A 1793 minted one-cent copper numismatic coin was sold for $1 million at a coin show held by Orange County Convention Centre’s Florida United Numismatics on January 8, 2012. Cindy Wibker, who is the coordinator of the convention for the Florida organization, confirmed that nearly 600 coins and currency dealers attended the largest numismatic show in the country. Dealers were seen not only selling their possessions, but were also appraising and buying coins from the event attendees.
The items on display included:
Dozens of silver one-ounce pieces
Coins from antiquity
Another item for display which caught the eyes of many was a 19th century spider press which was earlier used to print bank notes made available by Mike Bean who had retired from a federal career of money printing.
David Lisot, Executive Producer, cointelevision.com was quoted as saying that coin collecting has always been regarded as a popular hobby. This is now seeing a renewed interest with people wanting to invest in coins either as a source of investment.
Popular FAQs About Rare Gold Coins
1. What is a rare gold coin?
Rarity in terms of coins is relative. Many coins are termed rare even though there are 500,000 of that specific coin in existence. For example, there are 484,000 known specimens of the 1909 VDB Lincoln Cent which were minted. Around 4000 have been certified by leading third party coin grading services making it a rare and desirable coin. Thus, a coin can be termed rare because of its low survival rate, relatively low mintage or for a simple reason that people who possess the specimen do not wish to sell it. Another important determinant of rarity in terms of coins is demand. This means that if there are many interested parties for a specific coin, then it is rare because of its high demand.
2. How to confirm that the coin is genuine?
These days there are several third party services that can help you to determine the condition and authenticity of coins. Two famous companies offering such services are Numismatic Guarantee Corporation (NGC) and Professional Coin Grading Service (PCGS). The coins that are graded are encapsulated by these companies to provide them protection from damage in the future and a unique serial number is assigned to each coin. This is done so that their identity can be verified easily. The opinion and grading imposed by the NGC and PCGS are greatly respected in the rare coin industry.
3. Are rare gold coins liquid commodities?
Liquidity entails the ease by which coins can be sold in the market. Rare gold coins are known to be the most liquid collectible item. It is felt that most rare coins can be sold in the market in United States relatively quickly if you are a motivated seller.
4. Do rare gold coins depreciate in value?
Yes, rare gold coins do depreciate in value as they, like any other commodity, are affected by the laws of demand and supply. It is seen that the more famous rare gold coins have an enduring demand and are considered less likely to depreciate in value. For example, in 1996 most rare gold coins were known to have been traded at 15%-20% of their 1989 values. However, there are other examples, such as a 1933 Gold Double Eagle gold coin being sold in 2002 for $7.5 million, beyond anyone’s expectations.
5. How can one get rare gold coins graded?
Every coin grading service has a network of authorized dealers to assist you in getting coins graded to precision. These dealers offer two types of services:
a) Prescreening the coin and determining which ones are worth being submitted to grading services.
b) Counseling on the best level of service that should be used and also understanding when is the best time to submit the coins.
The Numismatic Guarantee Corporation (NGC) and Professional Coin Grading Service (PCGS) are the best organizations for the grading of numismatic coins.