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- - Did I just buy gold under spot? (http://goldismoney.info/forums/showthread.php?t=243306)

Pirc Defense | 03-05-2008 02:34 PM
Did I just buy gold under spot? Went into my local coin shop today and spotted what turned out to be what Google tells me is an 1894 Gold Liberty Head Eagle. The guy charged me $525 for after telling me it was a 1/2 oz of gold. So get home and I'm checking around online to make sure, and it sounds like it might be slightly more than a half ounce -- 16.7 grams of gold, which would make it about 54/100s of an oz, or about $529 at current POG. I'm still a semi-noob with gold and silver, does that sound right?

Gcubed | 03-05-2008 02:39 PM
Re: Did I just buy gold under spot? Quote:
Originally Posted by Pirc Defense (Post 996695) Went into my local coin shop today and spotted what turned out to be what Google tells me is an 1894 Gold Liberty Head Eagle. The guy charged me $525 for after telling me it was a 1/2 oz of gold. So get home and I'm checking around online to make sure, and it sounds like it might be slightly more than a half ounce -- 16.7 grams of gold, which would make it about 54/100s of an oz, or about $529 at current POG. I'm still a semi-noob with gold and silver, does that sound right?
It's actually about .49 oz gold content. The coins are 91.6% pure.

Pirc Defense | 03-05-2008 02:43 PM
Re: Did I just buy gold under spot? Quote:
Originally Posted by Gcubed (Post 996702) It's actually about .49 oz gold content. The coins are 91.6% pure.
Thanks, G3. That bastard cheated me out of .01 oz of gold! :tongue_ma:

Gcubed | 03-05-2008 02:47 PM
Re: Did I just buy gold under spot? Quote:
Originally Posted by Pirc Defense (Post 996725) Thanks, G3. That bastard cheated me out of .01 oz of gold! :tongue_ma:
You did well :wink: Very nice coins!

hernancortes | 03-05-2008 05:00 PM
Re: Did I just buy gold under spot? Remember that Double Eagles are .9675 ounce and the other old US coins can be fractioned down from that. So you bought .48375 ounces.

latemetal | 03-05-2008 05:31 PM
From the Redbook... 16.718 grams, .900 gold and .100 copper, net weight 0.48375 pure gold. Earlier coins were heavier and purer.:D Still a nice coin though.

Gcubed | 03-05-2008 05:41 PM
Re: From the Redbook... Quote:
Originally Posted by latemetal (Post 996993) 16.718 grams, .900 gold and .100 copper, net weight 0.48375 pure gold. Earlier coins were heavier and purer.:D Still a nice coin though.
I stand corrected! :D Didn't have my book handy and couldn't remember the content of a Double Eagle. It is now once again ingrained in my mind:wink:

Pirc Defense | 03-05-2008 06:11 PM
Re: From the Redbook... Quote:
Originally Posted by latemetal (Post 996993) 16.718 grams, .900 gold and .100 copper, net weight 0.48375 pure gold. Earlier coins were heavier and purer.:D Still a nice coin though.
Dammit, so it was .01625 oz. of gold. That's $16, so slightly irritating...but I don't think it'll matter soon.

latemetal | 03-05-2008 06:32 PM
Re: Did I just buy gold under spot? Rare Gold coin at near spot? I might have bought it.:bull-buddy-icon:And as I still don't like the dollars chances, I'm still buying.:tongue_ma:

Mike C | 03-05-2008 09:26 PM
Re: Did I just buy gold under spot? By next week you will be under spot, don't sewat it.

Pirc Defense | 03-05-2008 09:29 PM
Re: Did I just buy gold under spot? Quote:
Originally Posted by latemetal (Post 997080) Rare Gold coin at near spot? I might have bought it.:bull-buddy-icon:And as I still don't like the dollars chances, I'm still buying.:tongue_ma:
Am I a prick if I cut the coin out of its plastic casing so I can fondle it while I watch "Boomtown"? Or is it too rare for this and I shd be severely punished by the gold gods? It's already pretty scuffed and I bought it for around spot, so I'm guessing the numismatic value isn't prohibitive.

latemetal | 03-05-2008 10:16 PM
Wrong guy to ask... Who slabbed it and what grade? Maybe someone more knowledgible could answer. I buy the stuff I can fondle.:D

Pirc Defense | 03-05-2008 11:43 PM
Re: Wrong guy to ask... Quote:
Originally Posted by latemetal (Post 997371) Who slabbed it and what grade? Maybe someone more knowledgible could answer. I buy the stuff I can fondle.:D
Don't know, unfortunately...I guess I'm more of a noob than I thought

CyberGold | 03-08-2008 11:48 AM
Re: Did I just buy gold under spot? Its your coin - do with it as you want. It sounds as if it is not a 'certified' coin (aka slabbed) as you don't know who put it in the plastic because there is no label indicating that fact (such as PCGS, NGC, ICQ etc) so I take it it is in a plain plastic holder that anyone can put a coin in. You say is it scuffed up so i take that to mean there are skid marks or other obvious abraisions or damage visible. It also becomes an assumption that the coin has some wear from normall circulation so the grade (sans damage) is probably somewhere in the F-XF range, which is where many bullion coins fall. So if most of the above is pretty correct,go ahead get some buttery popcorn and fondle away. ps - why would you cut it out of the case? most non-crertifed plastic holders are a slip fit where one side of the capsule fits over the other - use your fingernail along one edge

Unclad Lad | 03-09-2008 01:17 AM
Re: Did I just buy gold under spot? I suspect that if it were slabbed he'd have paid quite a bit more for it.

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