I went to attempt to sell the gold $2.50 Indian head coin, the dealer said to hold off on doing that for now as the price of gold (due to China) is rather unstable, and attempting to sell these types of coins may not yet be advisable at this time. Would the same go for coins with some silver in them, too? Anyone getting this kind of feedback from dealers? Oh, Hi, first post!
Can I have this dealers number? He obviously is a wizard and has magical powers that allows him to predict the financial outcome at a future point in time for commodities and I want to use him to make billions of dollars. Sell the gold coin elsewhere. Look at the last 10 years of gold prices and you decide. If you sell at $1,133 an oz, thats a great deal depending on when you bought it.
The $2 1/2 gold coin is the main coin I collect/buy/sell. They are slightly down overall right now, but it could be months, years, decades before they go up much. You just don't know. I would sell whenever you feel like it... doubt you will get much extra for waiting.
Howdy Tony - The condition of your coin also plays a very large part in its value. But given the response your saying the dealer gave you that makes me wonder if the value of your coin is largely based on it's gold content meaning it has little or no numismatic value. And if that is the case then I'd have to agree with the others, nobody knows what's going to happen to spot price gold, so if you want to sell just go ahead and sell. The spot could just as easily go up or down, it's crap shoot either way. edit - I forgot to mention that spot price has nothing to do with numismatic value.
First, welcome to the neighborhood, Tony! This is just my opinion and it really isn't worth a whole lot, but it sounds like that dealer didn't want to sink his money into it for fear of getting stuck with it. Look for someone else to buy it. Chris
May I ask what makes you believe it possesses an additional numismatic premium? This is a fine example of the problems that come when too little information is given. We know nothing more than the type, and what the dealer supposedly said, which may or may not have been a polite "out" depending on the OP's expectations and the coin's realistic value.
Welcome to CT. I have the complete $2.50 Indian set. It took awhile to build it and it has one that that costs a whole bunch. You didn't give a photo, state the grade or year and mintmark, if one, so it's difficult to give you sound advise. If you really want to sell it, look elsewhere and sell it. But ask yourself, why do you want to sell? Do you need the money? Just don't want it? Decided not to build a collection of them? Figure out why and then decide if you should keep it. I know what the dealer is saying but it sounds to me like he doesn't want to put out the money for it. He's not doing you any favors by telling you to keep it, so why is he telling you that? He may be an honest dealer. I don't know. You should find out. If that coin, which I've never seen and have no idea of what it is, other than your description, I'd keep it. What do you have to lose by keeping it? If you sell it, what are going to do with the money? Spend it? Invest it? Buy another coin? You've been given some good advice by the answers above. I'm just trying to make you think. After all, it's your coin. Best wishes.
The spot price sets a floor under the numismatic price, and as spot increases, the premium gets smaller and smaller and finally disappears altogether, at least for low-end coins. This is why stackers generally buy 90% -- there's no premium to lose via price action.
Okay, I took photos, it hasn't been graded by any organization. It's a 1908 Indian Head $2.50. I resized the photo, so they may seem pixelated when zooming in. It was taken with a Samsung Galaxy S4.
Thank you very much for the interest, but for right now, I'm just looking around at shops locally, the one I just went to was the only one so far.
