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The Coin Trading Market

Started by whetteon,

4 posts in this topic

whetteon

whetteon

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Posted

I've been informed that there was a market to buy and sell coins around the 80's backed by Gold and Sachs (sp?). I'm curious to the history of this era, why it crashed, what factors made it desirable to do this in the first place, ECT. Any and all information including comments and opinions by board members is welcomed :-) This is more of a personal research project because it intrigues me! ;-) I'm sure there is a thread around here somewhere about it but I wasn't sure what to search on. Any help is appreciated.

 

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Oldtrader3

Oldtrader3

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Posted

You are probably referring to "Goldman Sachs" an Investment Banking and Brokerage firm that was considering making a market in high grade gold coins (mostly $20 Saint Gaudens) and Morgan Silver Dollars back in the late 1980's. This market never got off the ground because of adverse factors in the coin market that included failed early Third Party Grading efforts. These early grading companies sold gold coins overgraded by substandard methods. There was also some fraud involving unethical dealers and con artists selling overgraded raw gold coins to "investors" that knew nothing about the rare coin market.

 

Wall Street quickly abandoned this venue of investment followed by a crash of prices for investment grade gold and silver coins.

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