New gold coin or old gold coin???

[TheJuns Hoard-migration]

Ive never owned a gold coin and I would really like to get one.

 

But unsure, if I should get a new 2007 American Eagle or Buffallo

Or a Old gold coin.

 

I know bullion is priced by market and etc.

 

But does older gold coins fetch a higher premium ontop of the weight of

the gold..

 

Thanks..

[MBA101]

Common date $20 libs can be had at around spot. Common date Uncirculated Libs and Saints command premiums, but MS 61 and 62 generally are available for about $50 over spot, give or take. The more desirable MS 63 and up coins are generally priced higher, and depending on the date, can be way over spot. But when gold coin values go on a run, these are the ones that increase in value the most.

 

My preference is for old gold. Much more interesting IMHO.

[MunkyMan95]

I got my 1926 $20 Saint for only $750, and that's when gold was right around $700.

 

Here it is:

 

[TheJuns Hoard-migration]

$20 gold coin in 1926. sweet.

The coin doesn't say the Weight.

So how much weight of gold coin is it? I assuming its 1troy oz.

 

dont hate me for asking.. im sure its asked alot.

When not buying from the US mint directly.

with so much scams going on.. and coins being encased and etc.

How do you know you are infact buying a real gold coin and not a fake??

 

Mailing out a 800 gold coin, and receiving the coin back in a enclosed case

that usually isn't opened. Seems a little dangerous and open to alot of

deception. Or you guys just "hope" everything is legit??

 

thanks

[MunkyMan95]

Seems you have a lot of learning to do.

 

The 'case' it's in is called, in the numismatic world, a slab. NGC (the host of these forums) is a third party grader and authenticator. You send the coin off to them, and they put it in these cases with a grade (this particular grade is MS63, seen on the label) and they authenticate it. They make sure it's real. If it's a problem coin (cleaned, scratched, or even counterfeit) they will not put it in a slab, but rather return it to you in the same flip you submitted it to them in.

 

Here are the specifics for the 1926 $20:

 

Mintage:

Circulation strikes: 816,750

Proofs: 0

 

Designer: Augustus Saint-Gaudens (modified by Charles E. Barber)

 

Diameter: ±34 millimeters

 

Metal content:

Gold - 90%

Other - 10%

 

Weight: ±516 grains (±33.4 grams)

 

Edge: |******E|*PLURIBUS*|UNUM*****

 

Mintmark: None (for Philadelphia) above the date)

[SatTech]

If purchasing old gold coins off eBay for example, unless you REALLY know what you're doing, stick to coins graded by : NGC, PCGS, ANACS, or ICG. NGC and PCGS are considered the top of the heap, with ANACS and ICG following. There is an alphabet soup of scam 'grading' companies out there. If you even receive a genuine coin from one of these other services (SGS or Star Grading Service is notorious), it will probably be over graded by at least 5 points, if not more. Study the pictures and descriptions of the slabs well also. They will use names like PGCS or NGS to try and fool the unwary. I don't believe there's any counterfit market for modern bullion coins (outside of the 'drill out the 100 ounce silver bar and fill it with something else' scam. If you buy PCGS or NGC you will have very little to worry about.

 

Just my two cents

[rrantique]

Hi and welcome to the forum

[PerryHall]

The classic Saints have 0.9675 troy ounce of gold or a little less than an ounce.

[physics-fan3.14]

The new gold coins weigh an ounce or fractions thereof, the old gold coins do not. I don't know if you have it already, but if you don't you should seriously consider purchasing a Red Book. I believe the 2008 edition just came out. This is the basic reference for US coins, and although the pricing is not usually accurate, it is an important book for every collector to have. It will tell you the weights, sizes, dates, a little bit of history, and most of the basic information you need to know about every US coin.

 

As for purchasing a gold coin, I would recommend a classic gold coin. I personally think they are more attractive, have far more numismatic value, and are more interesting. I would also recommend not buying anything except NGC or PCGS to begin with. That way, you are certain that it is real (and they guarantee it if they made a mistake). You can also be fairly certain that the grade is accurate, and if it isn't most people will accept it anyways.

[lkenefic]

If purchasing old gold coins off eBay for example, unless you REALLY know what you're doing, stick to coins graded by : .......

 

I agree up to a point.... however, if you REALLY don't know what you're doing, I would forgo ebay until you did. There have gotten to be so many scams on ebay that I've limited my purchases to just a handful of sellers that I trust implicitly. While it's true that the higher end plastic Third Party Graders (TPGs) like PCGS and NGC are usually a safe bet, I've seen the plastic and labels duplicated from these TPGs on ebay as well.

 

..caveat emptor!!!!

 

Leo

[lkenefic]

physics-fan is absolutely spot on... The next purchase you should make is the Red Book. Take the values with a grain of salt, but the other information is quite valuable. I got an older copy [~5 years old] from a used bookstore for less than half the cost of a new one. I might also suggest the ANAs Guide to Coin Grading and Counterfeit Detection. I got mine from Amazon for around $15. Lastly, if you choose to collect a specific series, purchase those books as well. For instance, I collect IHCs [see my avatar] so I bought Rick Snow's book...believe me... this $15 book has paid for itself many times over in teaching me to avoid problem coins and recognizing real values when the come along.

 

L

[Houston Investor]

Buy bullion gold - AGE, AGB and forget about Numismatic Gold coins until you have achieved your desired gold bullion investment target in ounces.

 

Then you can buy the classic USA Gold coins as type pieces and work on a type set. These coins are simply too expensive, the grading very subjective, and if you get in a bind and have to sell one you will take a bigger hit than on a bullion coin. Do not buy any classic USA Gold raw. I would buy these Classic Gold in MS 64 or higher and also invest in Classic Dollars, Commems, type, and Walkers in MS 64 or higher. If you can buy them sight seen at a coin show that is even better. Once you start going over $1000 on many of these watch out for just made the grade pieces - these are coins crackout artists have resubmitted umpteen times and finally made the desired grade (not a good deal at all for you). I know of a couple of crackout artists that post on these boards and in observing their inventory at shows or online many of their coins are overgraded or low-end in my view and certainly not worth the lofty big ticket prices they are asking. Their "know it all" attitude towards smaller dealers (inappropriately labeling them as "wannabes" and their inventory as "widgets" shows an even greater overall lack of professionalism) is even more disgusting but reflective of the end run they are attempting around the pricing system. Learning how to grade will protect you from these hustlers and their dumping their low end material on you.

 

One of the most liquid items on ebay are AGE (American Gold Eagles) and AGB (American Gold Buffalos).

[jtryka]

I am clearly biased, but I cannot stand the bastartized designs of the modern bullion coins. I have two gold eagles, a 1/4 oz. and 1/10th oz. and they were both gifts. If I want bullion, I buy either AU/Low unc. Liberty or St. Gaudens double eagles, the last one I bought in MS-61 for about 5% over melt, which ironically is what you typically pay dealers for AGEs. Otherwise I would buy Mexican 50-peso coins, though they have a little over 1.2 oz. of gold (37.5g to be exact). Whatever you do, I advise you to do your homework and try only to deal with reputable dealers.

[construct]

I'm unclear about why you want a gold coin?

 

If you want a gold coin just to have, buy the design that you like. Classic double eagles have just a little less than an ounce of gold in them. The moderns have a full ounce and are of slightly different alloy. Otherwise, they're about alike. The premiums are not much different in grades up to MS-62.

 

Certification by NGC, PCGS, ANACS, or ICG is to give you peace of mind about authenticity.

 

Most of the counterfeits are made of gold very near the same alloy. So ending up with a counterfeit double eage in a low uncirculated grade doesn't usually set you back much. But why run the risk?

 

If you're wanting to invest in bullion, the most economical way is with the modern bullion products. Dealers' buy/sell spreads are narrower. Bullion trading operates on a very narrow margin compared to collectible coin trading.