major screw-up

Hello everyone,
This is my first post, as I have just discovered this forum. I recently sold a 2008 1 oz. NCG-PR70 UCAM gold buffalo to a local dealer by mistake, not realizing this particular coin was a part of a 4 piece 2008 gold coin set that I own (I keep all my coins loose in a safety deposit box - not together as sets), and I own other 1 oz. buffalos. I have been trying to purchase another coin to replace it, but have had no luck (Ebay, NY Mint, Blanchard, etc.). I was wondering what impact this has on the remaining 3 coins as a set, and also would love any leads on where to purchase a replacement coin. As you can tell from this post I'm a novice at this business of gold coin collecting. Thanks much for any info that anyone can provide.

 

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Welcome to the neighborhood, Phil!

First of all, I need to ask if you can tell the difference between a PF69 and a PF70. If the answer is negative, then why spend the money for a modern PF70 when you can get just as nice a coin in PF69 for a lot less money. Are the other three coins in the set PF70? If so, why don't you sell those, too. Then, you can look for a PF69 set and still have some money left over to buy something else.

Chris

 

I'd agree, sell the rest, buy another set so you don't end up having to buy a complete set with a partial set lying around. Dealers usually try to keep sets intact. If the dealer you sold it to doesn't have the remaining set, that'd be a good starting point and if he really needs it, you could likely ask for more for the remaining pieces to the set if you're lucky.

 

^ The grade might not reflect how the coin looks, but the grade may be what's important to the set and its price. I would try going to the dealer, explaining your mistake and seeing what happens. If he trades it back to you for the sale price, great, but if he wants you to buy it back for $100 more, I would still do it. It would keep the integrity of the set and not send you looking for a new coin.

 

Thanks guys for the responses, and no cpm9ball, there is no way I could tell the difference between a PF69 and PF70. I guess my point is that the three remaining coins(1/2 oz., 1/4 oz., and 1/8 oz.) are all graded as 2008 NCG-PR70 ultra cameo - as the 1 oz. I screwed up on, and I thought that buying the same grade and type coin to complete the set would make it (the set) more desireable. By the way, I paid 7800.00 for the set from a company(possibly mentioned in my original post) - how bad did I get ripped off? THANKS again for all of your input and help!!!

 

If you have a good relationship with the dealer, maybe he'll sell it back to you for the same price. I would.

 

Or, hoard satins.

 

I feel like 7.8k for the set is a fair price. The last coin is also 1/10 oz.

 

So, you spent $7800 on the set, and you don't even know if that was a fair price. I'm not trying to put you down, Phil, but I am trying to give you a wake-up call. You should really try to learn a little more about the bullion coin market before you start paying that kind of money. Fortunately, they are authentic and are graded by one of the top two services in the industry! Granted, you got them for a reasonable price, but since you can't tell the difference between a PF69 & PF70, you could have saved yourself at least $2K by purchasing a set of PF69.

This is where having an understanding of the bullion coin market as it applies to modern coinage is so important. I did a quick check of the NGC Census, and here are the results:

2008-W G$5: PF69UC - 1956; PF70UC - 3929
2008-W G$10: PF69UC - 804; PF70UC - 2856
2008-W G$25: PF69UC - 1116; PF70UC - 2880
2008-W G$50: PF69UC - 1085; PF70UC - 2808

As you can see from these figures, the PF70's outnumber the PF69's by a wide margin, so rarity shouldn't even be considered. All they are is a fancy version of bullion, and bullion doesn't follow the demands of the numismatic market as you would find for 19th and early 20th century gold coins.

Here is a perfect example for you to consider. In 1995, the Mint issued a 4-coin proof gold set that included a bonus coin, a 1995-W Silver American Eagle Proof Dollar. They only produced 30,125 of these coins, and by the time that most Silver American Eagle collectors learned of it's existence, it was too late because the set sold out. This was the first time that the Mint put the West Point mintmark on any silver bullion coin, and by about 2005, it was selling for as much as $7K in PF70UC. Keep in mind that the price of silver has increased seven-fold since then, but dealers today are having a hard time trying to sell this coin for $3K. As a rule, the people who come out winners in this kind of market are the ones who buy early, buy in quantity, submit them for grading and sell fast while the feeding frenzy is still at full strength.

Of course, everyone has dreams of owning gold, but paying those prices for modern bullion is, in my opinion, not the best use of your money. If you like having the gold Buff's, buy the 69's and save yourself $2K+.

Chris

 

Thanks Chris for all of the info that you have provided. I will be the first to admit that I am extremely naive when it comes to spending money on gold coins. I should definitely read up on this subject before buying (or selling for that matter) additional coins. Thanks again for the input!

 

Better yet buy saints graded around 64 or 65 grade. Other than that I think Chris covered it.

 

Do I think you spent too much for the set...yes. But, if the set is something you like, and it seems to be, then who are we to say you overspent? I would do what Phdunay suggested and revisit the dealer you sold it to and explain the situation. Perhaps take the coin the intended to sell and see if he'll trade. Many dealers would understand and be willing to work with you. Hopefully it works out and you get your set back to completion.
Guy