pre-1933 gold coins

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manatee2005
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pre-1933 gold coins

Post by manatee2005 »

What's your favorite website for buying pre-1933 gold coins?
Last edited by manatee2005 on Thu Nov 19, 2020 10:24 pm, edited 1 time in total.
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JoMoney
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Re: pre-1933 gold

Post by JoMoney »

I'd bet every ounce of gold on the planet pre-dates 1933.
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Re: pre-1933 gold

Post by alex_686 »

JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Not true. Small amounts of gold have been manufactured since then. The most common way, IIRC, is to bombard lead with protons.
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Re: pre-1933 gold

Post by 000 »

alex_686 wrote: Thu Nov 19, 2020 9:08 pm
JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Not true. Small amounts of gold have been manufactured since then. The most common way, IIRC, is to bombard lead with protons.
Synthesis of precious metals

Though of course I prefer my gold non-radioactive...
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Re: pre-1933 gold

Post by anon_investor »

JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Does asteroid gold that lands on earth after 1933 count as pre1933?
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Re: pre-1933 gold

Post by JoMoney »

anon_investor wrote: Thu Nov 19, 2020 9:13 pm
JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Does asteroid gold that lands on earth after 1933 count as pre1933?
More than likely, it would take awhile to get here.
But we could also get into some debate about whether or not anything actually "exists" prior it to being observed.
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Re: pre-1933 gold

Post by anon_investor »

JoMoney wrote: Thu Nov 19, 2020 9:21 pm
anon_investor wrote: Thu Nov 19, 2020 9:13 pm
JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Does asteroid gold that lands on earth after 1933 count as pre1933?
More than likely, it would take awhile to get here.
But we could also get into some debate about whether or not anything actually "exists" prior it to being observed.
I wonder what is so special about 1933. Did they stop making gold coins then?
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Re: pre-1933 gold

Post by Mike Scott »

google says it's about changes in gold coin composition from 1933 to 1934
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Re: pre-1933 gold

Post by manatee2005 »

anon_investor wrote: Thu Nov 19, 2020 9:26 pm
JoMoney wrote: Thu Nov 19, 2020 9:21 pm
anon_investor wrote: Thu Nov 19, 2020 9:13 pm
JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Does asteroid gold that lands on earth after 1933 count as pre1933?
More than likely, it would take awhile to get here.
But we could also get into some debate about whether or not anything actually "exists" prior it to being observed.
I wonder what is so special about 1933. Did they stop making gold coins then?
Look up Executive Order 6102 on google. I'm glad I could teach you something new today.
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Re: pre-1933 gold

Post by manatee2005 »

Mike Scott wrote: Thu Nov 19, 2020 9:36 pm google says it's about changes in gold coin composition from 1933 to 1934
Look up Executive Order 6102
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Re: pre-1933 gold

Post by manatee2005 »

alex_686 wrote: Thu Nov 19, 2020 9:08 pm
JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Not true. Small amounts of gold have been manufactured since then. The most common way, IIRC, is to bombard lead with protons.
Alchemy???
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Re: pre-1933 gold

Post by eer_no_evil »

Interesting piece of American history for sure.

I’ve used apmex and monument metals- but curious if any folks have better suggestions.
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Re: pre-1933 gold

Post by Mike Scott »

"all you need is a particle accelerator, a vast supply of energy and an extremely low expectation of how much gold you will end up with"
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Re: pre-1933 gold

Post by manatee2005 »

eer_no_evil wrote: Thu Nov 19, 2020 9:40 pm Interesting piece of American history for sure.

I’ve used apmex and monument metals- but curious if any folks have better suggestions.
There was a Swiss company that had their gold in US for business purposes and it all got confiscated. They got cash for it but they could only buy 40% of gold they had before.

Americans sent their gold to Europe for safe keeping and then WW2 started. Imagine if you sent a bunch of gold to Paris in 1933 and then in 1940 Germans army walks in and takes it.
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Re: pre-1933 gold coins

Post by 000 »

I am not sure how EO 6102 is relevant to the coins one purchases today. Is there some reason for which one ought prefer a pre-1933 coin as opposed to a post-1933 coin of the same or greater purity?
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Re: pre-1933 gold coins

Post by Nicolas »

000 wrote: Thu Nov 19, 2020 10:25 pm I am not sure how EO 6102 is relevant to the coins one purchases today. Is there some reason for which one ought prefer a pre-1933 coin as opposed to a post-1933 coin of the same or greater purity?
Numismatics?
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Re: pre-1933 gold coins

Post by manatee2005 »

000 wrote: Thu Nov 19, 2020 10:25 pm I am not sure how EO 6102 is relevant to the coins one purchases today. Is there some reason for which one ought prefer a pre-1933 coin as opposed to a post-1933 coin of the same or greater purity?
Yes because no coins where made from 1933 to 1986. Since a lot of pre-1933 coins were confiscated and melted down they are more rate than the new coins.
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Re: pre-1933 gold

Post by qwertyjazz »

alex_686 wrote: Thu Nov 19, 2020 9:08 pm
JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Not true. Small amounts of gold have been manufactured since then. The most common way, IIRC, is to bombard lead with protons.
Given the probability that the entire universe is a computer simulation, there might not be any actual gold. 1933 might not exist.
G.E. Box "All models are wrong, but some are useful."
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Re: pre-1933 gold coins

Post by Pu239 »

manatee2005 wrote: Thu Nov 19, 2020 10:41 pm
000 wrote: Thu Nov 19, 2020 10:25 pm I am not sure how EO 6102 is relevant to the coins one purchases today. Is there some reason for which one ought prefer a pre-1933 coin as opposed to a post-1933 coin of the same or greater purity?
Yes because no coins where made from 1933 to 1986. Since a lot of pre-1933 coins were confiscated and melted down they are more rate than the new coins.
Technically not true as other countries such as South Africa and Canada issued gold coins within that interval although you are undoubtedly referring to years when many countries were on a gold standard. For additional sources, especially rarer dates and better condition coins, consider coin auction sites such as Heritage and Stacks/Bowers. A little patience can be worth the effort.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot
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Re: pre-1933 gold coins

Post by manatee2005 »

Pu239 wrote: Thu Nov 19, 2020 11:00 pm
manatee2005 wrote: Thu Nov 19, 2020 10:41 pm
000 wrote: Thu Nov 19, 2020 10:25 pm I am not sure how EO 6102 is relevant to the coins one purchases today. Is there some reason for which one ought prefer a pre-1933 coin as opposed to a post-1933 coin of the same or greater purity?
Yes because no coins where made from 1933 to 1986. Since a lot of pre-1933 coins were confiscated and melted down they are more rate than the new coins.
Technically not true as other countries such as South Africa and Canada issued gold coins within that interval although you are undoubtedly referring to years when many countries were on a gold standard. For additional sources, especially rarer dates and better condition coins, consider coin auction sites such as Heritage and Stacks/Bowers. A little patience can be worth the effort.
Yes, but I'm not interested in South African or Canadian coins, just American :-)
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Re: pre-1933 gold

Post by LittleGreenSoldiers »

qwertyjazz wrote: Thu Nov 19, 2020 10:43 pm
alex_686 wrote: Thu Nov 19, 2020 9:08 pm
JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Not true. Small amounts of gold have been manufactured since then. The most common way, IIRC, is to bombard lead with protons.
Given the probability that the entire universe is a computer simulation, there might not be any actual gold. 1933 might not exist.
There is no (golden)spoon. 12/22/2021 we will know more.
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Re: pre-1933 gold coins

Post by Pu239 »

manatee2005 wrote: Thu Nov 19, 2020 11:14 pm

Yes, but I'm not interested in South African or Canadian coins, just American :-)
Yes, but your posts were not specific in that regard. Check out auction sites other than Ebay and sources other than dealers. Even local auction houses sometimes offer coins. For the record, I think prices are too high. I'm waiting for a drop in spot price and spreads to come down before considering purchasing more gold coins. As I said, patience is key.
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Re: pre-1933 gold

Post by JoMoney »

LittleGreenSoldiers wrote: Thu Nov 19, 2020 11:37 pm
qwertyjazz wrote: Thu Nov 19, 2020 10:43 pm
alex_686 wrote: Thu Nov 19, 2020 9:08 pm
JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Not true. Small amounts of gold have been manufactured since then. The most common way, IIRC, is to bombard lead with protons.
Given the probability that the entire universe is a computer simulation, there might not be any actual gold. 1933 might not exist.
There is no (golden)spoon. 12/22/2021 we will know more.
If what is not really there behaves in the way I expect of a spoon that is there, that's good enough for my purposes of a spoon being there.
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Re: pre-1933 gold coins

Post by anon_investor »

manatee2005 wrote: Thu Nov 19, 2020 10:41 pm
000 wrote: Thu Nov 19, 2020 10:25 pm I am not sure how EO 6102 is relevant to the coins one purchases today. Is there some reason for which one ought prefer a pre-1933 coin as opposed to a post-1933 coin of the same or greater purity?
Yes because no coins where made from 1933 to 1986. Since a lot of pre-1933 coins were confiscated and melted down they are more rate than the new coins.
Sounds like a high chance for conterfeits buying online...
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Re: pre-1933 gold coins

Post by manatee2005 »

anon_investor wrote: Fri Nov 20, 2020 12:10 am
manatee2005 wrote: Thu Nov 19, 2020 10:41 pm
000 wrote: Thu Nov 19, 2020 10:25 pm I am not sure how EO 6102 is relevant to the coins one purchases today. Is there some reason for which one ought prefer a pre-1933 coin as opposed to a post-1933 coin of the same or greater purity?
Yes because no coins where made from 1933 to 1986. Since a lot of pre-1933 coins were confiscated and melted down they are more rate than the new coins.
Sounds like a high chance for conterfeits buying online...
Yeah, that's why you have to buy something that's been certified like this
https://bullionexchanges.com/20-gold-do ... andom-year
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Re: pre-1933 gold

Post by LittleGreenSoldiers »

JoMoney wrote: Fri Nov 20, 2020 12:01 am
LittleGreenSoldiers wrote: Thu Nov 19, 2020 11:37 pm
qwertyjazz wrote: Thu Nov 19, 2020 10:43 pm
alex_686 wrote: Thu Nov 19, 2020 9:08 pm
JoMoney wrote: Thu Nov 19, 2020 9:05 pm I'd bet every ounce of gold on the planet pre-dates 1933.
Not true. Small amounts of gold have been manufactured since then. The most common way, IIRC, is to bombard lead with protons.
Given the probability that the entire universe is a computer simulation, there might not be any actual gold. 1933 might not exist.
There is no (golden)spoon. 12/22/2021 we will know more.
If what is not really there behaves in the way I expect of a spoon that is there, that's good enough for my purposes of a spoon being there.
are you saying (in the theme of the forum) that no one knows anything? ;-}
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Re: pre-1933 gold coins

Post by humblecoder »

I've used APMEX for the occasional purchase of collectible coins.
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Re: pre-1933 gold coins

Post by Kenkat »

Ampex, JM Bullion and Kitco are some top online sellers. If you are interested in gold with collectible value as well, Heritage Auctions (coins.ha.com).
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Re: pre-1933 gold coins

Post by LadyGeek »

This thread is now in the Personal Consumer Issues forum (coins).
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Re: pre-1933 gold coins

Post by 7eight9 »

Interesting blog post about the 1933 Double Eagle ...

Historical Echoes: The Double Eagle Lands at the New York Fed
The most expensive coin in the world, the famed 1933 Double Eagle, is on display to the public at the New York Fed. Its price at auction exceeded that of the gold Brasher doubloon, minted in 1787, which was sold for $7.4 million earlier this month. This post traces the 1933 Double Eagle’s long, fascinating history, which stretches from the early twentieth century to the unusual circumstances of the coin’s arrival at the New York Fed. ...
https://libertystreeteconomics.newyorkf ... k-fed.html
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Re: pre-1933 gold

Post by alex_686 »

000 wrote: Thu Nov 19, 2020 9:11 pm Synthesis of precious metals

Though of course I prefer my gold non-radioactive...
And
manatee2005 wrote: Thu Nov 19, 2020 9:37 pm Look up Executive Order 6102 on google. I'm glad I could teach you something new today.
Learned 2 new things today. Thanks!

OP, can you confirm that you are looking for these coins for numismatics or collecting reasons? Or is there some other dimension?
Former brokerage operations & mutual fund accountant. I hate risk, which is why I study and embrace it.
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Re: pre-1933 gold coins

Post by suemarkp »

I don't like coins in slabs (i.e. graded by PCGS, NGC, others). I prefer to buy pre-33 coins in XF or AU condition that haven't been cleaned. Many places sell "jewelry grade" coins which typically have been cleaned and the condition isn't really stated. Provident / JM Bullion have XF/AU gold but they are typically cleaned. An XF or AU rating is subjective if not slabbed, but I find most dealers are pretty good about their grades. A grading company won't grade a cleaned coin, so I think all the coins sent in for grading that get returned are sold this way (graded by seller judgement and marked as "cleaned").

I've had my best luck at Apmex to buy XF or AU gold that hasn't been cleaned. They have it on sale at times, so that, combined with spot prices being low, is when I buy. Apmex also lets you pick dates if you really do or don't want a specific date, but it costs you $5 or $10 more that way.

Be aware that pre-33 US gold doesn't have nice round steps of gold content like 1/10, 1/4, or 1 troy ounce of gold. It is a remnant of the old days that a double eagle has .9675 troy ounces of gold. A pre-33 Eagle is .48375 troy ounces of gold. It continues linearly like this down through the quarter eagle. Pre-33 US gold is 90% pure (21.6 carat) which is another strange purity when it comes to gold. But purity doesn't really matter, as the gold weight is what is listed above -- there is just more copper in it than a 22K modern coin.

This lower gold content is one thing to know when comparing a modern American Gold Eagle 1oz coin to a double eagle of the past -- the double eagle has a bit less gold so it should be 3% cheaper if just looking at the metal content and not numismatic factors.
Mark | Kent, WA
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manatee2005
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Re: pre-1933 gold

Post by manatee2005 »

alex_686 wrote: Fri Nov 20, 2020 11:30 am
000 wrote: Thu Nov 19, 2020 9:11 pm Synthesis of precious metals

Though of course I prefer my gold non-radioactive...
And
manatee2005 wrote: Thu Nov 19, 2020 9:37 pm Look up Executive Order 6102 on google. I'm glad I could teach you something new today.
Learned 2 new things today. Thanks!

OP, can you confirm that you are looking for these coins for numismatics or collecting reasons? Or is there some other dimension?
Just historical reasons. I like antique things 😀
protagonist
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Re: pre-1933 gold

Post by protagonist »

manatee2005 wrote: Fri Nov 20, 2020 1:25 pm
alex_686 wrote: Fri Nov 20, 2020 11:30 am
000 wrote: Thu Nov 19, 2020 9:11 pm Synthesis of precious metals

Though of course I prefer my gold non-radioactive...
And
manatee2005 wrote: Thu Nov 19, 2020 9:37 pm Look up Executive Order 6102 on google. I'm glad I could teach you something new today.
Learned 2 new things today. Thanks!

OP, can you confirm that you are looking for these coins for numismatics or collecting reasons? Or is there some other dimension?
Just historical reasons. I like antique things 😀
In that case, if I were you I would buy St Gaudens $20 gold coins minted 1907-1933. Simply because they were, imho, the most beautiful coins ever minted in the US. Not cheap though. https://www.jmbullion.com/coin-info/us- ... 20-dollar/
I'm not a coin collector, but I believe the 1933 $20 gold piece is the most valuable coin in existence. If you have to ask how much it is worth you probably can't afford it.
I did collect coins as a child in the 1960s. At the time you could buy rolls of these coins for twice their face value....the $20 ones cost $40 each. I clearly had no money to buy them, but I tried to convince my dad to put all of his money into $20 gold coins rather than stocks or bonds or whatever he happened to invest in. Needless to say he brushed me off, which is too bad considering the fate of stocks and bonds in the following 2 decades *laughing*
Kagord
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Re: pre-1933 gold coins

Post by Kagord »

Why exclude 1933, I prefer the 1933 $20 double eagle myself. For the record, I don't own one.
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Re: pre-1933 gold coins

Post by windaar »

I recommend a local reputable coin shop. You can inspect the coin in person, you know it is real, no shipping charge, no shipping worries. Downside: they usually accept cash only.
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Re: pre-1933 gold coins

Post by jfn111 »

Everyone's a comedian on this board. :shock:
I prefer the local coin shows and several small local coin shops. The shows are on hold for now in MN but during normal times there is one every 2 weeks. There is usually around 30 dealers at these shows and they are willing to dicker on price.
I have purchased several coins from eBay. (Just be sure to check the ratings of the seller).
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Re: pre-1933 gold

Post by manatee2005 »

protagonist wrote: Fri Nov 20, 2020 1:37 pm
manatee2005 wrote: Fri Nov 20, 2020 1:25 pm
alex_686 wrote: Fri Nov 20, 2020 11:30 am
000 wrote: Thu Nov 19, 2020 9:11 pm Synthesis of precious metals

Though of course I prefer my gold non-radioactive...
And
manatee2005 wrote: Thu Nov 19, 2020 9:37 pm Look up Executive Order 6102 on google. I'm glad I could teach you something new today.
Learned 2 new things today. Thanks!

OP, can you confirm that you are looking for these coins for numismatics or collecting reasons? Or is there some other dimension?
Just historical reasons. I like antique things 😀
In that case, if I were you I would buy St Gaudens $20 gold coins minted 1907-1933. Simply because they were, imho, the most beautiful coins ever minted in the US. Not cheap though. https://www.jmbullion.com/coin-info/us- ... 20-dollar/
I'm not a coin collector, but I believe the 1933 $20 gold piece is the most valuable coin in existence. If you have to ask how much it is worth you probably can't afford it.
I did collect coins as a child in the 1960s. At the time you could buy rolls of these coins for twice their face value....the $20 ones cost $40 each. I clearly had no money to buy them, but I tried to convince my dad to put all of his money into $20 gold coins rather than stocks or bonds or whatever he happened to invest in. Needless to say he brushed me off, which is too bad considering the fate of stocks and bonds in the following 2 decades *laughing*
Aren't St Gaudens from 1907-1933 identical to the current American Eagle coins? I actually prefer the pre-1907 designs because they are different from current coins.
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manatee2005
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Re: pre-1933 gold coins

Post by manatee2005 »

windaar wrote: Fri Nov 20, 2020 2:10 pm I recommend a local reputable coin shop. You can inspect the coin in person, you know it is real, no shipping charge, no shipping worries. Downside: they usually accept cash only.
I haven't walked into a physical store for anything since March. Just prefer the online experience from now on.
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manatee2005
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Re: pre-1933 gold coins

Post by manatee2005 »

suemarkp wrote: Fri Nov 20, 2020 12:54 pm I don't like coins in slabs (i.e. graded by PCGS, NGC, others). I prefer to buy pre-33 coins in XF or AU condition that haven't been cleaned. Many places sell "jewelry grade" coins which typically have been cleaned and the condition isn't really stated. Provident / JM Bullion have XF/AU gold but they are typically cleaned. An XF or AU rating is subjective if not slabbed, but I find most dealers are pretty good about their grades. A grading company won't grade a cleaned coin, so I think all the coins sent in for grading that get returned are sold this way (graded by seller judgement and marked as "cleaned").

I've had my best luck at Apmex to buy XF or AU gold that hasn't been cleaned. They have it on sale at times, so that, combined with spot prices being low, is when I buy. Apmex also lets you pick dates if you really do or don't want a specific date, but it costs you $5 or $10 more that way.

Be aware that pre-33 US gold doesn't have nice round steps of gold content like 1/10, 1/4, or 1 troy ounce of gold. It is a remnant of the old days that a double eagle has .9675 troy ounces of gold. A pre-33 Eagle is .48375 troy ounces of gold. It continues linearly like this down through the quarter eagle. Pre-33 US gold is 90% pure (21.6 carat) which is another strange purity when it comes to gold. But purity doesn't really matter, as the gold weight is what is listed above -- there is just more copper in it than a 22K modern coin.

This lower gold content is one thing to know when comparing a modern American Gold Eagle 1oz coin to a double eagle of the past -- the double eagle has a bit less gold so it should be 3% cheaper if just looking at the metal content and not numismatic factors.
Thanks for the information!
privateer79
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Re: pre-1933 gold coins

Post by privateer79 »

manatee2005 wrote: Thu Nov 19, 2020 10:41 pm
000 wrote: Thu Nov 19, 2020 10:25 pm I am not sure how EO 6102 is relevant to the coins one purchases today. Is there some reason for which one ought prefer a pre-1933 coin as opposed to a post-1933 coin of the same or greater purity?
Yes because no coins where made from 1933 to 1986. Since a lot of pre-1933 coins were confiscated and melted down they are more rate than the new coins.
so is it really just the historical mystique and rarity that draws you to pre 1933 coins?

I tend to buy modern coins due to a superstition perhaps that the purity of modern coins and certain minting techniques (i.e. the very fine ray's placed on the recent maple leafs) make them more resistent to fraud (i.e. gold plated tungsten fakes)...

are there other reasons people like pre 1933 coins?
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Re: pre-1933 gold coins

Post by suemarkp »

Some people feel that they are not confiscatable because they would be considered collectable. I dont believe that. If another executive order or law comes down to confiscate gold, who knows what it will say or if it will mimic the 1930s order.

Gold has its subclasses just like stocks. Some fall out of favor for a while and get cheap. Pre 33 was in that mode. May be exiting it but hard to tell.

The numismatic aspect can help, especially if more get melted. Just like with junk silver, the older ones give you a numismatic price floor you dont get with the more modern coins. Example would be barber halves typically cost more than kennedy, franklin, or liberty walking halves. It can be harder to capitalize on that when you sell, but not impossible.
Mark | Kent, WA
illumination
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Re: pre-1933 gold coins

Post by illumination »

There's a lot of fakes, just be careful. Because the numismatic value was greater than the price of the metal, "fake coins" were made with real gold in an era when gold prices were low.

When I didn't really know I was doing, I bought one at a pawn shop and two coin dealers both told me it was a fake coin (under a magnifying glass you could see it was cast and not struck like a mint) but made of real gold (but I'm sure the purity was suspect) The pawn shop gave me a refund, lesson learned.

Also, online outlets like Alibaba sell fake American silver and gold coins. Why our country allows a major Chinese company to sell counterfeit US currency on their platform, I'll never know. If say Ebay or Amazon were selling counterfeit Chinese currency to Chinese residents, that would be shut down real quick.

Really vet the places you buy physical gold from, it's not worth saving a few bucks unless you really know what you're doing.
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Re: pre-1933 gold coins

Post by manatee2005 »

illumination wrote: Sat Nov 21, 2020 6:07 pm There's a lot of fakes, just be careful. Because the numismatic value was greater than the price of the metal, "fake coins" were made with real gold in an era when gold prices were low.

When I didn't really know I was doing, I bought one at a pawn shop and two coin dealers both told me it was a fake coin (under a magnifying glass you could see it was cast and not struck like a mint) but made of real gold (but I'm sure the purity was suspect) The pawn shop gave me a refund, lesson learned.

Also, online outlets like Alibaba sell fake American silver and gold coins. Why our country allows a major Chinese company to sell counterfeit US currency on their platform, I'll never know. If say Ebay or Amazon were selling counterfeit Chinese currency to Chinese residents, that would be shut down real quick.

Really vet the places you buy physical gold from, it's not worth saving a few bucks unless you really know what you're doing.
I would never touch Alibaba for gold coins.
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samsoes
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Re: pre-1933 gold coins

Post by samsoes »

manatee2005 wrote: Thu Nov 19, 2020 8:56 pm What's your favorite website for buying pre-1933 gold coins?
Heritage Auctions, www.ha.com.
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Random Musings
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Re: pre-1933 gold coins

Post by Random Musings »

manatee2005 wrote: Sat Nov 21, 2020 9:17 pm
illumination wrote: Sat Nov 21, 2020 6:07 pm There's a lot of fakes, just be careful. Because the numismatic value was greater than the price of the metal, "fake coins" were made with real gold in an era when gold prices were low.

When I didn't really know I was doing, I bought one at a pawn shop and two coin dealers both told me it was a fake coin (under a magnifying glass you could see it was cast and not struck like a mint) but made of real gold (but I'm sure the purity was suspect) The pawn shop gave me a refund, lesson learned.

Also, online outlets like Alibaba sell fake American silver and gold coins. Why our country allows a major Chinese company to sell counterfeit US currency on their platform, I'll never know. If say Ebay or Amazon were selling counterfeit Chinese currency to Chinese residents, that would be shut down real quick.

Really vet the places you buy physical gold from, it's not worth saving a few bucks unless you really know what you're doing.
I would never touch Alibaba for gold coins.
If they do that, it's highly likely they do other underhanded activities.

There is US legal code for this and is enforced on our citizens. However, Alibaba gets a free pass.

I will avoid doing business with Alibaba as best I can.

RM
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illumination
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Re: pre-1933 gold coins

Post by illumination »

manatee2005 wrote: Sat Nov 21, 2020 9:17 pm
illumination wrote: Sat Nov 21, 2020 6:07 pm There's a lot of fakes, just be careful. Because the numismatic value was greater than the price of the metal, "fake coins" were made with real gold in an era when gold prices were low.

When I didn't really know I was doing, I bought one at a pawn shop and two coin dealers both told me it was a fake coin (under a magnifying glass you could see it was cast and not struck like a mint) but made of real gold (but I'm sure the purity was suspect) The pawn shop gave me a refund, lesson learned.

Also, online outlets like Alibaba sell fake American silver and gold coins. Why our country allows a major Chinese company to sell counterfeit US currency on their platform, I'll never know. If say Ebay or Amazon were selling counterfeit Chinese currency to Chinese residents, that would be shut down real quick.

Really vet the places you buy physical gold from, it's not worth saving a few bucks unless you really know what you're doing.
I would never touch Alibaba for gold coins.

Well, my main point wasn't "not" to buy gold coins from Alibaba (that's obvious) but more that other people in the US and elsewhere are buying it by the pallet to resell to other people as counterfeits. That's the real danger, and the people that manufacture and sell them know that's what's going on. There's no telling how many of these are floating around and how many unscrupulous people are out there trying to sell them. Why our government let's this happen so openly is a real mystery.

A real coin dealer will know, but I'm sure the fakes keep getting better (I hear stories where coin dealers are getting tricked) and material like tungsten has very similar properties to gold.

Here's an example, and nobody seems to be doing anything about it:

https://www.alibaba.com/product-detail/ ... d2bcEACZaX
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