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<p>[QUOTE=&quot;GoldCoinLover, post: 741762, member: 4336&quot;]So I recieved an email from APMEX today. Holiday christmas is coming up! Buy pre-33 gold....this makes me wonder.</p><p><br /></p><p>In 1933 president Roosevelt ordered all US citizens to turn in all of their gold, except gold with numismatic value. Despite this, most citizens were very loyal and turned in all of their gold, even the more numismatic gold of the time.</p><p><br /></p><p>Despite this, how come pre-33 gold is so common today? If you go to APMEX for example, you can buy tons of certified gold by PCGS or NGC in any denomination. Obviously there is alot out there. A couple years ago I bought a 1901-S $5 PCGS MS62 half eagle there, which actually has a rather nice &#039;skin&#039; to it. I&#039;m satisfied with it.</p><p><br /></p><p>From what I&#039;ve heard on the explaination on this, is some unscrupulous collectors or people would send then over to europe to sit in bank vaults until gold was legal again. Still, you would think most of the gold was melted down. This reminds me of the massive pre-1834 melting of gold. Prior to 1834, gold coins of the US mint had a higher gold content than our 900 fine gold today. They were actually .91 fine, the fineness of the gold sovereign. Because of this, people would melt the coins down for their precious metal content. Their intrinstic value was worth more than their face value. There was a massive meltdown, and this is one reason why pre-1834 gold is so rare. You would think this would apply to pre&#039;33 gold too...but it seems alot more common.</p><p><br /></p><p>To combat the issue, the US mint in 1834 reduced the diameter slightly of the quarter eagle, and reduced the fineness from 916 fine on their $5 and $2.50 to around .89 fine. This allowed the coins to circulate and they were the first US gold coins to circulate widely. Because of this many classic head quarter eagles especially are in very worn condition. They don&#039;t start to become more rare until higher MS grades.</p><p><br /></p><p>So the question is, pre-33 gold seems common in comparison to pre-1834 gold. Why?[/QUOTE]</p><p><br /></p>

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