I'd go with captain's estimate that your coin is probably worth $1,500 (give or take). I would draw your attention to the current value of gold - being around $1265 per troy ounce, so the remaining $1000 paid would cover the commission on the coin AND the anticipated buyer-interest (remember that these coin dealers are NOT charities)
Normally gold tends to get it's value from an associated fear of the act of deflation on paper currencies - as the stock-markets surge, so the value of precious metals fall (and vice versa). Something is upsetting this norm - and questions are being asked about why, when China and India can be seen to be buying many tonnes of gold, yet the price of gold seems to be so low. This is considered by some to be manipulation [I'll point you to this website for some conspiracy theories on that http://www.gata.org/ ]
I'd hold the coin. It's been slabbed and it's condition has been assessed. I would say that once the economic markets sort themselves out and we come out of our current economic recession, the market for gold and gold coinage will become more lucrative.
Coins are a long term investment. In order to make money on coins, you will have to hold on to it for at least 10-20 years. The problem with coin collecting 80 % of collectors don't buy the extreme rarity's, which are capable of making the most money in the future. Find out the mintage of the coin to figure how rare it is. If it has a mintage of less then 500000 it is a good investment. The one major thing that could help to make the coin be worth the most money possible is if you get it graded. Grade the coin only if it is in really good condition. Because a bad grade could make the coin less valuable. Sorry about your father passing away.
Coins are a complete disconnect from the actual current value of pure gold bullion!!! you absolutely cannot compare the value of a collectors asset, to a precious and pure heavy metal. A count is only worth, whatever a collector is willing to pay for it at any given moment. and thats pretty much it. you’ll make the most off of selling it if you are just willing to be patient, and put in the long waiting time, to find that one single coin collector that is willing to pay the higher amounts for it. if your not patient with it, you can sell it at any given time...to just about anyone. its only worth, what a collector feels like it is worth, period!
id not know if you are the investing type of person?...like your father obviously was. but what i would personally recommend is to sell off the coin for a good medium price point. then take that $$ and turn around and put it straight into Currency Grade Pure Gold Bullion. because unlike coins and non-currency grade bullion, it is not subject to government gold seizures ever, and its considered a currency class, not an asset class, so you don’t ever have to pay capital gains tax on it, when u sell it for the profit. which by the way...make sure to pay that tax when u do sell you fathers coin. don’t want the feds knocking on your door.
anyways, i hope that helped. ill give the company website info to the company i purchase my own gold from. the currency grade pure gold bullion i mentioned before. incase any passerby’s are looking for that.
http://bit.ly/1uzxR1h
and also, my condolences... I’m so sorry for your loss. and will pray that your heart heals as soon as possible. :)
Yes he paid about $600 too much for the coin.
http://www.pcgs.com/prices/priceguidedet...
In god we trust motto was only added to money in 1953, New plastic money being developed will not contain the motto either. (Just a bit of extra knowledge lol, but the price of your dads coin is $1500
http://www.ebay.com/itm/US-Gold-20-Saint...
There is an identical condition (62) for sale on ebay, so you can see the price clearly is listed correctly.
if gold goes way up, then the coin will have more value, but as Captain says, he paid $600 too much. Wait for gold to go up, and cash it in right away bro
Your pops was screwed. The person gave it to your father hard without lube
Sorry but as consumer we all get screwed. Best of luck
My father bought the below gold coin in mid February of 2009 for $2,155.
"MS62 $20 ST GAUDEN PCGS NO MOTTO 1908"
It's a $20 St Gauden gold coin minted in 1908, with no "In God We Trust" motto, with a mint state rating of 62.
I haven't seen it yet. It's in a safe deposit box. My dad just passed away, and all I have right now is a receipt for the coin. Is it possible to determine whether this was a good price at the time, and whether it would be worth the same or more now?
Many thanks for any help from those more knowledgeable in this area.
