When you dont know how many coins were made..what should you do?

I have the chance to buy a unicorn coin from 1997 for a reasonable price from a reputable seller.

The problem is that I dont know how many were created in 1997 since it was the last year of its run and when I went on a website to see the answer was n/a. I checked other places and I can't find anything.

I'm unsure what to do. My eyes say "Ohhh pretty coin." My gut says "you dont know how many were made it could 8 million."

I'm lost and confused.

 

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can u get a picture?

 

Sure. But I'm confused as to how that dictates the number of coins that was created in 97.

 

With a pic, someone here might know what it is. What is a unicorn coin, anyway?

 

Until you get an authoritative answer, I would assume the worst.

 

OH sorry. China. 10 Y 1997 Unicorn coin.

http://www.daggarjon.com/Coin%20Pics/China/Images/China%20Silver%20Unicorn%205%20Yuan%201997%20Proof%20reverse%20KM-1030.JPG

 

If you buy a "coin", and not a "medal", then the mintages should be in a Krause catalog.

The bigger issue is that mintages really do not matter. Simple but true. I have so many world and ancient coins, and even US ones, with MUCH tinier mintages than a 1909sVDB cent its not funny. However, none of them are worth more than that one cent. Why? Demand.

Supply is a meaningless number unless matched up with demand. I have coins that maybe 5 are known. Worth a million? No, more like $30. Too many collectors get wrapped up in "tiny" mintages, when in fact the mintage is way more than there are collectors of them, so its meaningless.

Overall, collect what you like and don't worry about mintages. If the coin is fairly priced, attractive to you, then its fine whether they made 200,000 of them or 180,000,000. If you are angling to try to find underpriced rarities that is one thing, but even then mintages do not matter, it is how many survivors there are that matters. Even then you are betting that not only have you found truly scarce coins, but the market will "wake up" and start demanding them as scarcities. The second part is the hardest part.

Chris

 

Is this what cha' mean??

 

Yes that is the coin. I haven't found it on any website. But then again you guys might know more websites than I do.

 

Are you buying proofs or uncirculated?

 

Is that a commemorative or bullion? I can't find it in the Krause book (which has circulation-type coins).

 

They are Chinese Commems.

 

uncirculated is what I am going to buy. I thought it was a coin and not a commemorative. Hmm. Maybe I am wrong. Now I'm totally confused.

 

They are not struck for circulation, they are like an ASE, in fact they are exactly like an ASE because they have gold and platinum counterparts.

I'm still looking for UC mintage, but proof is 8000.

 

Any info would be great. Thanks

 

While I think the info may be interesting, nothing about what they say about mintage will help you price the coin. I would search competed Ebay auctions, or websites with them available, to see how much they run versus silver value. If one sold when silver was $35 for $50, then the estimated premium would be $15, meaning $55 would be today's price.

Chris

 

KM 1032 It appears to only be made in proof. About a tenth oz 9999 fine gold. I'd call it bullion and my copy of Krause says the mintage was 5,000 pieces. Price appears to be a moderate amount above bullion but not excessive.

 

thanks so much everyone! You have all been very helpful

 

There are a couple of slabbed coins on e-bay, most of the Asian coin websites I looked at were sold out.

 

Since these are a bullion coins the price should be just slightlyover spot at any time.