Comments on: 2011 Proof American Silver Eagle Sold Out

By: DR

DR — Wed, 30 Nov 2011 19:15:54 +0000

FYI, I just logged on to NGC and saw the grading results for the 5 anniversary sets I sent in: Out of 5 sets, only 1 has perfect coins from each of the 5 categories. That’s a keeper.
Results:
a) Bullion coin 4 MS69; 1 MS70
b) W Burnished coin 1 MS69; 4 MS70
c) Proof coin 3 PF69; 2 PF70
d) S coin 1 MS69; 4 MS70
e) Reverse Proof coin 3 PF69; 2 PF70

If it weren’t for the bullion coin’s ‘poor’ results, I would’ve had 2 perfect sets instead of 1. Oh well…. I read that there were 1 million + orders received for only 100,000 available. So, I’m glad I got what I got.

By: Gary

Gary — Sat, 26 Nov 2011 13:18:32 +0000

Good points DR!
Quick checked 2009 gold buffalo BuyItNow pricing for PR70… they can be had for $2,200 and free shipping so that would lead me to believe they could be bought at auction for perhaps $2,000 to $2,100. For all practical reasons, it has been the rise in bullion that is the underlying basis for the rise in value. The slab grading is a losing proposition for the average collector. For all the time & expense, the coins can come back encased in 69 grade holders (meaning clunker!) and the First Strike, Early Release labels are a fiasco… there is absolutely no way possible to determine the coining production through identification of coining dies used, YET COLLECTORS WILL PAY A PREMIUM TO THE GRADING SERVICES FOR THIS DESIGNATION! In the secondary market after not a long time, the designation carries no premium value, when gauged by COINS SOLD AT AUCTION and not Buy It Now.

By: DR

DR — Fri, 25 Nov 2011 19:30:55 +0000

Robert, Gary,

I’ve only been following coins for about 5 years, so others know a lot more than I do. But I have been getting coins graded for about 4 years and have paid close attention to online auctions. It seems that with graded coins for sale online there is a pattern of prices, often in 4 stages.

1) presales tend to be high. On occasion, a buyer may pick up a bargain if a seller fails to price his coins appropriately.

2) the first graded coins “in-hand, ready to ship” hitting the market within 1-3 weeks also command a high price.

3) Then there is a temporary “glut” as others who got their coins graded and want to recoup some of their investment will put theirs on the market. This period often lasts for a minium of several weeks, and often for months if not longer. It’s been my experience that’s when the lowest prices are to be had for graded coins on online auctions.

4) Relative Scarcity happens once again as glut of available graded coins online dries up. Then prices rise again, and usually don’t come back down.

Example: I bought some 2009 gold buffalo proof coins, and had them graded. I sold some right away at a modest profit. Without looking the price up, I think I bought them for about $1400 ea. and then had the cost of grading. A couple of months on the market, the NGC PF70 Early releases were selling for about $1600. Considering the costs involved in shipping, grading and auction fees, not too good from a seller’s perspective. Now, they are selling for about $2500. True the price of gold per oz helped. But scarcity also helped.

So, whether you’re a buyer or a seller, you can plan accordingly. I will now likely hold onto all 5 of my graded 2011 silver anniversary sets until the number of available sets at online auctions drops to about 25 or fewer. Currently, there are about 185 sets available at one online auction.

Just a few thoughts…

By: Gary

Gary — Fri, 25 Nov 2011 18:01:05 +0000

You are right Robert, the sale was a farce. Hold on though, the aftermarket mania for these sets is cooling off a bit now. Won’t be long before you could get a set for 2x Mint selling price but I expect by next summer they’ll be $450 to $500 items. (As long as you don’t go for the insanely priced slabbed stuff!)

By: ROBERT LOKEY

ROBERT LOKEY — Fri, 25 Nov 2011 03:30:09 +0000

I’M MORE MAD ABOUT THE SELL OUT OF THE 25th SET THAN JUST THE NORMAL PROOF. I GOT ONLINE THAT MORNING RIGHT WHEN IT OPENED AND COULD GET TO LOG IN. I TRIED FROM THE TIME THEY OPENED FOR A HOUR STRAIGHT AND WITH THE PHONE FOR ABOUT 6 HOURS AND COULDN’T GET A SET IF MY LIFE WAS ON THE LINE! THEY SHOULD HAVE HAD A ONE SET LIMIT!!! IT WAS A FARCE!!!! PEACE, ROBERT LOKEY