Gold coins question for those in the know...

[Silver Surfer]

Hey all!
Sorry I haven't posted in a long time. Illness has progressed, way too long story, but haven't detected in over a year.
Anyway, a guy inherited 4 gold coins. I am told Granny bought them decades ago, and they have never been circulated.

Seller says Philly mint when I asked, I told him that any other mint would have O, D, or S on them otherwise (and I don't know, but assuming they are like silver coins).

1910- $5
1910- $2.5
1913- $5
1914- $2.5

Supposidly mint state, but he doesn't know coins, but swears they have been in a safe, so I would imagine uncirculated.

Asking $1500 for all four.

I know silver, only experience I have is with gold is rings and such.

Really need info on value, if this is a deal, what I should pay, etc., as he is anxious to sell and was offered $900 by coin shop. So I'm sure they're worth more than that, since they pay squat compared to actual value.

So if anyone that knows the value could please shoot back a reply, it would be greatly appreciated.
i want to offer him a grand, but don't want to get a bad deal.
Thanks!!!

SS

 

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[jim4silver]

The melt value is $1200. If you are talking MS64, then $1500 is a good deal for you. Better check the quality yourself to make sure they have not been improperly cleaned/polished.

Jim

 

[Mackaydon]

Melt is $1,200 Asking price is $1,500 and if they prove to be fakes the value is zero; notwithstanding the 'Granny' story.
IMO, best to have the seller authenticate them to your satisfaction before making any offer; or buy them subject to being authenticated.
Don....

 

[TreasurePirate69]

I would not assume they are mint state (or even REAL as Mackaydon pointed out). You will want to examine them closely before purchase. As previously stated, melt is $1200 so I would start with a price closer to that price. Unless he took them to a cash for gold place, any self respecting coin store would have offered way more than $900 if these had been mint state or AU+ coins. So take that as an indication of approximate condition unless you see otherwise. Even if you see the coins and they look absolutely stunning, I would not offer any more than AU prices. There really is no need to in this case. Assume that both of you are overgrading and give yourself some wiggle room. Plus, you are taking on the risk of buying fakes or cleaned coins and he should understand that.

The CDN gray sheets list wholesale bid prices for these coins as follows:

1910- $5 - AU50 = $470, AU58 = $480
1910- $2.5 - AU50 = $300, AU58 = $315
1913- $5 - AU50 = $485, AU58 = $490
1914- $2.5 - AU50 = $300, AU58 = $315

AU50 Total = $1555, AU58 Total = $1600

With all of that said, I would pay between $1200 and $1600 depending on condition. I would not go higher than $1600 because you can buy from a reputable source for around that price and be relatively sure that what you are getting is real (both in content and in grade).

Good luck. Let us know how it turns out.

 

[TreasurePirate69]

Also, take a look at some place like Provident Metals to comparison shop. Their prices are as follows:

$5 Indian - Polished = $465, AU+ = $510.
$2.5 Indian - Polished = $333, Au+ = $360

Polished Total = $1596, AU+ Total = $1740.

As you can see, retail prices (even for cleaned coins) are way more than what he is wanting to charge.

 

[Mackaydon]

'Caveat emptor'; get the coins authenticated first, then make your investment decision.
Don......

 

[jim4silver]

I was assuming the OP was an experienced coin collector. If a person cannot "authenticate" US gold coins on their own by holding and viewing them, then they should not be buying them in the first place (unless they are already slabbed coins, but even then it is possible that the slab is faked).

Paying even the $1500 for these coins if they are NOT mint state is not a good deal in my opinion. The premiums on old US gold are high now relative to spot. Is there any reason to buy $1200 worth of gold for $1500 when said coins have not yet been graded and the OP is inexperienced? I would say no.

These coins have huge buy/sell spreads right now, and coin dealers will often not pay you near grey sheet when you sell most of the time. What they do is wholesale them or retail them. If they wholesale them, they will be the ones selling to another dealer at "bid".

I would say though if you can get them at melt, buy them if you are certain they are real. If you have a scale you can weigh them and measure them and compare to known specs for such coins. If all that matches they are real assuming they "look" genuine upon visual inspection. If only buying them at melt, it wouldn't matter if they were improperly cleaned or otherwise lacking in numismatic value.

Just my opinion.

Jim

 

[Silver Surfer]

Hey Jim, has it been that long since I've been on to referred to as an "OP" LOL! You have helped me a lot in the pet with silver advice, even numerous PM's between us... Just ribbing ya, I thought it was funny.
The whole story is this. My stepson has a good friend that received the coins from Grandmas estate, her Coin collection (investments) were divided between 4 grandchildren.
My stepson knows I am into old coins, gold, and silver. He was interested himself to buy them, but cant afford them. I told them that for me to even make a serious offer, they would have to be checked and graded by a certified dealer since they live in Utah and I have no access to them to examine, weigh, and do my own grading. That's why I offered a grand, because of the cost of gadding them, AND, if they didn't grade at at least MS65, because of the assurance that she bought them, were in original plastic sleeves, they would not only not get the sale, but would eat the grading cost. I recommended to both of them that they really needed to have them graded and slabbed, if they were that nice, as it would bring them the best price, and save a lot of hassle when trying to sell them.
But after again talking to my stepson today, the whole story came out. They were not slabbed, and were not in individual plastic bags or slabbed, but rather were in a box with many other gold and silver coins, and had been handled numerous times throughout the years, and the kid was actually holding them in his hands, handing them to my stepson and other people all at the same time handful of coins together poured from one hand to another. So I know that if they were in very high grade condition, they no longer are and probably have some scratches in them now. I cringed when he told me that, and gave him quite the lecture about how to, and how not to, handle valuable coins.
the $900 offer WAS from one of the jerkoff cash for gold guys, as you suspected, but he had a coin dealer offer him $1200 for all four today.
so, they are past my offer now, and he wouldn't even consider having them graded for an offer $200 more than my offer.

So thanks for the advise, and sorry for not being an active member or keeping in touch with many of you I had started to consider good friends. I haven't even been able to metal detect for over a year, have incurable disease in addition to the physical problems I had even while I was actively hunting and posting. I an only imagine what I would have found this last summer with the storms and sand movement we had. Of course, we get the right kind of sand movement we love after I could no longer hunt.

I still occasionally lurk and browse, but not much since it just makes me terribly sad that I can no longer do what I did, and was very lucky while I did it.
Keeping my Minelab and Whites MXT for awhile, just in case current treatment may allow me to hunt again in the future, but may eventually sell them.

Best to all of you, and thanks again for all the great advice.

SS (Christof)

 

[TreasurePirate69]

Silver Surfer, thanks for the update. It is a very common story. Coins are left to people who know nothing about coins and they either ruin them through improper handling/cleaning or take them directly to the very last person you would want to give them to (cash for gold, or worse... a bank). I read an article recently about how coin collectors should put together specific instructions for their heirs on what to do (and not do) with their coin collections. It seemed like really good advice that a lot of people probably never think about. I share everything with my kids when it comes to my collecting so hopefully they will do the right things. But you never know.

It sounds like you played this one perfectly. Unfortunately, it wasn't in the cards this time. Good luck with your health. I sincerely hope that you can get some relief so that you can get back out there and hunt!

 

[jim4silver]

Hey Jim, has it been that long since I've been on to referred to as an "OP" LOL! You have helped me a lot in the pet with silver advice, even numerous PM's between us... Just ribbing ya, I thought it was funny.

SS (Christof)

Good to see you back Christof and hope you get better. I didn't remember your name from back when you posted in the past, thus I would have had to refer to you in my post as Mr. Surfer instead of "the OP". LOL!


Jim