Proof Coin Price

[Frank1-migration]

I recently purchased a 2013 1/4 oz Gold Eagle Proof from the US Mint. I was cuious to see how much the coin was worth. So I called a couple local dealers and was shocked when they offered me a lot less than the coin was worth. I paid $410, and they offered me only $370. My question is are Proof Coins (from the mint) worth the extra cost? Should I send the coin away to be graded? Also, are most Proof Coins that come out of the mint PF 70?

[BillJones]

This is not an easy question to answer, but in general the price you pay the mint for most items they sell will be less than the secondary market price for that item. That is why many people wait and buy modern coins and sets in the secondary market a few years after they are issued.

 

There have been exceptions, but all too often people in the know have figured what will be good. Usually these are "limited edition" coins or sets that often sell out via the Mint Internet site in the space of a day or less.

 

A PR-70 1/4 ounce gold piece MIGHT sell for more than the mint issue price, but it's not a super popular item. Many people don't think that having them graded is necessary and any rate anything below PR-70 is going to be "a loser." In other words there is no advantage to getting it graded. Getting any coin graded PR-70 by either of the major services is dicey, and a PR-70 from any of the "second tier" services is not worth a premium. It's like a raw coin.

 

Look at it this way. If people could buy anything that the mint offers and instantly sell it for a profit, they would be doing it. It's not that easy, and that's why you don't buy modern mint products for profit. You buy them only for fun.

 

[MarkFeld]

I recently purchased a 2013 1/4 oz Gold Eagle Proof from the US Mint. I was cuious to see how much the coin was worth. So I called a couple local dealers and was shocked when they offered me a lot less than the coin was worth. I paid $410, and they offered me only $370. My question is are Proof Coins (from the mint) worth the extra cost? Should I send the coin away to be graded? Also, are most Proof Coins that come out of the mint PF 70?

 

He did you determine that the $370 you were offered, was "a lot less than the coin was worth"? Hopefully, you didn't decide, in advance, that the con's value was based solely on your cost.

[GoldFinger1969]

Another thing to consider: a 1/4 ounce gold coin, Proof or not, sells at a higher premium to the gold content than a 1 ounce gold coin. I have purchased some 1/4 ounce coins in the past and I believe the premium was in the vicinity of 20%, compared to the normal 6% my local dealer charges (others charge as low as 3% or even less, but I'm OK paying 6%).

 

Also, did the price of gold change from when you bought and it and when you asked for a bid ?

 

I presume you aren't selling the coin, so I wouldn't worry about price fluctuations due to dealer demand or the price of gold.

[yonico]

$410 is the price you PAID for the coin, not how much it was WORTH.

 

The mint sells products at retail price levels, dealers won't pay these prices obviously..

To be honest, i'm surprised you were offered $370. If he bought it from you at $370, even selling at $410 would make him 10% profit only.

 

I don't think you should send it in for grading.

 

Good luck!

 

Welcome to the forum

 

 

 

 

[DaveG]

I recently purchased a 2013 1/4 oz Gold Eagle Proof from the US Mint.

 

Just out of curiosity, why did you buy this coin? Did you buy it to enjoy it? If so, you should continue to do so. If you bought it as an "investment", why didn't you do some comparison shopping?

 

 

I was cuious to see how much the coin was worth. So I called a couple local dealers and was shocked when they offered me a lot less than the coin was worth. I paid $410, and they offered me only $370.

 

The price of gold has dropped quite a bit recently. Even though the Mint charges a premium to the price of gold for its proof American Eagles, the price of gold is still a factor in the price the Mint charges and the price a dealer will offer.

 

Even if the price of gold had remained stable, you've apparently just discovered what we in business call "retail versus wholesale" pricing. No one can offer you the same price you pay for something retail and hope to sell what they buy at a profit (unless the retail price has gone up a lot since you bought it). Think of all the things you might buy at retail that you would get offered less than retail for should you try to sell it, such as a car, boat, motorcycle, tennis racquet, fishing pole, bowling ball, etc.

 

Even though your coin isn't "used", you still wouldn't be able to sell it for a retail price. Even if you sold it on eBay for a retail price, you'd still have to pay eBay's fees. How can a dealer offer you a retail price?

 

 

My question is are Proof Coins (from the mint) worth the extra cost?

 

They are if you like them.

 

 

Should I send the coin away to be graded?

 

I wouldn't. The odds are that you would get a PF-69 grade, which is what most recent proof coins grade, so the price of your coin wouldn't increase. Also, some collectors prefer to buy their proof American Eagles in "original Mint Packaging".

 

 

Also, are most Proof Coins that come out of the mint PF 70?

 

I don't believe so - that's why a PF-70 coin fetches a higher price than a PF-69.

[johnny9434]

welcome to the chats as well frank

[jom]

I recently purchased a 2013 1/4 oz Gold Eagle Proof from the US Mint. I was cuious to see how much the coin was worth. So I called a couple local dealers and was shocked when they offered me a lot less than the coin was worth. I paid $410, and they offered me only $370. My question is are Proof Coins (from the mint) worth the extra cost? Should I send the coin away to be graded? Also, are most Proof Coins that come out of the mint PF 70?

 

Frank

 

I think you'd agree it might be better to know what the coin was worth BEFORE you purchase not afterwards.

 

Also, a very good way to find out what something is worth is doing exactly what you did. Show it to some dealers/buyers and see what they offer. You could draw the conclusion based on your survey that the coin is "worth" $370.

 

jom

[MarkFeld]

I recently purchased a 2013 1/4 oz Gold Eagle Proof from the US Mint. I was cuious to see how much the coin was worth. So I called a couple local dealers and was shocked when they offered me a lot less than the coin was worth. I paid $410, and they offered me only $370. My question is are Proof Coins (from the mint) worth the extra cost? Should I send the coin away to be graded? Also, are most Proof Coins that come out of the mint PF 70?

 

Frank

 

I think you'd agree it might be better to know what the coin was worth BEFORE you purchase not afterwards.

 

Also, a very good way to find out what something is worth is doing exactly what you did. Show it to some dealers/buyers and see what they offer. You could draw the conclusion based on your survey that the coin is "worth" $370.

 

jom

 

There can be other, better ways to find out what coins are "worth". For example, checking to see what they have actually been selling for recently, in various auction formats. And checking with dealers who make active markets in such coins.

[e1cnr]

You are expecting retail price offered by retail shops? they have overhead so need to have some margin.

[GoldFinger1969]

FWIW, I believe that just like with regular uncirculated coins, virtually all proofs would be rated either PF (or MS) 70, 69, or 68. A larger coin -- like the 5 ounce silver ATB coin I have -- is often the one to get a PF 68 (tougher to avoid imperfections on a larger coin I guess).

 

If you REALLY want an MS or PF 70 coin, buy one that is already graded rather than buying proofs or uncirculateds and hoping to get the 70-grade.

 

JMHO.

 

 

[flintcreek6412]

Consider that if you check ebay and see that it's selling for $400(hypothetical as I didn't check). That really doesn't mean that's what it is worth. That is what someone might pay for it, like you did from the mint. But after paying seller fees and shipping the coin you will not pocket close to $400. Sounds like a fair offer was made to you.