GSA Gold in NGC Holders?

[AC-migration]

I came across an article today about the GSA releasing up to 5,000 gold coins from their vaults and that NGC has graded them and put the GSA pedigree on the holder. (A link to the article can be found in my Coin Collecting News Blog )

 

Supposedly, among the gold pieces are the Liberty Head $2 1/2, $5, $10 and $20,

as well as the Indian Head $2 1/2, $5, $10 and the $20 St. Gaudens. These apparently were auctioned to dealers who will soon be offering them to the public.

 

Has anyone else heard this? Is this true?

[Bruceswar]

wow that will be very cool!

[relicsncoins]

So let me get this straight.....The government gave a select few special people the right to make a whole #%*%load of money off of the sale of these. I think that's [embarrassing lack of self control]. They should've had a lottery for these. Anyonoe intersted should've been able to put their name in a drawing and then had the opportunity to purchase one at fair market value.

 

JJ

[EZ_E]

The GSA Gold will be sold at at premium because they were purchased from the

government at premium prices, so expect to pay more then you would normally.

It seems that there are a variety of grades available from Very Fine through the

Gem Mint States grades, and the pricing will vary accordingly. Pricing for

the coins starts at about $500.00 (USD) to well over $3000.00 (USD) depending on

the date, mintmark, denomination and grade of the coin.

 

 

 

This quote kind of dampers my enthusiasm.

[RWB]

Sorry...this does not make sense. GSA sells all kinds of personal property at auction every day...including a few coins. Any such "deal" as mentioned in the "article" would seem to violate a whole host of regulations for the disposal of government property. GSA would love to see frantic bidding on some gold coins in their auctions. See GSAauctions.gov.

 

Without a real press release from the General Services Administration or NGC, it sounds like a commercial promotion.

[AC-migration]

A friend passed on some interesting information about the GSA gold. Apparently the author of the article is one of the "3 or 4 major Coin Dealers within the United States (that) are currently in possession of these gold pieces." If you want one of the coins, he will be more than happy to sell you one. The author is also connected to the New York Mint, Ltd.

 

You may have heard of the New York Mint, Ltd. This is the company that is selling the "$100 Union Silver Proof" for $99 that is advertised as "this is not a reproduction . . . this is the first time ever Morgan's $100 Union design has been struck as a silver proof." At the bottom of the ad you find the part that says "New York Mint is a private company and is not affiliated with the United States Mint. This Silver Proof is not legal tender and the U.S. Mint has not endorsed it nor the New York Mint."

 

I myself am not a fan of privately struck medals or coin replicas. In general, if the company has the word "Mint" in their name and they sell privately minted products, I don't buy from them.

 

As for the GSA gold, I will pass on this. Even with an NGC pedigree of GSA, I wouldn't put these coins into the same category as the Morgan dollars that are in actual GSA holders and were part of what I call an "historic event." I don't believe a premium is warranted in the case of this gold, so I won't be paying it. Now if that pedigree was Eliasberg or Pittman, I might consider paying a premium.

 

But if you disagree with me and want to buy one of these GSA gold coins "being sold at a premium", you can get the author's contact information from the article and he will be happy to sell you one. But in true marketing fashion, you better act now, because my friend who passed this information on to me says he was told they are selling fast!

[RWB]

AC, your latest post adds nothing factual regarding alleged "GSA Gold in NGC Holders?"

 

"Without a real press release from the General Services Administration or NGC, it sounds like a commercial promotion."

 

Members of these message boards can draw their own conclusions about motives.

[AC-migration]

RWB, my last post was not disagreeing with your original comments.

 

The point of my last post was to let you know that the author of the article is the person who is selling them. So his article was basically marketing in the disguise of a news article, which I personally find questionable. His offer in the article to hook us up with one of the "3 or 4 major Coin Dealers" that have these was really just hooking us up with himself.

 

My line about "But in true marketing fashion, you better act now, because my friend who passed this information on to me says he was told they are selling fast!" was sarcasm. Even if they are real, I think as highly of these as I do of the "First Strike" pedigree.

 

As to whether the GSA pedigree is real? It possibly is and the coins came from various GSA auctions just like you described. But I honestly don't know and don't really care because I won't be buying any, which I also stated in that last post.

 

I'm agreeing with you RWB! Buyer beware!