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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
 Posted - 11/24/2009 : 09:46:11
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Why is it that you see a lot of junk silver coins but not junk gold coins ie US gold coins that are near melt value? Was it because they weren't as circulated?
If you look at the prices of US gold coins, one is paying way above melt value for them. Ie. looking at coinflation and the $20 St Gauden, the melt value is $1126.55 but they are often selling for over $1500 now.
A couple of years ago when gold was in the $700s, I was able to buy a $1 Gold pre-1933 coin for cheaper because it had been used as a piece of jewlery. However, I don't seem to run into that stuff very often.
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SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 11/24/2009 : 10:08:10
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Because Roosevelt made gold illegal to own, and use.
As a result, gold coins that survived were held in bank vaults in Europe, or hidden away in safes, lockboxes, mantelpieces, etc. and not worn out like silver coins were for the next 30 years.
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Trust the government? Ask an Indian. |
Edited by - El Dee on 11/24/2009 10:11:44 |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 11/24/2009 : 10:14:35
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But what about before Roosevelt? Were they not commonly used in commerce? I would think more circulated ones would have survived
Like the piece I bought that had been a part of a necklace or something. |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
Edited by - PennySaved on 11/24/2009 10:19:57 |
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brian0918
Penny Collector Member
USA
315 Posts |
Posted - 11/24/2009 : 10:24:02
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I believe they confiscated peoples' gold held in US banks and melted it down.
Talk about an inversion of the proper role of government - instead of protecting and upholding individual rights, they decide to violate them en masse. |
"The man who speaks to you of sacrifice, speaks of slaves and masters. And intends to be the master." -- Ayn Rand
Searched: $2230 Nickels; Liberty: 1; Buffalo: 4; War: 20; 2009: 2; 2010D: 8 |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 11/24/2009 : 10:30:31
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All gold got called in, circulated and uncirculated alike. As the country and population grew, there were relatively fewer old coins of all types than there were new ones.
Relatively few pre-civil war gold coins exist. I believe that worn ones were remelted to strike new ones. Worn coins weigh less, which is a more serious consideration for gold than it is for silver
When the gold from that shipwreck was recovered, it was significant because they were all in excellent condition predating the civil war.
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Trust the government? Ask an Indian. |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 11/24/2009 : 11:06:04
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Well the coin that I bought was pretty much in uncirculated condition detail wise. It just had a hook attached to the back of the coin like it was a part of a necklace or earring.
I was just trying to think of ways not to have to pay such high premiums with the pre1933 US coins. |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 11/24/2009 : 13:19:36
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coin dealers have been scouring the vaults in europe for them.
supposedly they just exhausted the european supply recently. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 11/24/2009 : 13:23:17
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| While US "junk" GOLD may be difficult to find, worldwide "junk" GOLD is a lot easier to locate. If you're knowledgible, you can find some good deals at spot or less than spot for 90% foreign GOLD. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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country_bumpkin
Penny Sorter Member
USA
86 Posts |
Posted - 11/24/2009 : 14:25:58
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Yep, just make sure your Onzas, Sovereigns and Francs aren't counterfeit Onzas, Sovereigns and Francs.
If it's too good to be true, it probably is fake junk.
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“He who goes a-borrowing, goes a-sorrowing.”
- Benjamin Franklin |
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 11/24/2009 : 14:50:38
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| Good point. Fakes abound. However, a good scale, a good eye, some reference material, and buying from someone you trust helps you get only the good stuff. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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Junk gold coins
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