March 4, 2011

Precious Metal Coins

Posted in gold, rose diamonds, silver tagged , , at 11:48 pm by rosediamonds

We’ve had several people come in with “rare” coins lately, and I thought I might address the situation with coins in today’s gold and silver market.  With prices rising on the spot prices of gold and silver, there are more and more people interested in cashing in their coin collections.

 

I am not, not do I intend to be, a coin expert.   This is the unedited information that has been passed along to me from a local coin dealer I use and countless articles I’ve read online.  Turns out, “treasure coins” are pretty rare out there.  There are “grades” of quality that range from your average-found it in my pocket-change.   The most valuable ones are uncirculated ones or “proofs.”  Even with very old coins, if there were a lot on production, the value rarely exceeds the metal price (silver or gold content) when it comes to selling.  For example, I thought I had something special when I found a silver dollar from the twenties.  I found out that they produced more silver dollars that year than any other.  sigh.

 

There are plenty of online references and books on coin collecting.  Being a practical girl, I find myself recommending collecting coins for “fun” and doing your homework before investing.    For those who are interested in selling your coins, be prepared that most merchants will only be able to give you a percentage of the daily spot market price and will rarely pay more for the coin’s “collectibility.”   It is not illegal to melt coins, and for hardcore collectors, this mass coin smelting may lead to inflated coin values for the coins kept in collections.  Do you have a coin collection?  What are your thoughts?

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1 Comment »

  1. i like it Precious Metal Coins « Rose Diamonds Custom Jewelry Design & augment-Springfield, MO 4560 S. Campbell Ave. Ste. F now im your rss reader


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