If you were going to collect gold dollars....

How would you do it? As part of the decision making process as to which series to go after next, I'm considering the gold dollars. They are attractive, interesting, and unusual - three of my criteria for my next set. However, a complete set is way beyond my price range, so I'm thinking if I do it I'll do a one-per-date set (which looks to be quite affordable with the proper selection of mintmarks). I suppose my question really is - if I do it, would it make more sense to do an AU set, or a MS-60-62 set. The later dates get pricey, but does AU gold look attractive? I have no experience with gold, so this would be a completely new area for me.

 

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Just Collect what you like and what you want, There are so many different ways to go. I hate when I get to a point where I don't know what I want next. So I just think about for about a week and then purchase want you want.:headbang:

 

I think you should contemplate a few things before undertaking such a collection...

Do you have the means to complete it in the grade you want? Even a date set will be a lot of money. Consider this carefully.

Can you even find coins in the grade you want? For instance, your price range may be XF for a certain date, but there are quite a few dates in the gold dollar series that finding a problem-free XF will be very difficult

Will the series hold your interest over the long haul? It's important that a series keeps your interest over the long haul. For some of the less collected series, this can be difficult as a lack of others with similar interest and available information on a series often discourages collectors.

The thought being... when I've failed in collecting sets it's been because of one of the above three reasons....Mike

 

Jason,

I have contemplated a set of gold dollars before, but with a little twist. I don't find these coins very attractive in circulated grades. In fact, I don't find them attractive in the lower mint state grades. To me, they have to be gem in order to be worth buying. My idea was a gold dollar type set including the commemorative issues. The Indian Princess (small head) was the stopper to actually doing the set. Even in MS64, it is over $10K. I just don't like tiny little gold coins that much.

 

the problem with gold dollars is that they are so small. this makes grading more challenging and it severely limits the number of people who collect them, which accomplishes a couple of things. First it keeps prices down for coins that are fairly scarce (some of the dates), Also it limits the amount of substantive interaction you can have with others working on the same series as you. Finally in a thinner market like these are be aware that when you sell the coins you will likely have a greater buy/sell spread to overcome to break even as the dealer will buy them from you knowing that they will be inventory he carries for some time before selling the coins.

Also I know of no dealers who specialize in gold dollars so the search may become challenging.

A tough set with some major pitfalls (and some tremendous stoppers if you do the full set), but an interesting one if completed.

These coins tend to be unattractive and you should probably avoid the lower mintstate coins. Either shoot for 64 and up or for AU's. The problem with AU coins is that the later dates didn't really circulate at all and nice problem free circ coins are tough.

Good luck!

 

Those are great points, Leadfoot, cave troll, and Lehigh, and exactly the sorts of things I'm considering right now - before I start the set. That's why I wanted y'all's opinions!

 

I don't know if you browse the PCGS forums, but there is a member there who is very knowlegable about gold dollars and collects them passionately...Ambro(something). Just thought I'd let you know.

 

From other threads the general feeling in CT is buy AU (particularly AU-55 or AU-58) OR MS-63 (or better).
Skip MS-60 through -62. Something is undesireable about those coins (marks, lack of luster, etc.)

Second, start with a mini type set.
Gold dollars come in 3 types according to the Red Book.
Get one of each in AU.
After that no matter what you decide those 3 coins will fit into an expanded collection.

BTW, I'm VERY pro-type set :smile

 

I feel prooflike Type III G$1s in MS64ish are one of the most underappreciated coins around. They can be had with sizzler eye appeal at 1/3rd the cost of a proof and are true "pride and joy" coins.

With all that cameo they don't seem so small - they seem to jump out of the slab.

 

I personally don't collect to complete a set per se, but rather to have some nice lovelies. Better one great coin thatn 20 average ones. Maybe a type set is a good call.

 

A recent issue of The Numismatist had an article on this exact topic.

If you're considering a type set, consider adding these to the basic three regular issues :

• commemoratives
• California (octagonal and round) for me, it's Period One only (1852 - 1857)
• territorial (Bechtler)
• patterns

That should add some challenge ! :whistle:

 

I started out with the intentions of only assembling an early bust dime date set ( I wanted a date set of each capped bust denomination H10c-50c) ,I then moved on the collecting by die marriages (JR #s), and now collect them by die stages and die progressions.

And somehow I got into early gold quarter eagles...because they shared the same reverse dies as some of my dimes...now I have moved into early half eagles....you never know where your collection will take you.

I know some of these strategies have been mentioned but, this article from gold rush galleries on collecting strategies has helped me form my sets....Sets within sets.

http://www.goldrushgallery.com/dahlmint/pur_strategy.html