Worth buying at spot gold price? 1863 S Coronet Head Gold $20 Double Eagle

Discussion in 'Bullion Investing' started by rte, Oct 3, 2023.

  1. rte

    rte Well-Known Member

    1863 S Coronet Head Gold $20 Double Eagle... Civil War Era.
    Scratch across the face and some rim damage.
    IMG_20231003_180642168.jpg IMG_20231003_180705134.jpg IMG_20231003_180656694.jpg
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  3. -jeffB

    -jeffB Greshams LEO Supporter

    The edge and rim look chewed up, too; wonder if it's ex-jewelry.

    That said, to my mind, classic gold at spot is ALWAYS a buy, unless gold is plummeting. Sometimes even then. Not always much of a numismatic premium on double eagles, especially common and damaged ones, but I still think there'd be some.
  4. rte

    rte Well-Known Member

    It peaked my interest till I turned it over and saw the S mint mark.
    A guy could always scrape that off to match the holder :p
    I figured with the condition issues, bullion at this point.
    With gold heading south??
    Melts for $1775
    $1500 would be a deal.
    Mr. Flute likes this.
  5. Jersey magic man

    Jersey magic man Well-Known Member

    Any gold at spot is a bargain.
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  6. -jeffB

    -jeffB Greshams LEO Supporter

    Yeah, I jump all over gold at 15% below melt, too, whenever I find it -- which is one reason I haven't bought a gold coin in years.
    Mr. Flute likes this.
  7. rte

    rte Well-Known Member

    Seller was looking a little more than just melt at $1775.
    Pretty much everyone at the coin meeting agreed it's a bit ruff, maybe ex jewelry so bullion value.
    I explained to the seller that if it was a philly and not a San Francisco, maybe a collector would want it a bit more.
    -jeffB likes this.
  8. Cherd

    Cherd Junior Member Supporter

    If it were doubled over on itself and smashed flat with a hammer, wouldn't it still be a good deal at spot?
    Mr. Flute likes this.
  9. rte

    rte Well-Known Member

    Depends where gold goes from here...Up,Down Sideways.
    If it was converted into a ring, it might increase the value.
  10. -jeffB

    -jeffB Greshams LEO Supporter

    But of course that would require labor, the source of value. :troll:
  11. rte

    rte Well-Known Member

    I just assumed Cherd already had the hammer and worked cheap like situations I get into :p
    -jeffB and Kentucky like this.
  12. Cherd

    Cherd Junior Member Supporter

    But, the "Up, Down" consideration is always the case.

    As I understand it, spot price is the current market consensus on the base value a commodity in raw form (no premiums). Therefore, if you desire that commodity, then spot represents the lowest price that you would possibly expect to pay. For instance, if that coin were melted down and solidified into a puddle, then that blob would still be worth spot.

    I think the question that you are asking is less "good deal at spot?", and more "Is the spot price going to drop?". Similar questions from a decision making perspective, but different questions none-the-less.
    rte likes this.
  13. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    I am a sucker for pre-33 gold at spot. I haven't been offered any for a while now and what I have accumulated over the years has doubled and sometimes tripled in value..... Yeah, if I were offered pre-33 gold at spot, I would jump without hesitation.
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  14. charley

    charley Well-Known Member

    I have a different tactic. Twice a year or so, when Spot is decent and not going down, I pawn 2 (OK...sometimes 3) of HER pieces and sell for a few dollars behind Spot.

    SHE hasn't looked at the Jewelry Box inside a bigger box inside the closet on the top shelf in the corner behind the old 1 gal. Crisco Can full of buttons, for 10 years. I know, I know....she collected buttons for years. Go figure.

    Easy no stress.

    Yeah, yeah, go ahead and judge. I paid for the stuff anyway. So.....
    rte likes this.
  15. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    The scratch looks pretty nasty ! The problem what would that do to value ?
    but at spot maybe is still a good deal.
    Mr. Flute likes this.
  16. rte

    rte Well-Known Member

    From what I gathered by talking to the guy, he loaned his friend some money and took this as collateral.
    After a longer hold time than he wanted he started asking around to see what it was worth.
    As people started to look it over he then really looked into the scratch, previous thinking it wasn't on the coin itself but lint or something else.
    Pretty much everyone said the same thing. Shame it's ruff but love the Era.
    I told him about the local gold and silver shop and said he might try over there ( the place doesn't have one out on a shelf or any US gold for that mater ) the seller looked somewhat interested in that option... here's where I was a little surprised I was at the gold and silver store yesterday, talked to the owner and told him about the interaction with the guy showed him the pictures and he said that the guy was in the shop last month ( interesting ) the owner recalled offering something like $1700 ( gold was $100 more at the time)
    The guy at the coin meeting has a good pokerface :p he didn't flinch when I recommended the gold and silver store :D I'll make a mental note of that for the future.
    I talked to the seller after the meeting for about a half hour...nice guy, pretty smart ( retired disability) dabbles in a lot of collector stuff and seems to not need the money.
    He's into the 1863-S for $2000.
    I told him looks like a nice pocket piece :p was I wrong :D
  17. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I have a few civil war era pieces, the history
    is pretty amazing, I am a bit surprised
    he didn’t have the value established before
    hand, that would have been the smart thing to do :)
  18. rte

    rte Well-Known Member

    I think he was slow playing it and knew what the expectation on value was, but was looking for someone that really wanted it or wasn't sure to make him a good offer.
    Like I said he wasn't tipping his hand and as I found out later wasn't that person that didn't know what he had.
  19. Mr Roots

    Mr Roots Underneath The Bridge

    If you are a stacker buy it.
    If you are collector save for a better example.
    Cherd likes this.
  20. Mr. Flute

    Mr. Flute Well-Known Member

    As long as the 'damage' hasn't appreciably reduced the weight and the coin is genuine, I would think an 1860s double eagle for spot is an absolute great buy, especially if you can still buy it for below spot.

    I'd do it.
    Last edited: Oct 6, 2023
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