#1
Old 02-10-2000, 01:34 AM
Guest
Join Date: Dec 1999
Posts: 1,553
I just bought three of the 'Silver Liberty' coins. They were $39.00 a piece, the 'last silver dollar minted in 1999'. Liberty is etched in color, and truly it is very striking. But, what I wondered about was paying $39 for a coin that is really just a dollar. These came from the U.S. Mint, and I thought pretty special.

They now have come out with the '2000 Liberty' looking just like the 1999 one except of course for the date. How do the prices get set for these things?? Printing costs? Or just guesses of what goofies like me would pay???

------------------
"Consider it a challenge.."
#2
Old 02-10-2000, 05:16 AM
Guest
Join Date: Apr 1999
Posts: 412
IIRC, the colored coins (usually the red white and blue ones, and some gold colored ones) are 'after market'. they don't come from the mint, so you pay more for them.

at least that's always what i figured.

and you have to watch some of thesse 'coins'. many times they aren't legal tender. anyone can strike a coin.

but i could be wrong
#3
Old 02-10-2000, 09:33 AM
Charter Member
Join Date: Jul 1999
Location: SEC
Posts: 13,720
I'd say you overpaid about $35.

To the IRS, that coin has two different values.

If you receive it as compensation or payment, it is worth $4 or $5, whatever the price of silver is.

However, if you want to pay taxes with it, the IRS says that it's worth only $1.

It's great to be able to make up the rules.
#4
Old 02-10-2000, 11:44 AM
Charter Member
Join Date: Nov 1999
Posts: 1,552
If you want to pay taxes with it, sell it for the $4 or $5 of silver, and pay the taxes with that. It's just like if you had a rare, mis-struck coin that was worth thousands of dollars - don't pay the IRS with it directly, sell it and use the proceeds.

Arjuna34
#5
Old 02-10-2000, 11:55 AM
BANNED
Join Date: Mar 1999
Location: Pacific Grove, Calif
Posts: 17,493
Try ebay.com & find out what they are going for.

Millenium Silver Liberty's there, 20 of them, $120 opening bid & no buyers. Not the fancy one you said. But trust me, check there first.
#6
Old 02-10-2000, 03:05 PM
Charter Member
Charter Member
Join Date: Mar 1999
Location: Wheaton IL USA
Posts: 2,037
The U.S. Mint does not paint their coins. If anything, this ridiculous feature reduces the value of the coin to a serious collector.

The rip-em-off for whatever the traffic will bear bullion stampers are having a field day with the "FIRST NEW SILVER DOLLAR OF THE MILLENNIUM" and related scams. Hint: the U.S. mint does not produce coins with the words ".99 proof silver" stamped on them, either. (I LOVE the "new quarter" collection kits with the giant cardboard map of the United States for only $29.95. The kids will go absolutely bonkers with interest and enthusiasm when they realize they will be 19 years old before their collection is complete and worth exactly $12.50).
#7
Old 02-10-2000, 03:38 PM
Guest
Join Date: Nov 1999
Location: Charlotte, NC USA
Posts: 847
These coins are not sold by the U.S. Mint, it is something called "The U.S. Historic Society" or some similar drivel. They are, I believe, the same group that years ago sold the pewter Civil war chess set. They are always advertising something on TV...and its never very collectible or worth what they are charging. If you paid $29 for these coins - then I hope you enjoy them because you paid about $28 more than they are actually worth.
#8
Old 02-10-2000, 03:52 PM
Charter Member
Join Date: May 1999
Location: Silicon Valley, Cal., USA
Posts: 15,785
Cooper wrote:

Quote:
If you paid $29 for these coins - then I hope you enjoy them because you paid about $28 more than they are actually worth.
Actually, it's not QUITE that bad.

The silver "dollar" being painted and resold in these ads is the silver American Eagle bullion coin. The image on the front of the coin is a slightly-larger rendition of the same "Walking Liberty" design used on U.S. half dollar coins from 1916-1947. The back bears a picture of a "heraldic" eagle (an eagle with a shield over its white-meat) and the words "1 OZ. FINE SILVER - ONE DOLLAR".

The "ONE DOLLAR" designation is essentially meaningless. It's there so that the coin will officially fall under the anti-counterfeiting laws of the United States. The coin's actual value is the current market price for a troy-ounce of silver, plus a little bit for the numismatic value of the coin (i.e. it's not minted in unlimited quantities, it has a pretty picture on it, etc.). As of the time of this writing, the spot price of silver is $5.41 per troy ounce, and you can buy year 2000 silver Eagle bullion coins from wscoin.com or a similar coin dealer for $10.01 each (not including shipping). Note that $10.01 is the retail price of a common-grade uncirculated Silver Eagle, not a super-shiny "proof" quality Silver Eagle, which is over twice as expensive.

So, if you paid $29 for a Year-2000 Silver Eagle with a colorful picture on the front, you're paying $10 for the coin and $19 for the paint job. They'd better be using damn good paint for that kind of price.

------------------
The truth, as always, is more complicated than that.
#9
Old 02-10-2000, 03:58 PM
Charter Member
Join Date: May 1999
Location: Silicon Valley, Cal., USA
Posts: 15,785
Incidentally, private mints also stamp out 1-troy-ounce silver coins. They're called "silver rounds" in the bullion biz, and right now are retailing from the above establishment for $6.11 each.

Of course, these coins are neither as pretty nor as difficult to counterfeit as the U.S. Mint's creations. But they're a great form of alternative currency to have lying around if you still believe the Y2K bug is gonna cause civilization to collapse.
#10
Old 02-10-2000, 04:00 PM
Guest
Join Date: Nov 1999
Posts: 1,306
Coins, like any collectable, are only worth as much as someone is willing to pay you for them. If someone is willing to pay $1000 for a "Welcome Back Kotter" lunch box, who's to say that your painted Liberty dollar won't be worth something, someday.

I wouldn't hold my breath, though.

------------------
Elmer J. Fudd,
Millionaire.
I own a mansion and a yacht.
#11
Old 02-10-2000, 04:05 PM
Guest
Join Date: Mar 1999
Location: ATL
Posts: 3,136
Lots of things like this come from the Franklin Mint which, despite its name, has nothing to do with the US Mint.

------------------
"Drink your coffee! Remember, there are people sleeping in China."

[email protected]
mountaindiver.com
#12
Old 02-10-2000, 05:07 PM
BANNED
Join Date: Mar 1999
Location: Pacific Grove, Calif
Posts: 17,493
'(I LOVE the "new quarter" collection kits with the giant cardboard map of the United States for only $29.95. The kids will go absolutely bonkers....... especially when they find out there isn't a quarter for every state. Isn't that right? Two did not have quarters...
#13
Old 02-10-2000, 11:04 PM
BANNED
Join Date: Dec 1999
Posts: 372
Handy, could you elaborate on that? Which two did not have quarters? As far as I know, there are only five so far, with the sixth, Massachusetts coming out this month or next.
BTW, has anyone seen the ads for the one POUND silver coin?
#14
Old 02-11-2000, 01:32 AM
Charter Member
Charter Member
Join Date: Oct 1999
Location: Irvine, California, USA
Posts: 14,822
Quote:
Originally posted by Anti Pro:
How do the prices get set for these things?? Printing costs? Or just guesses of what goofies like me would pay???
Guesses. Those coins are meant for collectors. It's like selling a beanie baby (except coin collectors are more numerous than beanie baby collectors, so you have a better chance of making money with a coin.)

I think that if you want to make money with a USA coin collection, your best bet is to buy old (pre-20th century) coins in mint condition.
#15
Old 02-11-2000, 01:33 AM
Guest
Join Date: Dec 1999
Posts: 1,553
Thanks for all the speedy responses, and I figured that I had 'probably' paid too much, but I didn't know that they weren't from the U.S.Mint, my charge card bill had the mint down as the one who was paid, but, maybe that doesn't mean much either.

Mjollnir, thanks for the laugh about IRS getting to make up their own rules, yeah, it must be nice.

Arnold Winkelried, I'm not a coin collector (thank goodness) or a beanie baby collector either, so I don't care how much they appreciate in value, so much as curiousity about why the price is set as it was.

Nickrz, of course you WOULD mention the quarter maps, yeah, I got THOSE too, and the biggest hassle of my life. I called to order them directly from the Mint (I thought) and the operator stole my card number and the maps went to someone else. They wouldn't give me the maps till I proved I wasn't 'Fred' Wright, which meant sending copies of my license. It took three months to get them, and these don't come with the coins, and were only $24 each, so maybe it isn't the same map that is being referred to, hopeuh, hopeuh, hopeuh!

And Tracer, it actually is a good paint job, but my car probably needed it worse, and maybe that is what I should have gotten instead!

------------------
"Consider it a challenge.."
#16
Old 02-11-2000, 01:36 AM
Guest
Join Date: Mar 1999
Location: ATL
Posts: 3,136
You might check on rec.collecting.coins first. I know many collectors who say that eBay sellers are vastly overcharging for relatively common coins (and the buyers are paying for them because they don't know what the coin is really worth). It never hurts to get more opinions.

------------------
"Drink your coffee! Remember, there are people sleeping in China."

[email protected]
mountaindiver.com
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 09:36 PM.

Copyright © 2017
Best Topics: sunshine movie ending hitler wasn't aryan usps mailbox pickup cloward pliven cassandra metaphor foreclosure paperwork constantly moving feet canadian tire usa latin forget o-wakizashi 1950s mustache snow blower auger misfire repair cost barry mccockiner outgoing tide avia dental usps general delivery latin dirty tom waits kommienezuspadt strip club prostitutes hard disk symbols longest crossbow shot 2x4 thickness ww2 mine sweeper inuit nude skinned knee cat lick spot manhole size brookstone hair brush warriors luther reverse ceiling fan direction without switch what time of day is mail delivered the orphanage tomas unmasked what smells like skunk starbuck band moonlight feels right lyrics how to set draft order in yahoo fantasy football tap starter to start car hot water without gas how to remove watch back without notches funniest match game questions why do women wear yoga pants in public buying used car new jersey nicotine patches and weight loss travis you re a year too late cowboy bebop manga vs anime 2 tank air compressor wiring 110v outlet from 220v supply do iron pills constipate you should i turn off electric water heater if water is off if lake murray dam broke what is dp in porn usernames for tumblr that are not taken where to buy spirits of ammonia chihuahua and st bernard mix peanuts raisins and m&ms ass to mouth sex wilma flintstone maiden name 26x1 5 mountain bike tires vomiting with no nausea check made out to multiple parties i smell like curry original fruit roll ups