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?

Re: Did I just buy gold under spot?
 

It's actually about .49 oz gold content. The coins are 91.6% pure.

Re: Did I just buy gold under spot?
 

Thanks, G3. That bastard cheated me out of .01 oz of gold! :tongue_ma:

Re: Did I just buy gold under spot?
 

You did well :wink: Very nice coins!

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.

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.

Re: From the Redbook...
 

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:

Re: From the Redbook...
 

Dammit, so it was .01625 oz. of gold. That's $16, so slightly irritating...but I don't think it'll matter soon.

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:

Re: Did I just buy gold under spot?
 

By next week you will be under spot, don't sewat it.

Re: Did I just buy gold under spot?
 

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.

Wrong guy to ask...
 

Who slabbed it and what grade? Maybe someone more knowledgible could answer. I buy the stuff I can fondle.:D

Re: Wrong guy to ask...
 

Don't know, unfortunately...I guess I'm more of a noob than I thought

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

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.