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It May Be Time to Get Out of the Golden Rat Race

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coinsbygary

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I think I lost the desire to keep up with the First Spouse gold coins.

Greetings all, many of you are aware that I have been collecting First Spouse gold coins. In the past, I have opined in my journals on strategies for collecting the entire series in PF-70 condition. The fact that these coins are gold, and they sprang out of a passion for my ?Inspirational Ladies? custom set has kept me buying these expensive coins. Although I did not buy these coins as an investment or hedge against inflation, those thoughts do cross my mind frequently these days. These reasons are not why I collect coins; in fact, they tend to taint my collecting passion.

Another reason the time may have come to move on is the cost of running in the ?Golden Rat Race?. I recently purchased Buchanan?s Liberty for my collection and one week later the dealer raised the price by $30.00, good thing I got that coin when I did. When I started this series, the coins were selling for around $500 each, today they are getting close to twice that price. Another of those thoughts that props up every time I purchase one of these coins is, ?Is it worth it?? With my collecting passion returning to my ?classic coin roots?, First Spouse coins' drain resources that could be spent on 19th and 20th century classic coins. Furthermore, with the First Spouse series less than half way complete and the price of gold projected to hit $1500/oz the cost of continuing is daunting.

Fortunately, there is a ?bronze? lining in this. With each new issue is an accompanying, nearly identical, bronze medal. In the event I discontinued collecting the gold coins, I purchased the bronze versions of the First Spouse coins. In spite of my waning passion to continue with the gold coins, I still love the designs and history behind the First Spouse coins, and these medals are an economical way to enjoy that history. Additionally, I purchased the Presidential dollar and First Spouse medal sets mounted in attractive cards from the mint. These sets are a wonderful way to collect the presidents with their spouses housed in the same packaging. Eventually, I will have the medals certified and in a registry set to.

Another positive aspect is that this year I will achieve one of my stated goals. My goal has been to have the top rated First Spouse gold proof set. The next issue will be Mary Todd Lincoln, set to be released on December 2, 2010. With the registry cut-off date on December 10, there will not be enough time for the mint to deliver the coins and have them graded. Since my set is currently top rated, it will end top rated.

In all this, there is also a golden lining. As my set currently stands, it represents eight ounces of pure gold. At $1300/oz plus numismatic value, that is quite a chunk of change. Even though I intend to keep the ?Classic Liberty? short set, I am still left with a healthy sum of cash with which to buy some nice 19th century coins. Since I do not currently need to sell the coins in my set, I can wait until gold hits $1500 to begin selling.

With the next First Spouse release due in three months, I am in no hurry to make up my mind as to what direction to go. When it comes to collecting coins, I have a penchant for being fickle, and three months is a long time to think about it. Add to it, a little ?Gold Fever? and anything can happen. In the end though, I know I will have a collection that will bring me many hours of enjoyment.

Gary

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