My first week in graded coin collecting...
Today ends my first week of graded coin collecting. I'd been collecting coins for some time now. Mostly gold eagles. A few platinum. A set of silver eagle proofs. Nice coins, but other than the rising monitary value, it wasn't really that interesting.
I had seen slabbed coins, of course, but never took much interest in them. And back a few months ago, I started selling part of my collection of gold eagles. Since buying them, they had risen in value by 20 to 25 percent. A local coin dealer was giving me 15% over spot price of gold for gold eagles. Which at the time worked out to be around $650 per 1 oz eagle.
Quite by accident I happen to see a 3 coin commemorative set for the 1984 olympics, on eBay, that was selling for $275. Well, gee... I figured that the .5 oz. gold was essentually worth $325. So I bought my first commemorative coins. I later found out that my coin dealer was only paying $279 for the set. So I'm hanging on to it for a bit. With rising gold and silver prices, I expect to sell it for $350 easily. I even bought a couple more of the 1984 olympic commemoratives for the same reason. I already had the 1984-W, so I picked up the 1984-D, 1984-P and the 1984-S.
And then a strange thing happened... I started really looking at the coins, and thinking about just starting a small collection of gold commemoratives. I started monitoring eBay, watching what various coins were going for. And even picked up a set here and there when the price seemed right.
And then, a week ago, I picked up a copy of Whitman Red Book of U.S Coins, and it was all over. I started bidding on graded slabbed PF70 and MS70. And I joined the Collectors Society, (so I can get my 1984 commemoratives graded!) And I registered my set. It's pretty small so far, but I'll keep adding to it.
That's all for this week.