Gold Proofs

Discussion in 'Coin Chat' started by Alan Nakamura, Nov 13, 2019.


Why is no one upset

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  1. Alan Nakamura

    Alan Nakamura New Member

    Still sad that the coin "collecting" community still has not revolted against coin shops only paying bullion prices for gold proofs and higher graded gold and silver coins. What a disappointment. I was online a few months ago arguing this point, and no one was on my side. Don't care, you can lay down like dogs and take what is given to you or you can stand up. So sad to see no one standing up for this. I am still standing up for gold and silver proofs and higher graded coins, even though I seem to be the only one. All the coin"experts" that I received responses from all belittled me. However, they seen to have forgotten that proofs have been a part of collecting pretty much since coins where made. That includes gold and silver. Yes, the coins were made for circulation back then, however, there were still proof sets made, and those sets commanded a premium, and still do. When are we going to say enough is enough to the coin shops? if the coin collecting community does not want proofs of higher quality, gold or silver, then why have they not told the government about this, so they will no longer make these coins? Work with me people, work with me.
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  3. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Welcome back. I am sorry you felt as though you were belittled. That was never the intention.

    Free markets do what they do. Your dealer is not the enemy. The free market is your enemy. If the average buyer (me) will only pay spot price for a shiny proof ASE or AGE, then why would a dealer pay more? He wouldn’t be in business very long if he did...... It’s really that simple. In the blink of an eye, that could change and the proof strikes may carry a premium. It’s how the free market works. No magic or thievery to it.
    ldhair, johnmilton and green18 like this.
  4. johnmilton

    johnmilton Well-Known Member

    If a dealer can pay a premium for a coin and sell it for a worthwhile mark-up, he will do it. If there is a large market for the item, prices will increase. If collector demand is not there, he can't do it. It's just that simple.

    My observation concerning a large number of Proof coin issues is that the most demand exists during the year of issue and shortly there after. Once the core collectors acquire the Proof coins for their sets, the demand is dependent upon new blood since the core collectors have their coins and don't want any more. If the growth in collector interest is not there, prices drift lower. That's why many older Proof sets sell for close to face value and modern gold and silver commemative coins sell for close to melt.
  5. ldhair

    ldhair Clean Supporter

    There is very little profit in this type of stuff for dealers. They have more folks coming in the door wanting to sell than they do coming in to buy. When that changes, dealers will pay more for inventory. I don't see it changing.
    Randy Abercrombie likes this.
  6. -jeffB

    -jeffB Greshams LEO Supporter

    If anything, the "community" has already "revolted" -- by refusing to buy those proofs from dealers at a significant markup. If dealers can't sell them at a significant markup, they won't buy them at a markup.

    You've paid extra for coins that will not bring a premium when you go to sell them. This is not the fault of dealers.
    Randy Abercrombie likes this.
  7. Conder101

    Conder101 Numismatist

    Stand up and do what? Refuse to sell? That's your privilege. But the dealer isn't in desperate need of your coin, there are plenty of other out there that will sell. And if everyone refuses to sell that still won't matter much unless there are also people constantly coming in wanting the buy them. It is the demand side that determines the dealers buying price, not the supply side.
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