"Problem" coins, what are they worth?

Discussion in 'Coin Chat' started by panamagold, Oct 13, 2009.

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  1. GDJMSP

    GDJMSP Numismatist Moderator

    Gold coins are one of the few exceptions to the rule. But that is because common date/grade problem free gold coins sell for very little over, and sometimes under, the spot price of gold. And since a problem gold coin has just as much gold in it as the problem free example, it sells for a similar price.

    Same thing can be said for silver coins. It's because they are being bought and sold as bullion and not coins.
     
    GDJMSP, Oct 30, 2009
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  3. panamagold

    panamagold Junior Member

    The idea makes sense, but I haven't been able to find this in practice. If you can point me to gold coins being sold at spot or less I'd be very appreciative.

    The coins I've been seeing, 2.5 and $5 U.S. gold coins have been fetching a 30% to 50% premium above spot. I presume this is due to numismatic value.

    PG
     
    panamagold, Oct 30, 2009
    #62 + Quote Reply
  4. Billy Kingsley

    Billy Kingsley .

    LOL. Very true. Proverbial daisies?
     
    Billy Kingsley, Oct 30, 2009
    #63 + Quote Reply
  5. DoK U Mint

    DoK U Mint In Odd we Trust

    Just like coins, I Ching and the Nastro_Dude, the Maya calendar does not predict the end of the world on Dec 21, 2012 ("our calendar"). Just the end of THAT calendar. After a few K years they knew PROBLEMS would happen.

    And change.......& it does require a new calendar. They admit the old one has problems......for what it is worth, to coin a phrase.
     
    DoK U Mint, Oct 30, 2009
    #64 + Quote Reply
  6. mikenoodle

    mikenoodle The Village Idiot Supporter


    these fears remind me soooo much of all of the hype in the years before Y2K
     
    mikenoodle, Oct 30, 2009
    #65 + Quote Reply
  7. Billy Kingsley

    Billy Kingsley .

    Dok U Mint, you are preaching to the chior here with me. It's all media hype, indeed just like Y2K.
     
    Billy Kingsley, Oct 30, 2009
    #66 + Quote Reply
  8. GDJMSP

    GDJMSP Numismatist Moderator

    They are sold every single day for less than spot. You see, that's all that dealers will pay (collectors) for them.


    Yes, and they are being sold by dealers to collectors.
     
    GDJMSP, Oct 30, 2009
    #67 + Quote Reply
  9. panamagold

    panamagold Junior Member

    Yes, I'm aware of that trend. I took your previous comment to imply the regular consumer had reasonable access to these prices. My complaint being cleaned/scratched coins are being sold at prices near problem free coins.

    Why buy a problem coin if the supposed premium is still being charged? Why don't dealers sell the problem coins at a similar discount vs. the problem free coins?

    Yes, I'm painfully aware of that case. However, there's a supposed collector to collector market, but that too brings premiums for the coins, i.e. Ebay.

    PG
     
    panamagold, Oct 31, 2009
    #68 + Quote Reply
  10. GDJMSP

    GDJMSP Numismatist Moderator

    It'c because they are being sold as bullion only, for whatever the gold is worth in other words. They aren't being sold as coins. And you always pay a premium, even for plain gold bullion. Try and buy a 1 ounce gold bar for instance and you will pay 10% or more than the current spot price. The problem coins are sold in the same manner is all.




    Well, there is. But not like you think there is. Far more of the sellers on ebay are dealers than you would imagine.

    Bottom line is this, gold and silver are not sold at spot. It is always sold, to individuals, a little above and always bought, from individuals, a little below whatever spot is - by dealers.

    One individual selling or buying from another individual, is always go pay or receive more than spot because they cannot get it for less than spot.
     
    GDJMSP, Oct 31, 2009
    #69 + Quote Reply
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