Soaring Rare Gold Prices Affect the Market
Question: I have three gold coins in like-new condition. What are their values? All are on neck chains: a 1910 Indian head $10; 1853 $2 1/2 and 1898 $20.--J.S.
Answer: It’s highly unlikely that your gold pieces are in “like-new condition.” Because they’ve been used as jewelry, they undoubtedly show wear. This might not seem apparent to the untrained eye, but collectors and professional numismatists could readily detect any wear or damage, especially under magnification.
Too bad too, because rare gold coin prices have suddenly soared in a surprise bull market. Several major players, apparently, have entered the scene, followed by dealer and collector interest. The result is very strong prices, which have helped elevate the entire numismatic price structure.
However, lower-grade material continues to lag behind, as it inevitably will. Your coins probably fall into that category. Your $10 gold eagle is worth about $500, the $2 1/2 quarter eagle is about $200, and the $20 double eagle is $475, all depending upon condition.
Q: Please give an approximate value of the following coins: 1937 Australia crown; 1901 Mexico peso; 1857 Uruguay 40 centesimos. Would you also include tips on how a novice can find a reputable coin dealer?--N.N.
A: Your Australian crown is in the $15-to-$25 range; the Mexican peso is $5 and the Uruguayan 40 centesimos is $2.
You find a reputable coin dealer the same way you would find a reputable lawyer, a reputable used car salesman or a reputable banker. Ask friends, comparison-shop, learn as much as you can about the subject. Reputable is a subjective term. Coin dealers are business people who must make a profit, just like other business people. But they work at different profit margins. It’s true that there are some who gouge and others who might misrepresent the quality of a particular coin. You can protect yourself by insisting on a written buy-back guarantee. Beware of telemarketing. Attend coin shows. Enjoy.
Q: I have a 1972 Philippine peso and a Republic of Panama Balboa. Do they have any value?--A.B.
A: Your Philippine peso is worth 20 cents. The Panama Balboa is $45 if uncirculated. Circulated, it’s worth bullion value, about $4.
Q: I buy the U.S. proof coin sets for my nieces and nephews every year. This year I received literature on the gold and silver coins and on uncirculated sets. Will there be no proof sets?--A.M.J.
A: Proof sets will be issued again this year, as they have without interruption since 1968. These sets are popular with many collectors, although early dates going back to 1936 are quite expensive.
Q: I have $10 and $5 coins for the Montreal Olympics. Do they have more than face value? I also have a 1983 half-ounce gold Panda, proof. Can you tell me its value?-- P.R.W.
A: Your Canadian pieces are worth about face value. The 1983 half-ounce gold Panda is worth $395.
Q: We were left a gold coin bracelet, another smaller one plus a pair of $2 1/2 gold earrings. Would truly appreciate an evaluation. Coins consist of an 1856 $1 graded MS-60; 1874 round California quarter dollar, MS-55; 1858 California half dollar, MS-60; 1902 $2 1/2, MS-62; 1856 $3, MS-65; 1908 $10, MS-62; 1914 $20, MS-50; 1945 50 pesos, MS-60; a Saudi Arabian piece, 1 pound; 1909 $5, MS-60; 1874 California gold $1, MS-60; 1911 $5, MS-65; and 1912 and 1927 $2 1/2, both MS-60.--R.G.W.
A: I don’t know who graded your coins but I doubt the accuracy. As I said earlier, coins made into jewelry almost always show wear. However, if your gold coins have been graded properly, they have considerable value. The 1865 $1, for instance, is $600; the California or Pioneer gold quarter dollar is $250; the California half dollar is $150; the 1902 $2 1/2 is $900; the $3 is $12,000; the $10 is $950; the $20 is $575; the 50 pesos is also $575; the Saudi pound is $110; the 1909 $5 is $700; the 1874 $1 is $200; the 1911 $5 is $5,000; and the two $2 1/2 pieces are $450 each.
Coin News
The 50th anniversary of the nationalization of the oil industry in Mexico is being commemorated with silver and gold 1988 legal tender coins. The 1-ounce silver 100-peso coin (pictured) features a portrait of former Mexican President Lazaro Cardenas; the half-ounce 50-peso features a monument to oil drillers and refiners. The 1-ounce silver is $12.50 and the two-coin set is $20. The same designs were used for 1-ounce and half-ounce gold pieces, priced at about $650 and $325, respectively. To order, contact Colonial Coins, 909 Travis St., Houston, Tex., 77002; telephone (713) 654-0047.
Don Alpert cannot answer mail personally but will respond to numismatic questions of general interest in this column. Do not telephone. Write to Your Coins, You section, The Times, Times Mirror Square, Los Angeles 90053.
