2017 Silver(!) Krugerrand

The thing I didn't like about finding out it was a presale is that I got an email saying they "go on sale Monday" so I decided to work today to have some spare money to spend on the coin Monday. The email didn't mention a pre-sale at all and if it had of then my day today would have been much different, I.E. I wouldn't have bothered working today.
The only reason I would buy into a pre-sale is if there was a probability that the coin might sell out but with this coin with a mintage of a million that doesn't seem likely.
I'm just amazed that people do that on Ebay at a steep premium. They could wait and get the coin at the same time for a lot less money. I just don't understand why they do that. The same goes with people buying this coin for $325 when they can wait a few days and get it for a whole lot cheaper. In this case, maybe $75 to $150 cheaper.

 

Log in or Sign up to hide this ad.

I agree that no one is forcing the buyer to purchase via presale. That is why I have learned to (mostly) avoid presales.

I do think that dealers have more control than they sometimes let on. First of all, many of the expected ship dates are often overly optimistic. I have seen too many releases (of numismatic coins) where the estimated date changes multiple times just as it is about to be the day it is supposed to ship. Also, plenty of dealers are not too upfront. All you see is the typical "production delays made us push the date back." Why not disclose at the beginning of the sale something like "These Krugerrands are being struck for the first time ever by the South African Mint; they have not undergone such a serious venture in their entire history, so please be patient and expect some delays as the Mint tries to perfect the production of these historic coins. We will offer them for sale the day we have taken delivery from the Mint."

Even with the Krugerrands, there has been way too much speculation. Most of it could have been tamed if we received more timely and accurate updates.

 

Well to each their own [emoji4]


Sent from my iPhone using Tapatalk

 

I agree; hardly any silver, outside of generic rounds and milk spotted Canadian items, sells for that little. At worst, I'd guess these Silver Krugerrands sell for $25-$30 next year if spot holds below $20.

 

and what are people paying now?

 

I have only seen NGC SP 70 First Day of Issue versions sell. Those were $250 from the source and now $320-$350 on eBay. I did say that is very high and believe it will come down (I would not pay those prices now).

My $25-$30 estimate is for the raw coin; that one I'm expecting to be issued for $40.

 

ModernCoinMart and GovMint have the raw coin listed at $59.95. So....bend over, boys!
Over 3 times spot. Such a deal I have for you!

 

More than I expected ($40)...I guess the whole "delay" was just an excuse to be able to gouge the price more. I'll wait to buy these for $25-$30 in a year or two

 

The good news is in a year or two this coin will just be another distant memory and we will have used our money to purchase something we like much better and without such a ridiculous premium....and not from d-bag dealers like Govmint and ModernCoinMart.

 

I was hoping it would be less but I ordered one.


Sent from my iPhone using Tapatalk

 

I ended up getting a SP70 ER for $129. I'm pretty happy about that and feel like it's a fair price for it. I'd rather get it now instead of having to wait 2 weeks+ though.

 

Quite possibly so. Over here the piece costs €37.50, so almost $40. Cannot really imagine this to be the start of a series ...

Christian

 

I was hoping it would be less also, but unfortunately, that's what happens when you allow just a single company to distribute something and thereby negate the possibility of competition. As much as I would like to have this coin, I am not going to buy into their greedy behavior.

 

I would imagine that the ungraded ones are the ones that didn't grade 69/70. That being said, paying $60 for an inferior specimen is even more outrageous IMO. And Pre-sale on top of that. Not for me.

 

I think that they will start annually issuing 'regular' bullion coins now for around US $22 similar to the American Eagle Bullion coin. This will probably be different than the reverse proof like this year , a "premium Uncirculated" as they call it. I'm basing this on the hints I see when reading about the coin. Even today on MCM's page for the coin is says something to the effect of " The first ever silver Krugerrand and POSSIBLY THE LAST". So this hints around that they will make more.

 

I was going to buy the rumored 40.00 for bu,gritting my teeth,but 60.00 is an insult.

 

From reading a reddit thread, MCM had 1,000 of the raw ones on their own website and sold all already at the $60 price. I am shocked that much inventory was moved that quickly. The raw coins are still available from them on ebay for the same $60.

Also, looking at this listing for a 70 with a COA, it looks like the mintage is still at 1,000,000 and was not decreased.

http://www.ebay.com/itm/132124906718?ssPageName=STRK:MEBIDX:IT&fromMakeTrack=true

 

Passing.

 

I don't subscribe to Coin World, but I heard that MCM ran an ad advertising the raw coins for $39? This really surprised me, since the South African Mint was charging ZAR 600 / US $43 for them at the time. I didn't see how they could charge LESS than the mint after paying freight, and then I thought they were just trying to cut their losses on coins that were culls that came back from NGC as not meeting their lowest-grade limit.
It would be reasonable for them to charge $60 if they were buying them from the mint and having them shipped here and then selling the coins unsearched. They are entitled to make a profit so I wouldn't have a gripe if the coins weren't culls.
I'll probably buy one coin for $60 just to have for now to go with the graded one I bought because I don't want to wait a year or two for the price to fall to $24 or $30 as others have mentioned.
I just wonder how many coins MCM/GovMint will sell at $60 each though? I wouldn't think it would be a whole lot of them. I know a lot of the posts in general on the forum seem to be from stackers. This coin isn't a bullion coin at all and of course it's not suitable for stackers. I'd think coin collectors would want the coin, even if they had to pay $60 for it. It'll be interesting to see how this works out and it'll also be interesting to see what the coin will bring a year from now. I'll be the first to admit that I don't know a whole lot about coins, but I tend to think this one will hold its value a little better than what some think. It's the first silver Kruge and it has the 50 year jubilee privy and the mint is asking $40 for it instead of a few dollars over spot. I think it'll be comparable to the American Eagles. I know I searched ebay and those from when it first came out are bringing quite a few dollars more than spot. The 2017 silver Kruge has a mintage of a million coins which is a heck of a lot , but .............. it's a big world and I'd imagine that coin collectors all over the planet would be interested so that probably works against the high mintage.

 

$129 for a SP70? Not in my lifetime.