Gold Mercury coin scam

WOW. Who in their right mind would pay $329.00 for 1/10 of an oz of gold? Just the gov trying to scam us. Im PO as I was going to buy this.

http://www.coinnews.net/2016/04/22/2016-mercury-dime-centennial-gold-coin-unavailable-for-now/

DeepTech Vista X with 3 search coils.
Works for me

One born every minute.

Beyonder-Pa Wrote:
-------------------------------------------------------
> WOW. Who in their right mind would pay $329.00 for
> 1/10 of an oz of gold? Just the gov trying to scam
> us. Im PO as I was going to buy this.


Just curious; are you being sensational or responsible with your post?
Where is the scam if they tell you the price, and for that price you get what they say you will get?
Just because you don't like the price does not make it a scam.

Pleasant Garden, NC
AT Max, Nokta Impact, MX Sport, Nokta FORS Relic, GPX 4800, Infinium, Racer, Deus, F75SE, Nautilus DMC II (order of acquisition, last to first)

Does an archeologist argue with a plow? A bureaucrat with a bulldozer?

Beyonder-Pa Wrote:
-------------------------------------------------------
> WOW. Who in their right mind would pay $329.00 for
> 1/10 of an oz of gold? Just the gov trying to scam
> us. Im PO as I was going to buy this.

I believe it's $209 not $329 as you state.

"Just curious; are you being sensational or responsible with your post?
Where is the scam if they tell you the price, and for that price you get what they say you will get?
Just because you don't like the price does not make it a scam."

Responsible. ANYONE that would pay that price is being irresponsible. The scam is paying $209.00 for $120.00.

Collectors didn’t have a lot of time on Thursday to order the new 2016-W Mercury Dime Centennial Gold Coin. The 24-karat gold coin went on back order after about 20 minutes and then became unavailable by the 40-minute mark....IF YOU ARE A COLLECTOR THEN THAT SEEMS FAIR. I have about 25 silver ones in my case nice looking coin

LowBoy

TAKE A LITTLE TIME KICKBACK AND WATCH SOME OF MY DETECTING VIDEO'S BELOW ON YouTube

[www.youtube.com]

If you don’t dig it, then how are you going to know what you’re missing!
How can you have your pudding if you don’t eat your meat!

Beyonder-Pa Wrote:
-------------------------------------------------------
> "Just curious; are you being sensational or
> responsible with your post?
> Where is the scam if they tell you the price, and
> for that price you get what they say you will
> get?
> Just because you don't like the price does not
> make it a scam."
>
> Responsible. ANYONE that would pay that price is
> being irresponsible. The scam is paying $209.00
> for $120.00.

difficult,(but NOT impossible!) to 'fix" stupid!

(h.h.!)
j.t.

It's called supply and demand, the fairest and most natural type of pricing there is. When demand exceeds supply, prices go up. Vice versa when supply exceeds demand.

And it is undeniably attractive. A tiny gold version of one of the most beautiful coins ever.

The US government has always charged a premium for commemorative coins. Some have appreciated well, others not so well. It all depends on demand compared to mintage.

Considering the prices on the secondary market, I'm sure the folks who were "scammed" for $209 aren't exactly feeling fleeced.



Edited 1 time(s). Last edit at 04/26/2016 08:27AM by marcomo.

Comparing the 'collectable value' with the bulk metal price is unfair. Bulk price (the 1220 Dollars/Troy ounce figure) is for large quantities, typically the 400 oz London Good Delivery bars. Even bullion-grade 1 oz coins will fetch a small premium over bulk price, add on a premium for Proof finish, a premium for limited quantity, a significant premium for very small weight coins, plus the display case etc, and you can see why a 1/10 oz coin is going to cost 50 - 100% over bulk price.
I'm sure there are other comparable examples? Here in the UK, I can think of a few. There's this nice set of coins from 2002, made up of gold versions of the current circulating ones, and a big 5 Pound commemorative coin....BUT also a set of four 'Maundy Pennies' in gold. These are always in silver, and this is the only gold set. So among collectors of Maundy coins, these are must-have items. This set fetches the price it does because of those 4 little coins - they account for 40% of it's value (2000 Pounds out of 5000), despite being a fraction of the gold weight. It's not uncommon to see the sets broken up, just because the Maundy coins are all that's 'important', the rest get sold on or scrapped. Which is a shame, as they are all nice coins.
[taxfreegold.co.uk]
[www.londoncoins.co.uk]
There's something quite appealing about familiar coins in unfamiliar metals. I have a few Sterling silver proof coins of our current UK circulation ones, including the 1 Pence and 2 Pence coins. These are normally copper (like US Lincoln Cents), and seeing them silver is quite eye-catching, rather than being 'worthless brown coins', they actually look rather pretty.

Edit: If you're looking for the 'scam', this is it:
Silver mercury dime weight = 2.50 grams
0.900 Silver density = 10250; 0.9999 gold density = 19300
So a gold dime should weigh 19300/10250 x 2.50 = 4.7 grams
But the Mint state it's actually 1/10 Troy Ounce = 3.11 grams.
So it's only 66% of the weight it 'should' be.

( There's an example of this in the UK, too. Our gold commemorative 2 Pound coins weigh 16 grams instead of 24 grams)



Edited 6 time(s). Last edit at 04/27/2016 10:59AM by Pimento.

check out our Canadian Mint; [www.mint.ca]

very pricey gold commemoratives, etc; silver also....very, very marked up as collectibles...

I have no complaints, if I had the $ I'd buy some gold ones, and have bought 2 of the silver
ones as birthday gifts....

I really do like what they do along with the variety....better than blowing your $ at the casino IMHO....

Thanx for the clarity! I really wasn't looking at it from the collectors stand point.

As it's 2/3 of its 'proper' weight, I think it's likely they will make it thinner over almost the entire surface, but 'fatten up' the milled edge, so it appears normal when viewed edge-on. I understand this is what the UK Royal Mint did with the similarly underweight 2 Pound coin.

There's more than 1250 chumps out there so it probably would have made a good flip/profit.

------------"Cz's still bad to the bone".------------
Living on a big ass Astroid.
The woman that got my rib,I want it back.

Welcome to the world of free enterprise, where nothing's free

If people weren't willing to pay the premium for the coin, and the mint was stuck with a truckload of them, eventually they'd have a fire sale.

Look at the new double eagle, buffaloes, and other "re-strikes". They all command a nice premium over their melt value., so clearly they're not targeted to bullion stackers.

I do like the looks of the gold SLQ, but am I willing to pay $500+ for what *might* total 1/3 oz of gold, not unless May's a really good month

"I do like the looks of the gold SLQ, but am I willing to pay $500+ for what *might* total 1/3 oz of gold"
Sorry to inform you, the 'Quarter Dollar' coins are just 1/4 troy oz. Again, this is 2/3 of the 'proper' weight.

that is a scam. I wonder if you had to sell one , would they only give current gold price. I have not bought silver or gold because you have to pay a premium over coast + tax when buying and when you sell you only get 90% of current silver or gold its a scam coming and going . Gold and silver do not pay rent , do not earn interest. forget it i would rather buy some grain or rice or beens , so if the silage hits the fan i have something to eat , I can't eat silver or gold . and in hard times they will make it illegal to have gold

Curantly own a Mirage P.I made by sven , and a silver Umax with ground balance mode, and a Tesoro Tejon

I've just had a look on the website of a leading UK buyer/seller of gold, Hatton Garden Metals. They sell modest-sized gold bars at 3% above spot, and larger bars (500+ grams) at just 2% above spot. And some of the popular coins (eg. sovereigns) are also priced at similar premiums. Their buy prices also seem similar: 2 to 3% below spot. So it's possible to deal with spreads of around 5%, if plain bullion is acceptable. For a long time, HGM were offering 100% of spot on some coins (full bullion Krugerrands, full sovereigns), the quieter market has stopped that, I assume.
I presume there must be similar traders in the US ?

Also, don't forget the 'spot' gold price is an average of the bid/offer price. For example, currently, the Dollar/oz price is 1255.2 / 1256.2 (from Kitco), so even if you're shifting 400 oz bars, there's a 1 dollar/oz difference. This bid/offer spread can vary quite a bit, I believe, depending on market movement / volatility.



Edited 1 time(s). Last edit at 04/28/2016 01:51PM by Pimento.

Gunnar I agree with you 99% unless someone is strictly interested in collecting. We can't eat it grow or burn it in stoves or vehicles. When the major hard times hit there will be people selling loaves of bread and meat for lb for lb for gold. Then in a week or two when fresh food is dried up the most precious metals will be worth is how ever many bullets they can be melted into. When the world hits the fan I can bet there won't be many people lugging all their precious gold around for long. I like precious metals and coin collecting I just think a brick of 22 shells and some garden seeds are a better hard times investment. Who ever ends up in power would most likely confiscate any thing of value anyways. Might as well be prepared to survive vs make a donation! But you can can bet your bottom dollar I will still buying my silver eagles and mint sets every year for myself and family because I like them and I will also continue searching for old with beeper on a stick even if I can't eat them!

Seems to be the mindset that it's only value is the weight of the metal.

With that in mind, I will buy all of your key and semi-key date US coins for melt value

"key and semi-key date US coins for melt value"

There are reasons WHY they are key dates. They can make millions of these.

GunnarMN Wrote:
-------------------------------------------------------
> that is a scam. I wonder if you had to sell one ,
> would they only give current gold price. I have
> not bought silver or gold because you have to pay
> a premium over coast + tax when buying and when
> you sell you only get 90% of current silver or
> gold its a scam coming and going . Gold and
> silver do not pay rent , do not earn interest.
> forget it i would rather buy some grain or rice
> or beens , so if the silage hits the fan i have
> something to eat , I can't eat silver or gold .
> and in hard times they will make it illegal to
> have gold

I was lucky enough to get scammed and was able to pick one up from the mint during the first few minutes before they sold out.
They are worth $60 to $75 more than I paid already.
Not all of us buy silver and gold coins to prepare for the end of the world. We enjoy collecting or sometimes flipping now and then.
I have a decent stock pile of food, guns, ammo, and TP for if the $hit hits the fan, but I'm not going to stop living thinking it's going to happen any time soon.
People have been calling for the end of the world for hundreds if not thousands of years.
I think a little ballence is needed for a happy, healthy life.
Bryan

Cabin fever your better at putting my thoughts into words than I am lol! So I'm going to go with what you said!

Beyonder-Pa Wrote:
-------------------------------------------------------
> "key and semi-key date US coins for melt value"
>
> There are reasons WHY they are key dates. They can
> make millions of these.

True, but they didn't right? Didn't the sell out almost immediately? I don't follow the mint offerings so I don't know if they plan to mint more, if not they should increase in value. If they produce them like Benjamins, not so much.