Gold Coin Collecting

2011-05-14T13:36:00.000-07:00

Gold Coin Collectors in 1950

The Empire State Numismatic Association held a Convention last weekend at the Hotel Syracuse. Coin collectors from all parts of New York State and nearby states attended. Many beautiful collections were exhibited. A dozen coin dealers in the bourse bought and sold coins, and an auction of 1,375 lots was held for members. These lots were cataloged months in advance and a complete description of each coin was printed in a catalog sent to collectors from coast to coast.

Those who were unable to attend the sale in person sent their bids by mail for any lots in which they were interested. Unless someone present was willing to pay more for a lot than the highest bid received in the mail, it was sold to the person sending in the high bid.

While the displays were not open to the general public, several people who were attending other functions at the hotel during the weekend stopped in to inquire about the value of some old coins which they had. In particular, there were some bank employees attending another meeting who asked about gold coins.

LAW MODIFIED

In February this year, the Federal Reserve Banks sent a notice to all member banks advising them that the 1933 law requiring all gold coins to be turned in to the government does not apply to U. S. gold coins having a special value to collectors.

Therefore, persons now wanting to turn in gold at a bank are to be told of this new ruling and that a recognized numismatist should be consulted as to the value of the coins. The bank itself is not allowed to give the customer more than the face value of the coins and any coins deposited with the bank become the property of the U. S. and must be forwarded to the U. S. treasurer. A bank may not pay out gold coins to any person.

However, this new ruling indicates that it is no longer illegal to hold, acquire, transport, or sell gold coins. Such coins may not legally be exported from the U. S without a license from the mint, but a holder of gold may now sell such coins within the nation.

MUCH GOLD HOARDED

Many persons evidently hoarded gold bullion coins and did not turn it in to the government in 1933 and 1934 when gold was called in. Since that time they have held it illegally and have been afraid to let it be known that they owned gold coins for fear of the possible penalties for illegal possession.

Now, however, such persons may properly dispose of their coins without being subjected to embarrassing questions. This has brought a lot of hoarded gold coins into the numismatic market in the past few months and the price of the coins has dropped.

The value of the actual gold in a coin is about 170 per cent of its face value so that a $10 gold piece is worth at least S17, just from its gold content alone. From a coin collector's standpoint the condition of a coin is more important than the date, with a very few exceptions.

For gold coins in fine condition, the common dates have been worth approximately twice face value, but lately so many hoards have been offered for sale that dealers are beginning to be wary about purchasing additional coins. There are comparatively few collectors of gold coins due to the large amount of money involved and, therefore, there is little demand for the gold series compared with copper or silver coins of the United States.

Investing in Gold - Articles

2007-07-20T20:47:00.000-07:00

Here is an article about gold bullion and gold coins. The information applies to the other precious metals, too.

Why You Need To Buy and Sell Gold Coins

By Steve Renner

Gold, and the other precious metals, can be an important part of any investment portfolio. In an era where stocks, bonds, mutual funds, etc are getting most of the glory, there is steady or increasing demand for gold bullion and coins, as well as those of silver, platinum and paladium.

Gold, as an investment, may be overlooked because of its everyday alure as a personal adornment. Admired, molded, shaped, and hoarded, the romance and attraction of gold is enhanced by its historic use as a basis of wealth. Gold's value is intrinsic.

Throughout history, monetary systems have risen and fallen, yet gold remains the constant. The precious metal gold cannot be created or destroyed or altered. It forever remains one of the most liquid investments with no geographic boundaries. Gold is bought, sold, traded, and stored in most parts of the free world with unique privacy.

Likewise, U.S. gold coins enjoy many of these unique advantages. In a world where paper currencies come and go, where paper money can be depreciated 25% to 30% overnight, the price of gold cannot be manipulated by any single nation or borrower.

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On the contrary, gold is the foundation of today's world monetary system. Acquiring U.S. gold coins put you in great company through American history. Prior to 1933, all U.S. paper currency was backed dollar for dollar by gold reserves.

Today, paper dollars are backed only by a government promise, nothing more. For investors who value gold, they recognize the safety, privacy and instant liquidity of U.S. gold coins. As official legal tender, each coin has a guaranteed weight and gold content. Numismatic coins, especially the pre-1933 U.S. gold coins are highly sought after by asture collectors and investors for more than their pure gold content. The Saint-Gaudens, the Liberty series, and the Indian Head U.S. gold coins are admired and collected worldwide for their historical significance, beauty, and rarity.

Unlike gold that is minted by the tons annually, U.S. Gold coins were minted prior to 1933 have a fixed and limited supply. No more will be minted ever and the older they get, the more highly prized they become as important pieces of American history.We hope your visit will encourage you to add more rare and valuable U.S. gold coins to your collection and to learn how to build sets that will appreciate in value and be greatly admired for many generations to come.

Steve is the ceo of cashgcards-goldlynks rare/gold coin club he was the best isp in 1997 check out his about us page at http://goldlynks.tripod.com this article is free for distributiongoldcoinsinfo@yahoo.com

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