When does Numismatic become Spot?
 

With the run up in gold, many common date pre-33 US fractional coins are now worth more in their gold content than they were as a numismatic. Where is that turning point? Is it usually by grade? say up to XF or in some cases AU is priced by spot - at what gold price does it revert back to 'collector' value? Or is there a price point? A few months ago I could buy AU+ $20 Libs and Saints for spot +$30 ($685 to be exact) - At what price do they not fall any more?
On the other hand, does numismatic value float at a % above spot?

right now a $5 half eagle has about $182 of gold, I see some recent ebay sales in the 160-170 range. When gold is 700 or 650 or 600 how will it affect these prices?
If I can figure these price points out, then for a given coin/grade, one could hedge the price of spot where they could buy coins that would have some price protection built in, in case spot were to fall.
Has anyone come up with a method or is it always going to be spot + %.

Re: When does Numismatic become Spot?
 

I think the common date / not uncirculated pre-33 U.S. gold is bullion. It is bullion that goes for a small premium, like a GAE. Dealers will try to tell you they're rare, but they'll have rolls of the stuff under the table. Same with Morgans/Peace Dollars.

More specifically, $20 Libs and Saints, $10 Libs, and sometimes $5 Libs are bullion, and should go pretty close to spot. (Other U.S. gold sells for more.) A good rule of thumb is to "round up" their gold content (i.e., count a $20 Lib as a full ounce), and try to get them at that price.

Be careful, when you go to sell I have a strong feeling dealers will offer you spot x the actual gold weight (.9675 oz). So even if you buy at spot (rounded up to a full ounce), you're losing a few percent spread. I like to pick up a few close to spot to have an old coin in my hand. But the spreads are normally significantly higher than something like a Krugerrand, so I wouldn't make them the mainstay of my gold holdings.

Re: When does Numismatic become Spot?
 

Of course the dealer is going to buy back Gold content on the older Gold coins. They are nice though. Even the beat up ones.