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<p>[QUOTE=&quot;GoldFinger1969, post: 2078762, member: 73489&quot;]<b><span style="color: #00b300">An SS Central America $50 Quintuple Eagle re-strike.</span></b></p><p><b><span style="color: #00b300"><br /></span></b></p><p><span style="color: #000000">There was tons of publicity about these coins when they were released in 2001.&nbsp; The &#039;Ship Of Gold&#039; went down in 1857 and led to the Panic of 1857 (under a gold standard, rises or drops in the supply of gold led to expansions or recessions in the economy).</span></p><p><span style="color: #000000"><br /></span></p><p><span style="color: #000000">What I have here is actual bullion that was melted down and restruck in the image of the actual 1857 Liberty Double Eagles. </span><b><span style="color: #00b359">This is a &#039;Quintiple Eagle&#039; with a face value of $50 signifying that it has about 2.5 oz. of gold (2.5 x $20 = $50</span></b><span style="color: #000000"> <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /> ), compared to the normal approx. 1 ounce in a traditional Double Eagle</span></p><p><span style="color: #000000"><br /></span></p><p><span style="color: #000000">In late-2001/early-2002, the hype surrounding these coins was intense as some of you may recall.&nbsp; This wasn&#039;t a hyped up hoard like the Saddle River Hoard or Wells Fargo Saints, this was an actual historical ship that went down when trans-ocean journeys were still very perilous.&nbsp; The gold was recovered in the 1990&#039;s and after legal battles, went on sale.</span></p><p><span style="color: #000000"><br /></span></p><p><b><span style="color: #0000b3">But the premiums were astronomical for actual coins, including Liberty DEs, given the hype and publicity (documentaries on cable TV, etc.). </span></b><span style="color: #000000">&nbsp; At the time gold was selling for about $300 an ounce and yet many 1 oz. coins were selling for 10-20x their gold content, depending on the specific coin, mintage, and MS grade.</span></p><p><span style="color: #000000"><br /></span></p><p><b><span style="color: #0000b3">The restrikes also sold at a big premium.</span></b><span style="color: #000000">&nbsp; Even though it was NOT an actual coin on the SS Central America, the gold ingots used to make these restrikes were on the ship.&nbsp;&nbsp; So with 2.5 oz of gold, you had about $750 in gold bullion.&nbsp; <b>The cost ? $5,000 to get one !!!</b><img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie9" alt=":eek:" unselectable="on" unselectable="on" /></span></p><p><span style="color: #000000"><br /></span></p><p><span style="color: #000000">Needless to say, except for maybe the premium pieces that sold for 5 or 6 or 7-figures, virtually everybody who bought these coins new or for a few years afterwards is way under water. Even with gold going up 6-fold to $1,800/oz., very few transactions took place more than initial purchase prices or maybe 10% or so above.</span></p><p><span style="color: #000000"><br /></span></p><p><span style="color: #000000">I got mine a few years ago and paid about 11% premium to spot gold.&nbsp; Considering my local dealer charges about a 6% premium and I have some 1857 gold and a nice story to go with it and a 2.5 ounce coin, I think I did OK.</span></p><p><span style="color: #000000"><br /></span></p><p><b><span style="color: #ff0000">But let this be a lesson to any newbies reading this: </span></b><span style="color: #000000"><b><i>ALWAYS ask yourself why you are paying a big premium to the underling bullion content.</i></b>&nbsp; Hype wears off, both with stocks and coins. Someone else&#039;s loss was my gain, and with only an 11% premium to worry about, basically, I have a coin that is going to track bullion.&nbsp; And since I am happy with it and have no intention to sell, for me, it was a good deal.</span></p><p><span style="color: #000000"><br /></span></p><p><span style="color: #000000">If you had told the original buyers of the $50 restrike that gold would go up 6-fold in a decade, I think most would think their coins would have been worth at least $15,000 -- if not closer to $25,000 or more.</span></p><p><span style="color: #000000"><br /></span></p><p><b><i><span style="color: #ff0000">Caveat Emptor !!</span></i></b></p><p><b></b>[/QUOTE]</p><p><br /></p>

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