 

What is the condition census compared to the other dates.

 

KoinJester, I don't know. Is that information on Heritage or elsewhere?

 

It is a somewhat better date.

 

Should be its usually in the brackets after the description (7/46)

 

Think they are pricey, try out a 1929 - 1932 dated coin. Very few of them slipped out of the mint, but at least they did it legally.

 

Looking at the pop report at PCGS there are a lot less of that date graded than the other dates you mentioned. Scare = cost

 

All US gold has to be analyzed on expected survival rates, not mintages. Mintages are utterly meaningless due to the massive melt that happened in the 30's. This is why a 1932 double eagle, while a high mintage, is so expensive. It also explains other dates and the seeming disconnect between mintages and prices today. So, bottom line, I do not even LOOK at mintages when it comes to twentieth century gold, since its meaningless data. Too bad the government could not have documented at least what coins they melted. I never really understood WHY they melted them. They never purified the gold, so why didn't they just leave them as coins? I am sure today a lot of numismatists would be more than willing to give the government an ounce of gold in exchange for a double eagle if they had not melted them all.

 

I have to wonder if there could be stashes of later date gold around in Europe still. Saints and Libs were sent over there like nobodies business in the late 1920s. I know companies like Heritage still manage to dig up gold over there.

 

OOPS! Wrong thread.

 

Lol, wrong thread bud.

 

Fixed it.

 

I live in Germany and you can find truckloads full of the 1924, 1922, 1927 and 1908 no Motto Saints.
I have never Seen a 1916 S and the the 1928 is somewhat scarce either.
The 1907 is rarely seen....the 1910 is obviously not rare.
I don' t no why but it' s interesting.

 

Yeah, this is not a Detecto's Woes thread

 

Should have left it...it was funny because it did he fit.

 

Not sure that you are.

(1) 1928 is considered a common.

(2) Akers' book has the pricing for MS-65 and MS-67 similar to 1924 and 1927. The upper range for the 1928 is a bit higher but unless you are searching for an MS-67 I am not sure that would translate into a premium relative to 1924's/27's.

(3) Heritage represents 'savvy' buyers and it could be that even a common is attracting folks paying up for a common coin in good grade.

(4) I see 1928's on Ebay going for low-1800's a few weeks/months ago:

http://www.ebay.com/sch/i.html?_fro...=15&_nkw=1928+saint+ms-65&LH_Complete=1&rt=nc

1927's catching bids about $50 - $100 less, but also some matching or exceeding the 1928's:

http://www.ebay.com/sch/i.html?_odk...27+saint+ms-65&_nkw=1927+saint+ms-65&_sacat=0

1924's about $150 less than the 1928's:

http://www.ebay.com/sch/i.html?_odk...24+saint+ms-65&_nkw=1924+saint+ms-65&_sacat=0

I think it might just be that you have more novices getting into 1924's and 1927's (coincidentally the 2 coins I have ) and there's more of them for sale on average. Along with the 1908 No Motto, those are 3 very common commons. The 1928 is not rare but just not part of the 'common glut' that you see most dealers talk about with '24's and '27's.

To my eyes, the 1928 sells within the range -- but at the upper end -- of some of her common sisters.