$20 Gold Coins

It has been awhile since I have logged on, but I am constantly checking in as a guest. I am working on my gold type set and I am at a point where I am going to buy both a St. Gaudens and a Liberty. I am thinking AU58 to MS60 raw (my thought is a slab at this grade would not be worth the effort, plus I am not a fan regardless). Any suggestions? What were these going for back in 2001 or 2002 when gold was lower? Thanks for any assistance.

 

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I know in '03 it wasn't hard to find a raw comman date Liberty DE in VF-30 to EF-45 for $450 or less. As late as the winter of '04 I saw slabbed ones in high AU grades for $450.

 

Gainesvillecoins.com sells common date Choice Uncirculated Saint Gaudens double eagles for $1,000.00
http://www.gainesvillecoins.com/products/32100/CommonDateStGaudens20RawCU.aspx
I have been wanting to put together an Indian/Gaudens type set.

 

And they sell Common date $20 libertys Choice Uncirculated for $990.00
http://www.gainesvillecoins.com/products/95133/CommonDateLiberty20Raw.aspx

 

Up until gold disappeared, I could get common date Libs for maybe 3-4% over melt in EF-AU.

 

I think I would pay up and buy the coin slabbed in the MS61 range. It's pretty easy to get ripped off with the grading of gold coins when they are raw and I don't think there is much difference in price between AU and MS61.

 

I would recommend going with the AU-58 because it will be a MUCH more attractive coin than a MS-60 to MS-62 coin (which, although it is technically uncirculated, will be pretty beat up). The AU-58 should have excellent luster and very, very few marks with very, very slight circulation wear.

 

Hobos' right on with going with the AU coin over the MS-61-62 , but if you can save the extra money I'd recomend a MS-63 to MS-64 if you look you can find a very nice near gem for a couple hundred more .
rzage

 

Thanks for the heads up; I think I want to see and hold the coin rather than buy from a website where they choose the date; I might want to try and buy a lesser mintage coin just on principle.
Hobo, as a neophyte, could you explain the AU58 coin having more luster than a MS60?

 

An MS-60 coin can have luster from poor to full but usually the luster will be closer to poor whereas an AU-58 coin should have almost full luster. MS-60 means the coin is uncirculated but is in the worst condition for an uncirculated coin. An MS-60 coin can be expected to have LOTS and LOTS of marks and will be quite unattractive.

An AU-58 coin will have almost full luster with the luster being broken mainly on the highest points of the coin where it is lightly worn. AU-58 means the coin is very, very lightly circulated but is in the best condition for a circulated coin. An AU-58 coin should have very, very few marks and should be very attractive.

Let me add that a Double Eagle is a large gold coin that easily picks up marks from other coins. An MS-60 Double Eagle will look like it was left in the street for a few weeks.

 

Hobo- Roger that, it makes sense; I am less concerned about the bullion value, or really even the resale value (MS63+), but want a nice representative piece for my type set. Plus I am really against the slab approach; I have generally cracked them out (I am 55 coins into an MS62+ Morgan set) because I do not like the holder's size, but since I am a little new to grading, can someone give me a few items to look for with an AU $20 gold piece?

 

morgan96, do you have a copy of Bowers' "Guide to Double Eagle Gold Coins" from Whitman? I found it very helpful in choosing a nice Saint for my type set. I agree with Hobo about AU58-- they look MUCH nicer than low MS coins, and can be had for a lot less money if you are patient. Generally I stick with PCGS for gold, because so much has been doctored, not to mention faked.

 

I agree with Hobo! In most cases AU-58 coins are much more attractive than MS-60 coins. Also, with a circulated coin, it is more apt to be genuine, whereas with a uncirculated coin, you really need to purchase them slabbed.


Frank

 

I think that's the way I will go, a high grade AU raw. There are a few coin shops that have been in business for years in my area, and are trustworthy (at least I hope). Thanks for the advice; this site always has willing and helpful individuals. I really think these type of forums bring new people into the hobby. Thanks again,

 

OK morgan96, although I love a good AU-58 in any coin, with good intentions I'm going to post something else to think about.

I agree with rzage in that if you can save up the extra $, go for a MS-63 to MS-64.

Here's a post I copied from another forum a while ago that specifically addresses buying an AU-58 $20 Liberty -


"First, you have to be very selective when it comes to buying $20 Liberty coins in AU-58. You can’t just place an order with a broker and have him send coins to you. The only coins that have any numismatic interest in that grade are pieces with very smooth surfaces, almost no marks and just a hint of rub. Anything that is has lots of bag marks is a bad buy IMO.

Second, AU-58 is an “orphan grade” for $20 Liberty coins. There are literally thousands of 1904 $20 Liberty coins in MS-63 and 64. Many of these coins are “PQ” for the grade, and the collector who wants a $20 Liberty for their type set is going to strive for one of them. The AU-58 coin is really nothing more than a dressed up bullion coin that generates limited numismatic interest."


Rather harsh but there is some truth there.

So you can find a very nice looking AU-58 at a cheaper price. Or you can go for a nice looking MS-63 to MS-64 that will have and keep better numismatic interest/value. Something to think about if you're only going to buy one for a type.


Many times I have gone for a nice looking lower grade coin. And I have been very happy with them.

I collect what I like. I don't primarily collect for investment.


But after you start putting a significant amount of money into your collection you may start thinking that you need to also choose coins with future value in mind.

Whichever you decide the most important thing is to choose something you will be happy with and enjoy.

Good luck!

 

Thanks for all the help; I finally succumbed (after pondering this purchase for a long time) to an AU-58 St. Gaudens. No pics yet as the camera is with my wife. Still has luster, and I am happy with it. Once I get further down the line with my gold type set, I might upgrade it, but it sure looks and feels right to finally own one of these pretty coins....Thanks for all the help, and the experienced perspective.

 

Congrats on your purchase. Hope you will be happy with it.

 

good job!!!

 

You're gonna love it! And holding that big "hunk of gold" is thrilling isn't it?

 

The hunk of gold is a nice thing to hold between your fingers; I have a few gold buffs, but this is different. Something about the history surrounding the coin, Roosevelt, St. Gaudens, and Barber. Has anyone read Burdette's book Renaissance of American Coins? I thought it would be really dry (even though I enjoy reading non-fiction), but I thought it was a very interesting account of the political climate at the time, and when I finished the portion on the double eagle, I couldn't get the coin out of my mind....