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Standing Liberty 2016 Centennial Gold Coin

Discussion in 'PM's - Coins - Numis - Base Metals' started by birddog, Aug 4, 2016.



  1. birddog

    birddog Gold Member Gold Chaser

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    On sale September 8th...... Mark your calendars.
     
  2. southfork

    southfork Mother Lode Found Mother Lode

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  3. Starter

    Starter Silver Member Silver Miner

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    I am thinking about doing a quick sale agreement with a local coin dealer who says he is interested in participating in a deal, but I see a few downsides:

    1) I need to take a few hours of time to meet the dealer first, sometime before the release date, whose shop is a 30-minute drive away. Then I will need to take another drive to the coin shop when I deliver the coins. If I drive there from work during lunchtime, it may be a little closer, if traffic is not that bad...but I'm not really sure.

    2) It will only be a handshake deal, with no written agreement beforehand.

    3) I can't think of one safe form of payment to receive the funds.

    Maybe some people here can share their experiences with these deals...
     
  4. Starter

    Starter Silver Member Silver Miner

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    I'll be visiting the coin shop next week at lunchtime to meet the dealer.

    He said there is no obligation to buy the coins and provide them to the dealer, but that they will pay for the coins if I manage to buy them.

    The coin shop pays by cash or company check, but of course the latter is the preferred option. They have been in business for over 40 years, so I guess it is OK.
     
  5. Starter

    Starter Silver Member Silver Miner

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    Looked again at the news and found this:

    The US Mint catalog page also mentions the 1 coin per household limit.

    http://catalog.usmint.gov/standing-liberty-2016-centennial-gold-coin-16XC.html

    I guess the Mint made this change in response to the Mercury dime sales, and knowing that many of them were resold to the dealers.

    I may still go through with the deal, just to familiarize myself with the process. I don't plan on keeping that one coin for myself, though (I like collecting small US gold coins, but I prefer the half-eagles, both old and new)...
     
    Last edited: Aug 21, 2016
  6. birddog

    birddog Gold Member Gold Chaser

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    Only one per house hold? Man, that sucks....
     
  7. southfork

    southfork Mother Lode Found Mother Lode

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    100k being minted, any bump in flea bay pricing will be short lived , caveat emptor
     
  8. Starter

    Starter Silver Member Silver Miner

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    Took a trip to the coin shop this week to make a loose agreement to buy the maximum of 1 (one) coin for the shop's owner...resale price won't be known until 2 days before the release. He recommended that I leave the package unopened in order to get a better price (unfortunately, this also means paying the $5 shipping for a separate package).

    I think it will be a good opportunity, and the owner said that similar deals are possible in the future with other releases from the Mint. There is a tasty BBQ restaurant in the same complex, and the drive is only 20 minutes from my workplace.
     
  9. birddog

    birddog Gold Member Gold Chaser

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    Separate package? You can only buy one per house hold......
     
  10. Starter

    Starter Silver Member Silver Miner

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    A separate package with only the gold quarter, as opposed to the same package with my other coins from the Mint.
     
    birddog likes this.
  11. Dude

    Dude Midas Member Midas Member

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    The dimes that sold for 205 at the mint are selling for $250 in PCGS 70 on ebay. They be losing money after all the fees. With 10 per person, a lot hit the secondary market but the buyers ain't buying anymore at the higher prices. With one per on these quarters, will most all the collectors get their single copy and decrease secondary market demand? I don't see much of a spike, imo.
     
    southfork likes this.
  12. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    I like the coin but not the 100,000 mintage...
     
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  13. Starter

    Starter Silver Member Silver Miner

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    If one were to buy all 3 Centennial gold coins at prices based on the current price bracket (1300.00 to 1349.99 per oz), the prices of the 3 coins would be 215, 485, and 915, for a total gold content of 0.85 oz.

    This equates to a total price of 1,615.00 for a melt value of 1,126.25, which is a 43% premium above melt. I now feel better about my gold half eagle purchases, where my average premium at purchase time was about 25%.

    The Centennial half dollar, despite being a relatively large coin, would have 38% premium above melt, higher than the typical percentage for gold commems at issue price (which is 33%).
     
  14. Dude

    Dude Midas Member Midas Member

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    That's why you take advantage of multiple purchases and dump the majority for profits to "apply" towards what you keep with those issues that are going to sell out quick. While I should have sold all 20 gold dimes, I kept the 4 best (in case PF70's were going to be rare) and paid $260 after the profits for the 4. The sold out platinum netted $100. This quarter won't be a big money maker but I'll grab one and if I can muster $100 on it, I'll sell it. The silver medals last week were amazing. I really should have implored relatives on that one. I like to think of it as supporting my stacking hobby.
     
  15. Irons

    Irons Deep Sixed Site Supporter Mother Lode

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    The Gold merc dimes are holding @ around $245 on ebay, these will probably hold a hefty premium for a while too.
    But I'm not only cheap I'm patient.
    They are beautiful coins and I'll get some but I'll get 'em when everybody is off chasing something else.

    .
     
  16. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    Just can't get jazzed about the new phoney gold copy of that olde school gangster shit made from a far moar scarce and noble er heavy metal.
     
    birddog and Irons like this.
  17. Starter

    Starter Silver Member Silver Miner

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    I just spoke on the phone with the coin shop owner's son today, and he told me they would buy the coin from me for 50 dollars over the issue price, which will be 535.

    By the way, here is a link to the coin:

    http://catalog.usmint.gov/standing-liberty-2016-centennial-gold-coin-16XC.html
     
    Last edited: Sep 7, 2016
  18. Starter

    Starter Silver Member Silver Miner

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  19. Starter

    Starter Silver Member Silver Miner

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    Hurry! Get one before they are gone!
     
  20. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    No rush....
     
  21. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Still available over an hour later. Damn, nowhere near as popular as the platinum eagle.
     
  22. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    That's great and all, but you can flip it on eBay for what you paid plus $150.
     
  23. Starter

    Starter Silver Member Silver Miner

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    I still need to learn how to do that!
     
  24. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Open the eBay app on your iPhone. Click "sell." Post a picture of the confirmation email from the us mint (showing you have a confirmed order for one of those) and sell it buy-it-now style for $650.

    You'll have a buyer within 24 hours.
     
    Starter likes this.
  25. Fjpod

    Fjpod Silver Member Silver Miner

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    Just ordered one.
     
  26. Starter

    Starter Silver Member Silver Miner

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    Good information!

    I'll definitely practice the steps for this method and think about using it for the gold half dollar.

    This time, though, since I just met the coin shop owner, I want to keep good connections with the shop in case I need their help in the future.
     
  27. Starter

    Starter Silver Member Silver Miner

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    I'm sure sensitive details like name, address, and order number can be omitted!
     
  28. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    Confirmed pre-sales are going for $585-609. They will not hold that figure....some of the prior confirmed pre-sale buyers are cancelling orders (from another forum):

     
  29. birddog

    birddog Gold Member Gold Chaser

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    Still available. I forgot to get it earlier and had no trouble buying one just now...
     
  30. savvydon

    savvydon Gold Member Gold Chaser

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    Guess the mint has overshot its 'sweet spot' this time around. Too little household restriction/too small a mintage and there is a stampede sell out that shuts collectors out. Too much household buying restriction/too large a mintage and you take some of the excitement out of the issue. Perhaps a household buying limit from 2-5 would have generated a stronger market. It will be interesting to see how the mint handles the walking Liberty issue.
     
  31. birddog

    birddog Gold Member Gold Chaser

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    ^ Agree - I would have bought two if I could. I guess I will wait a bit and watch prices on eBay to pick up the second one.
     
  32. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Have a buddy buy it on your behalf. I had my father and my best friend help me out with that.

    And yeah, the mintage of 100,000 is waaaay too high for anyone to have a hard-on for these.
     
  33. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    You had a handshake deal, not a written deal, plus youll have to drive there again, and you'll lose almost $100 in potential cash flow, please start looking out for #1. Im 100% certain the dealer will do business with you in the future regardless.
     
    Starter likes this.
  34. Starter

    Starter Silver Member Silver Miner

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    On second thought, I think I do want to sell it myself. The owner doesn't know me that well, anyway.

    What kind of shipping and/or insurance do you plan to use for your coin when you send it?
     
  35. Starter

    Starter Silver Member Silver Miner

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    How did you do with your coin sale(s), and what is your net profit per coin when all fees are counted?
     
  36. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    Ebay is definitely the easiest place to sell from AND has a huge audience BUT (posted in another forum):

    Just checked...last two sales were $580 and $575 shipped
     
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  37. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Couple things: my gold and silver is not for sale. At a spot of 1300 an oz, it's undervalued. Granted I could make a quick $150 on each of these standing liberties, I would prefer to get them and sit on them as I really, really don't need the money, at all.

    I am highly experienced selling on eBay and I do sell many other things. You will want to use priority mail for the tracking and insurance on pretty much any item more than $100, otherwise you are giving it away as eBay has an unwritten rule: sent untracked= didn't receive = claim=eBay forces you to refund.

    Fees aren't too bad, maybe you'll lose maybe $25 fees between eBay and PayPal.

    But yeah, not selling for anything less than $1,800+ an oz, I live 100% debt free, own 4 cars and a house, and have a substantial passive income from what I do.
     
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  38. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Exactly, at this point , the profit is dropping to around $100 per coin, just keep them and sit on them.
     
  39. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    I have also been selling for MANY years on Ebay and usually do $15-18k/year in sale..not huge but definitely helps

    As stated previously the non-store fees for selling a $585 item are $76...not $25 (10% Ebay..3% PP) plus shipping costs..net profit, as stated previously, is around 7 bucks

    The only way you will make $100/coin is to find a private buyer and deliver it in person
     
  40. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    eBay caps commissions. I know for a fact I don't lose that much on a sale that size.
     

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