Hello to all, A little background first......I am a member of the US Military currently stationed in the middle east. I was shopping at the local base bazaar a few weeks ago and came across a gentleman selling silver coins commemorating the liberation of Kuwait as issued by the Central Bank of Kuwait. He had the first, fifth and the recently issued twentieth anniversary coins as well as the second and tenth anniversaries which were issued as banknotes. Since I was here for Operation Desert Storm, I instantly was interested in purchasing them for sentimental reasons but I wanted to try and find out if the prices he was asking were reasonable and within normal guidelines but after searching the internet, I cannot find much, if any information on them. I am also aware of the possibility of counterfeits and want to try to educate myself as much as possible before purchasing. All of the coins had a presentation box and a pamphlet describing the coin, but nothing I would consider a certificate of authenticity. I emailed the bank asking if they issued COA's with the coins but I have not gotten a response from them at all and it has been several weeks. Now my questions....When buying commemorative coins, how do you judge the value? If i just go by current market price of silver then he is asking waaaayyyy to much in my opinion, but i also realize that he has expenses associated with the coins and the coins must have some value as collectibles. Can anyone help me to ascertain what the value of these coins might be from a book or offer a website that might have information? Are they worth more as a complete set? If anyone wants to see the coins, here is a link to the CBK catalog http://www.cbk.gov.kw/www/gallery_issues.html#. The other coins and banknotes can be viewed from the list on the left side of the page. I apologize for the long first post but I am trying to make an educated purchase and I know absolutely nothing about buying coins. Thank You Jack edited
I can't answer your question, but I'm sure someone will come along that can. I welcome you to CT, and hope you enjoy being here. There is much to be learned here and many here will be happy to help you. Please edit your post to remove your email address. There is a Private Messaging system in use here on CT so you don't have to use your email address. Posting your email here is an open invitation to spammers. One last thing: Thank you for your service!
The problem with buying anything collectible is that you have to find someone who agrees with you that the item is worth owning before you can sell it. This is easier when things are issued in small numbers or at prices close to face or melt value. It is harder when commemoratives are issued for every possible reason at high prices. You have two questions to address: Do you want to own the item(s) for sentimental reasons so you don't plan to sell them but will pass them on to grandchildren and don't care even if you are the only person on earth that wants to own them? Do you think the items are so beautiful, interesting or desirable that they will have a special appeal to those of us who do not have a sentimental attraction to the coins or the events which they commemorate so you will have competition buying the coins years from now in the aftermarket? My suggestion is to buy only what you want to own forever and to consider other investments for the part of your money that you want to provide a profitable return. Check with US based coin dealers and see what they will pay today for what will cost you $100 today from your source. That might help make a decision. Also remember that cheating tourists (that includes military tourists) is something of a national sport in most places we have ever had a military presence so you are right to educate yourself.
Dear Jacksradio, as a fellow Desert shield/storm vet, I understand your feelings. However, I know from going to the bazaars in Hafir al batin, KKMC, Riyadh, and the like that the stores are literally crawling with fake coins. There ARE real coins there, but also many fakes. It very much is a caveat emptor situation. If you are not knowledgable about coins, buying coins in the middle east is about the most dangerous place in the world to buy them. If you are just looking for this modern issue, I would wait until you come back to the US and buy one here. Believe me, they will be available. With the internet age one does not need to be in the middle east to buy coins from Kuwait. If you have any questions, please feel free to PM me. I will even give you my email address if accessing the web is harder than email for you sir. I am always glad to help a fellow vet. Chris
Thank you all for the replies. @medoraman...I sent you a PM @dougsmit, that sounds like solid logic. I appreciate it. I did have thoughts of passing them along to my grandchildren when I end up with some but I do not want to purchase counterfeits or pay more than the coins value even if I am keeping them forever. Problem is that I cannot seem to determine their value and I do not know of a reputable and knowledgable dealer to contact on the matter. I did check a few dealers that i found while doing some google searching but none had any info on these coins, just kuwaiti monetary coins.
As for value, if the coins are silver, I'd calculate their worth in terms of its weight in silver. Currently, silver seems to be hovering around $30 an ounce or slightly under that. If you know how to tell if a coin is silver, or if it's plated or some other metal, then you'd just need to know its weight and purity. It should be fairly easy from there. Even if you pay a few dollars over spot per ounce, if you're getting real silver you're doing ok even if its a fake. If the coins aren't real silver, or if they're silver plated, then don't buy them at all.
