Discussion in 'Bullion Investing' started by fretboard, Dec 17, 2020.
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Why a proof?
@Gam3rBlake! A 1932, tough year on that one!
Yeah I bought it as a random date MS-63 $10 Indian from APMEX back in 2016 & so I’m not surprised I got the worst dates they had. That’s just what happens when you buy random dates.
I disagree, I think a 1932 is a great year to have! You can't get any closer to a 1933!
Lol! I think you’re thinking of the 1933 DOUBLE Eagle. This one is just a regular Eagle.
No, I'm thinking any gold 1932 carries interest as the year before. At least on ebay it does!
The 1933 Eagle is a minimum quarter million dollar coin and a super interesting. 1932 is the last real collectable year of US circulation gold and that makes it cool,
Ah ok I see what you mean.
I know it is because there is only one of them that can be legally owned and the rest are the property of the US government and being stored in Fort Knox.
I was sporting a 1969 fastback, so I had a few spare parts.
The rest were random 65/72 mustang parts I plucked from the crusher that was cleaning up a local closed up wrecking yard.
My mustang got hit Courtesy of Some under age girl, no license NO insurance and flying down a residential street in her friends borrowed mini truck.
She clipped the back of my parked mustang and the Insurance company wanted to total the car.
I tried everything in my power to make it right again, BUT all 11 body shops said we can make it LOOK right, BUT it won't be right.
Sadly I had to take the settlement and kept the car.
The running gear went into a 1968 cougar XR7 and the rest was sold off peace meal...the rolling chassis was sold to a guy that had plans to make a dirt track stock car.
It sat at his place for many years and I lost touch with it.
That was 30 years ago....today they rebuilt them from a vin number and they are worth 5x what I was paid.
At least 1/3 of my coins are proofs (mostly ASE and US mint silver sets), just something my late father did, and I do for it fun and a connection to him. I like the whole formal presentation of proof coins as did my dad.
Ahh okay makes sense to me .
I wasn’t sure if you were like buying gold proofs to stack gold or something so I was just gonna say that I recommend that you get a cheaper non proof if you’re just stashing it.
But if you’re doing it for enjoyment that’s totally different.
$2000 now is worth more than it was in the past but yeah historically the actual labor cost of gold has risen dramatically.
Today assuming someone works 40 hours a week or 160 hours per month @ $20 an hour. That’s $3200 per month before taxes. Maybe $3000 net take home pay. That’s being generous I think. It’s probably even less.
At gold prices of ~$1800/ozt currently that means that person could only buy a little bit over 1.5 troy oz of gold per month worked.
In 1922 the average worker made about $0.75/hour or $37 per week or $148 per month.
Well back then a $20 Double Eagle was roughly 1 troy oz of gold. So $148 / $20 Double Eagles is about 7 Double Eagles so about 7 troy oz of gold per month worked. With $8 left but we’ll assume that makes up for the Double Eagles not being quite 1 troy oz of gold.
Crazy how much inflation hurts. I fear it will get worse if the government starts spending all kinds of money on things we can’t afford and just pays for it by printing more money and weakening the dollar.
$10 Liberty, a $5 Liberty, and a $2.50 Indian. I eventually sent them off to ANACS, where they all got details grades.
By the time gold peaked in 2011, those three coins were worth almost as much for melt as I'd paid for the whole set. Didn't stay there long, but today they've regained and exceeded that level. I'm still inclined to keep them, for educational and sentimental value.
(The rest of that "collection" was mostly junk, but there was quite a bit of silver. The one other coin I remember from it is an 1878-CC Morgan, AU details, wire-brushed. Value-wise, I don't think I did as badly as I deserved.)
That’s one of the things I hate about buying ungraded coins online.
You have to ignore anything they write on the case/holder like “GEM” or “BU!” or sometimes they’ll even write “DMPL!” when frankly most of them have been cleaned or have other problems.
That’s why I always recommend buying in person if possible. At least check out your local dealers. Even if they don’t have what you are looking for there is a good chance they have connections with other dealers who do. You can even take in a printout of the Ebay page and ask if he’ll match the price since he isn’t paying fees or shipping.
That’s just my two cents.
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