Hello everyone, I know nothing about coins but am collecting them now. I just bought 10 buffalo proof coins from the us mint.I am seing the value of these coins skyrocket on ebay and other sites. My questions are. 1.Should I have them graded? and if so how do I submit for grading and know they will grade the coins I send them and not switch them? I would like to sell a few of them and repurchase other coins I like and I think would be a good investment.I put them in a safe desposit bank for safe keeping. I also have some morgans / walking liberties/and various other coins my wife accumalated over the years from relatives and such.Where do I go or subscribe to learn about being a collector? I have always been an investor but never in coins. The reason I would buy and sell coins is that I have learned that investors that keep things to the end end up losing trying to squezze every dollar. I like to sell on the upswing rather then wait for a top that never comes.Thank you for your repies.:hug:
Why Why are people buying them off ebay for more than $800 dollars when they are still available from the mint for $800 DOLLARS?
Howdy bestblinds - Welcome to the Forum !! First of all, you've come to the right place if you want to learn about coins We have some very knowledgeable members here and can answer just about any question you can ask. And if we can't answer it, then one of us probably knows to who else to ask. The next part is probably not what you expected to hear - but a great many experienced collectors, myself among them, will tell you that "investing" in coins is not a good idea. There are actually very many logical reasons for this, but first and foremost among them is that it is not a good idea to invest in things you know nothing about. And the study of numismatics is something that can take a lifetime to learn. These same collectors will also tell you that the best reason to collect coins is because you like it - not because you want or expect to make money from it. Most of those who enter this hobby with the expectation of making profits usually end up losing their shorts. Those who enter the hobby because they like it, and are willing to study and enjoy the coins for what they are - those folks often do end up making a profit but usually only after many years. So anyway, if you have questions, ask away and we'll do our best to answer them
Because believe it or not, there are a whole lot of people who don't even know that they can buy them from the mint.
Investment As a pure play I would say gold is not an investment in and of itself. Only if you are considered and expert. If you have a portfolio with say stocks, cash , realestate etc. Gold can be a nice hedge. I have some gold but it has been since 1993 I have been slowly buying gold. I have never had time to spend with the finer points of grading etc. but kept buying what I knew would cover me in a down turn. Now I would like to get in to higher quality coins, but will go ahead when I feel I know what I am getting into. Be well Floyd
gold on ebay From what I've seen, the commems like the buffalo have big jumps in price shortly after release, then everyone that wants one has it and the price drops back down. so if you want to make a profit don't assume the price will go up with age. Just my 2 cents.
Viper, what about the '01 Silver BISON Buck, do you think it will continue to rise. What with the Gold Proofs and Unc's! I'm surprised that they've continued to increase for so long, I think it's the collectors' love of the Buffalo (BISON) motif, will always be in demand. Old man Fraser sure started somethin'
Floyd, very interesting comment. You seem to have a very deep understanding of the role that gold can play.
silver buff Even if the silver buffalo is dropping now, I think it held it's value longer than most modern commems, probably because of the design being so universaly popular, yes.
Well, after much debate with myself, I finally broke down and ordered a proof from the mint today. I thought the $800 price tag was a little steep, but oh well. A friend has purchased two and is sending one off to NGC for grading. Am I to understand that the original asking price from the mint was $875 each, or was the price raised when gold spiked and then lowered as gold dropped in value?
I was hoping that the gold buffalo would create a demand for the silver commemoratives. I would have thought that the new collectors would want to own both.
They probably would - if they didn't cost $800. It's pretty hard to create a demand for something when there are only a few people who can afford it.
I understand the 'first strike' thing, but WHY are people paying 800+ dollars for a coin that is just worth 1 oz of gold in the 600's?
Not sure why you mentioned the first strike thing, that's another story altogtether. But they are paying $800 for the Proof version. The business strike version is the one that sells for just over the spot price of gold.
