Foreign Collectors Gold coins at Spot

Discussion in 'Bullion Investing' started by jfscmedic, May 28, 2018.

  1. jfscmedic

    jfscmedic Well-Known Member

    Got a man who owns a local Mexican Restaurant who has been buying silver coins from me. He keeps telling me "I want Gold" I told him I normally don't deal with Gold coins because they are so expensive compared to silver but he keeps asking for gold. So this weekend I bought 2 nice Gold coins at spot..to test the waters...these are not just run of the mill bullion coins but scare collectors coins...

    First is a 1965 Proof Republic of Somala 50 Shilling Gold coin with a Mintage of only 6,325 Coins. ASW .2025 Troy Oz. Issued to celebrate the fifth Anniversary of Somalas Independence. I offered it to him at $275.00 After thinking it over a bit he told me "Maybe Tomorrow"

    The 2nd coin I have (That he has not seen yet) is a 1930 Uraguay 5 Peso PCGS Graded MS-63 with a Mintage of only 100,000 Coins. ASW .2501 it contains almost $325 in melt gold.

    I wouldn't mind putting both of these away in my own collection..guess we'll see what Tomorrow Holds.

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    Last edited: May 28, 2018
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  3. furryfrog02

    furryfrog02 Well-Known Member

    I'd jump on that Somalia coin any day of the week.
     
  4. rte

    rte Well-Known Member

    The 5 peso has more character.
    Would look good in my collection.

    Let us know if your buyer doesn't
    Follow thru.
     
    Last edited: May 28, 2018
  5. Westtexasbound

    Westtexasbound Active Member

    Why? I don't mean to be rude or offend the OP but it just looks like any modern gold coin with very little character. Of the two I like the second much better.
     
  6. jfscmedic

    jfscmedic Well-Known Member

    Maybe he just likes it. It's a scarce coin with a low mintage and a bargain at scrap gold. I'd rather buy a coin like this than just another bullion coin. How many bullion coins (American Eagles or other gold coins) have a mintage of less that 7,000 ?
     
  7. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER" Supporter

    I would ask the question to the man what his objective is ? sounds like an investor
    To me, if that,s the case a strictly bullion coin might be a better fit, even though
    The foreign coin is nice, some might shy away, just my two cents :)
     
  8. Garlicus

    Garlicus Debt is dumb, cash is king.

    If my math is correct ($1,300x.2025), the melt value is $263, so $275 is a decent price.
     
    jfscmedic likes this.
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