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Is there an Expert here?

8 posts in this topic

Hi, hi.gif


I'm new to coin collecting so please forgive me if this is a redundant question that I just have not found an answer for yet. confused.gif


It is my understanding that the numismatic value of a particular coin is based somewhat on how many of those coins are in existence. 893scratchchin-thumb.gif


Now here again I don't know, but it seems to me that in the case of a sealed proof coin from the United States Mint that will never go into general circulation (as currency), the numismatic value of such a coin would be based primarily on the number of those coins that were minted. 893scratchchin-thumb.gif


If this is somewhat true, then how does a collector know how many of that particular mintage where actually released (sold) by the United States Mint? 893whatthe.gif


To be more specific, in the case of the 1 ounce 2005 U.S. Platinum Eagle, the U.S. Mint has published that there were 14,000 of these coins minted this year. (4,000 singles and 10,000 in sets). smile.gif


In a conversation with the U.S. Mint, one of their representatives told me that, since they only sell coins of the current year, the unsold coins (especially bullion) were melted down and then that bullion was used for future coins. gossip.gif


If this is true and they did not sell all of the coins that they minted in a particular year then the mintage number would be less than what they had published. sorry.gif


Now if this does, or has happened, to a particular coin (such as the Platinum Eagle) then the actual number of these particular coins would be less. 893whatthe.gif


So, if the numismatic value of coins (best quality) is based on the number of them that are in existence, would it not be imperative to a collector to know exactly how many (of a particular coin) are in existence? confused.gif


However when speaking with the U.S. Mint they, could not or, would not tell me how I could find out how many Platinum Eagles have been actually released within any specific past years. i.e., How many in 2004, 2003, 2002, etc? 893censored-thumb.gif


So, my question to you is, how can a collector find out how many coins (bullion proofs that are not circulated as currency) of a specific year, kind and size are actually in existence? confused-smiley-013.gif


Thank you for your attention and consideration of response. acclaim.gif


Charles Ubil Jr.

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also there IS ONLY one thing that gives COIN ITS VALUE


and that is


thumbsup2.gifdemand thumbsup2.gif


Demand is far more important to value than is supply. If there's one of an item and no one wants it then it will be very cheap and if there are a million but two million want it then it can be expensive.


You can never really know how many of something there are anyway since every year a few more will be lost or destroyed. Figuring about 1% works reasonably well for most coins but this, too, is variable.


I believe that mintage figures and sales figures are synonymous in recent years but this may not be true. Not too many years back the mint melted significant numbers of many coins but reported the entire mintage. This happened with the '76 40% unc silver coins. The bulk of these were melted.

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I had the 2002 Proof Platinum set and when I went to sell it, no collectors wanted it on e-bay or on the boards and dealer's offer only %5 over melt value. A couple of dealers actually offer less than spot value.


True, they are beautiful coins and low mintages but there is no demand, therefore a poor investment at current prices. If you could buy them at close to melt and if you could afford it then it would be a decent buy.


The best way to obtain them if you want is to run an add in Coin World, etc and say that you will buy for %10 over melt. If someone is trying to sell then they will jump on it but a dealer will have a %50 or more markup. Buy a set for $2500 from them and then try to sell the same set to them and you'll be luck to get $1800.

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You can pretty easily sell most raw moderns at 80% of bid. Those with patience can usually get 100% of bid since most of these are in high demand from time to time. Most buyers do not care about original packaging and the like. Indeed, very often the coins are worth more out of the original packaging.

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