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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. southfork

    southfork Mother Lode Found Mother Lode

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    Mint still has them for sale , these will end up a dud
     
  2. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Yes, a flop. A shame, but hey, if they hold the purchase price, it'll be fine.
     
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  3. southfork

    southfork Mother Lode Found Mother Lode

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    I suspect they will hold mint price, but hopefully no one got greedy and bought the farm on them, I know a dealer that went belly up because of the gold kennedy half, went all in on it.
     
  4. birddog

    birddog Gold Member Gold Chaser

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    Yeah - the mintage is probably too high. But they are cool and getting a couple of each to hand down to my kids someday is worth it.
     
  5. Starter

    Starter Silver Member Silver Miner

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    In this case, my plan A is to honor the bargain and take the coin to the shop for a $45 gain.

    The shop owner quoted the price as $50 + issue price. I paid $5 shipping (budget rate, 1-2 weeks). Fortunately, according to UPS the coin will be arriving on Tuesday.

    In the unexpected event that the shop owner backs out of the deal when I bring the coin there, maybe I will try to bargain a new price of $25 + issue price.

    If the shop owner refuses the new price, my plan B at that point would be to walk away and try to sell the coin on eBay. At that point, he may want to buy the coin from me at issue price, but I will not let him get away with it...
     
    Last edited: Sep 10, 2016
    stonedywankanobe likes this.
  6. J_Kinder

    J_Kinder New Member

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    For what its worth, I very recently sold something on eBay for $580 (not the liberty gold). Fees were $58 for eBay (non-store) and PayPal was $17.12. Shipping was $6.10 for priority. Cleared $498.78.

    As for flipping the coins vs stashing them for higher gold prices...........I split the difference. Sold 3 coins locally for $200 profit and used that to buy lower premium gold. Win-win for me as I was able to take advantage of short term flip and put some low cost gold in my collection to be sold later.
     
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  7. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    I'm pretty certain you'll get +100 on eBay dude...

    If the shop owner won't give you +50, keep it and sit on it. Get it graded if it makes you happy, it'll get a 70.
     
  8. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    Mind posting your Ebay user id or store name? I try and stay away from the unethical sellers.
     
  9. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    No, I don't think I'll do that.

    Furthermore, I already said my gold is not for sale. My parents are the ones who operate the page, and they sell mostly antiques. I sincerely doubt you'll ever cross paths with me at any point in the future, and that's just fine by me.
     
  10. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    Yup...you are correct about capping the fee. Maximum FEE on a single item is $750. Ebay FVF is 10% of the total sale price of an item. PayPal subtracts another 3%.

    Easily confirmed facts and the stated fee of $76 is quite correct.
     
  11. Starter

    Starter Silver Member Silver Miner

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    I agree about the grading part as a plan B. The grading fee is very small compared to the issue price, assuming that one already has 4 other coins to send in for grading.

    Looking on eBay today, there are far fewer examples of graded 70 coins than raw ones, though this may change a few months from now--even so, the grading fee would probably still be justified.
     
  12. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    Makes sense...because most purchasers haven't even received their coins from the Mint.... not to mention the time to submit and receive them back and THEN list them for sale ....only pre-sales by the big boys now
     
  13. Dude

    Dude Midas Member Midas Member

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    I was not going to buy this quarter because you could only buy 1. I tend to think true collectors were going to get theirs from the mint or wait for a 70 to come to market. While it would be nice to make $150 selling on ebay, I can't figure out these buyers with the coin still available from the mint. It raises red flags for cancellations, returns, and buyer fraud - imo. Provident offered a late bounty of $50 and will pay for all shipping and insurance. So I bought and confirmed before Friday's deadline. Takes a few minutes at the post office when I pass by getting lunch. I guess I will eat a little better lunch that day, for the effort.
     
  14. Starter

    Starter Silver Member Silver Miner

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    If Provident was able to cover shipping and insurance (on top of the $50 I was offered) on Friday, then I feel more confident that my deal with the coin shop will go as planned.

    Otherwise, I can bring up this as an example to the coin shop owner, if I need to argue with him.
     
  15. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    The reason there's so few is because no one has a confirmed 70 yet, those are all pre sales based on assumptions that individuals and shops who are sending in 3-4-or 100 coins will get back around 75% perfect 70s.

    Presale 70s were on sale through all major coin shops before the thing actually went ON SALE from the mint :)
     
  16. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    This is true, it is still on sale, days later, even on a weekend, when people have plenty of time to buy in. This coin is a dud, plain and simple.
     
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  17. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    Nice coin...just not a money maker
     
  18. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    It's a good thing they are running it.
     
  19. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    I'm gonna call you "the great passive aggression."
     
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  20. savvydon

    savvydon Gold Member Gold Chaser

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    I could be wrong here, but I'm going to take a wild guess that SilverBuyer is sensitive to the casual way you encouraged starter to renege on his deal with his dealer. Perhaps SilverBuyer understands that these are hard times when it comes to dealing in coins and precious metals. It is isn't made any easier by folks who feel no remorse breaking their word with a dealer whenever circumstances favor them doing so. 2c
     
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  21. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    You perceive it correctly.
     
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  22. savvydon

    savvydon Gold Member Gold Chaser

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    I also empathize with it. A lot of good people have gotten out of dealing because many seem to feel it is their right to drop a turd in the dealer's sandbox anytime they feel the urge.
     
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  23. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Your opinion is noted and respected.
     
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  24. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    Just under 47,000 left through Sunday
     
  25. birddog

    birddog Gold Member Gold Chaser

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    Maybe they wont sell and they will melt them down? Wishful thinking... lol.

    I bet they set the household order count up to two for the next one.......
     
  26. stonedywankanobe

    stonedywankanobe Gold Member Gold Chaser

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    I'd put my local coin dealer right up there with a used car dealer from some of the stories ive heard while lingering.
    They make a living but it ain't honest. If you disagree I'd like to work you for a few weeks.
     
  27. birddog

    birddog Gold Member Gold Chaser

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    I don't think they (generalizing here) have much of a conscience - making low ball offers for grandma's sterling and stuff. Buyer beware and you better know what you got before walking in the front door.
     
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  28. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Guys, Im pretty sure there's shady coin dealers out there, and good ones, the reality is, its a job. You have to be able to consistently sell product for more than you paid for it, and yes, that means they will pay under spot for grandma's sterling and throw it on ebay for $3,000 because its antique, or give spot for a 1986 gold eagle proof and then try to sell it for +200$, they have to keep the lights on.

    One thing I do want to say to the great passive aggression is, Ive been in health insurance sales for over 12 years, take a moment and consider, and this is completely truthful, I have had literally HUNDREDS AND HUNDREDS (probably thousands) of men and women plain, outright and simply -promise to do business with me- and then renege without giving me a second thought, ever telling me their objections, and sometimes buying it from "some guy they happen to know in town" or their "brother in law".

    So please pardon my somewhat careless attitude when it comes to dealing with people in general. If I meet with a salesman and he has a good pitch, I dont fuck him out of his sale, but I sure as hell wont buy from him if he's estimate number 1 of 3 and the third guy comes in way lower.
     
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  29. savvydon

    savvydon Gold Member Gold Chaser

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    Fair enough.
     
  30. Starter

    Starter Silver Member Silver Miner

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    I called the coin shop today to tell them that the Standing Liberty Gold Quarter just arrived.

    The shop owner's son answered the phone, and he was the same person who gave the price quote last Wednesday. He was happy to hear that the coin arrived, and he was happy to confirm that the same price he quoted last week ($50 + the issue price) still holds.

    I will be going there Thursday during lunchtime to deliver the coin.
     
  31. Foxwoods Man

    Foxwoods Man Silver Member Silver Miner

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    That works....nice and much less maybe's involved
     
  32. southfork

    southfork Mother Lode Found Mother Lode

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    Still for sale, its an attractive coin I just cant bring myself to pay that sort of preium.
     
  33. MrLucky

    MrLucky Silver Member Silver Miner

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    Bought the dime. Can't see the spending the $ for the quarter or the half regardless of how pretty. It's quite apparent that this series of 3 is for collectors or people who have deep pockets with no need for $ appreciation. Going forward, even 20yrs, I can't see much $ appreciation for these coins. Too many & too high a premium to overcome, unless gold goes to +$2000. Actually I may sell the dime and use the $ to buy a real coin.

    The mint created a real dud this time. Can't wait for the fiasco when the half at about $900 comes around. These coins are the New Spouse.

    I know, no one asked me but that's my 2 cents. :beer:
     
  34. savvydon

    savvydon Gold Member Gold Chaser

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    I just got mine. It looks great, and the packaging is superb. The three coins together will look great if one cares to make a display featuring the art of common American coinage as it was made 100 year ago. The gold is a nice touch, although certainly not necessary. It just depends on what you are into. I don't consider this a 'dud'.
     
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  35. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    On the other hand, if it's the only one you have, I'd just keep it. It's cool, and chances are you'd want another one down the road. $50 isn't much of a reason to sell an asset like that.
     
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  36. MrLucky

    MrLucky Silver Member Silver Miner

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    I'm not going to go on about dud vs non-dud. I just think the series doesn't have legs. Most collectors I know want some $ appreciation along with their hobby. Something to pass to the kids, who most likely will sell them for spot to some sharpie LCS anyway as they will be unaware of the value unless they are collectors themselves. Kinda like Grandma's silver.

    In a deep pocket world, "The three coins together will look great if one cares to make a display featuring the art of common American coinage as it was made 100 year ago", is a great idea. I'm sure many on this site have those pockets, and many don't. I can't think of anyone I know, who would have such a display except for a museum. Not to say it's not a bad thing. In fact, it would be great to display the 3 gold coins alongside their 3 silver counterparts. Now that's a showcase!

    To continue of the theme. One has to wonder what the Mint is going to do next time. There are 125k of dimes, 100k of quarters so far. If everyone wants all three (regardless of ability), well that can't happen. So theoretically there should be demand for the quarter. But so far the Mint only sold about 60k. Which brings up the question of who is going to buy the remaining 40k? The collectors seem to be done. I can see buying any 1 coin, if that's the particular coin you like. But it looks like it may take some time to entice others to buy the remaining coins. After all it's something like $215 + $485 + $970? = $1670 for 0.85oz in a $1350/oz world. Sorry, just how I feel.
     
  37. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Its worth it to have just one set. I cant imagine if spot stays the same you wouldnt be able to sell them for slightly more than what you paid in 5 years. obviously they arent a bullion investment coin... their commemoratives with a too high mintage.
     
  38. Starter

    Starter Silver Member Silver Miner

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    I wonder what will be worth more...MS 68 examples of the original silver 1916 coins, or MS 70 examples of the gold coins.

    As far as I know, standard strike coins back then rarely ever got above MS 67, and the ones at even MS 65 grade are sometimes worth in the thousands!

    I may take a quick look at the NGC price guide today, as I am curious about those values.


    I view this deal as an exercise in a few habits and skills.

    Number one, to familiarize myself with the process of making a deal with a coin dealer to buy a limited issue coin from the Mint, buying the coin, and bringing it to the dealer to get the money, at a net profit. There may easily be many opportunities like this in the future that yield similar or higher profit, and they will come easier if I am familiar with the process.

    Number two, to practice the skill of dealing with the coin without being influenced by emotion. The popularity of this coin among collectors exists for a reason--that it's a great looking coin, but this reason is not why I purchased this coin. Other factors like issue price and sell price are important too! I am still able to experience the excitement of buying the coin from the Mint and receiving the coin in the mail, and I want to learn to be happy with this without keeping the coin.

    When the HOF baseball coins were released 2 years ago, I wasn't too interested in having the coins, but this year I felt some interest in buying them. In the end, I was able to buy graded examples of the coins at very good prices, and I have a feeling that a similar opportunity will be there in the future for the centennial gold coins, if I were to develop an interest in the coins by that time. At the moment, though, I don't have a big enough interest in the coins to buy and keep them at issue prices.
     
  39. savvydon

    savvydon Gold Member Gold Chaser

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    ...especially if the three coins were 1916 examples... I don't think it is about dud or not dud. Everyone has different pocket depths and has a different idea about what they are trying to accomplish with their investments, collections, and expenditures.

    I think the basic idea was good and I think the execution of the coins so far has been good. The mintages and household limits have been a bit shaky, but that is not entirely the mints fault - it is also a function of how the dealers do business. With the dime, there were as few as 12,500 orders to sell out. With the recent medals that sold out in minutes the minimum number of orders was 6,250. With the 2016 platinum it was 10,000. All of these sold out almost immediately. For the quarters the minimum orders were far higher at 125,000, and as a result they are still available. Hopefully going forward the mint will understand the dealing community and the buying public better. As for basic idea and execution I give them two thumbs up. I'm happy with mine.
     
  40. savvydon

    savvydon Gold Member Gold Chaser

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    Be careful with ultra high graded coins. Standards change and companies change. Always buy the coin, not the holder. 2c
     
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