Not a detector find but eye popping!

Silver_Seeker · Jul 28, 2015

Unfortunately, an uncle of mine who had no heirs passed away back in 2002.

Unknown to me, my parents had his coin collection sitting in their basement. Recently, they told me about it with my step-mother referring to the coins as "junk gold."

None the less, I said I'd love to look at them.....

I found this piece of "junk gold" in the collection :shock:

As you can imagine, it's going to auction shortly.

gordonquixote · Jul 28, 2015

BKM said:
As you can imagine, it's going to auction shortly

It's been sitting in their basement for 13 years, you find it and immediately sell it while gold is at a historically recent low.

Brilliant.

hawgdawg · Jul 28, 2015

Of course there is the gold melt value , which is very low at this time , but wouldn't it have more in numismatic value . I understand what your implying here tho . Just a question .

budaf250 · Jul 28, 2015

I would think that it not just the gold but the CC Or Carson CITY mint mark. I am not a coin collector but I know the CC mint mark ads value.

Steve77 · Jul 28, 2015

From what my google search shows, they can sell for around $10,000. That should be better than melt.

Swinglow · Jul 28, 2015

gordonquixote said:
It's been sitting in their basement for 13 years, you find it and immediately sell it while gold is at a historically recent low.

Brilliant.

LOL @ spot price affecting a CC dlb eagle.

OP, if you are serious about selling, send me a PM. I'd be interested in making you an offer.

AJT · Jul 28, 2015

As soon as I saw it was a CC, I was like :shock:

!

Awesome find!! I would be in that basement looking to see what else is down there!!

gordonquixote · Jul 28, 2015

Don't sell it. If you trade it for cash, what then?

Keep it in a safe place for retirement. It has been around for 150 years...a few more won't hurt it.

If you sell it, you will likely get stuck with capital gains tax unless someone gives you cash, which is unlikely. If you auction it, you pay capital gains PLUS a 10% auction fee.

Think twice and put the coin back in the basement (or a safe deposit box/safe).

Silver_Seeker · Jul 28, 2015

gordonquixote said:
It's been sitting in their basement for 13 years, you find it and immediately sell it while gold is at a historically recent low.

Brilliant.

Yeah, not my call. But it's worth many, many times melt value, look it up.

Silver_Seeker · Jul 28, 2015

gordonquixote said:
Don't sell it. If you trade it for cash, what then?

Keep it in a safe place for retirement. It has been around for 150 years...a few more won't hurt it.

If you sell it, you will likely get stuck with capital gains tax unless someone gives you cash, which is unlikely. If you auction it, you pay capital gains PLUS a 10% auction fee.

Think twice and put the coin back in the basement (or a safe deposit box/safe).

I'd love to keep it for retirement...but it's not mine, it's my parents' and dad is 70 so how long is he going to wait? Now is always a good time to sell something that cost you nothing

gordonquixote · Jul 28, 2015

Fair enough...you do have a point there.

NevTrac · Jul 28, 2015

gordonquixote said:
It's been sitting in their basement for 13 years, you find it and immediately sell it while gold is at a historically recent low.

Brilliant.

The price of "melt" gold will not affect this coin.
I sure hope they put a very high reserve on this piece of junk gold.
If not where is this auction?

Silver_Seeker · Jul 29, 2015

NevTrac said:
The price of "melt" gold will not affect this coin.
I sure hope they put a very high reserve on this piece of junk gold.
If not where is this auction?

The auction is here: http://www.moisan-inc.com/

On the left side of the website click on "upcoming events" you will see this coin and all of his little, less expensive, brothers that go up for sale next Tuesday. I know Dad would appreciate any telephone/internet bids

Swinglow · Jul 30, 2015

There's quite a few nice coins in that lot. Don't discount the S mint coins.

Just curious is there some reason your parents chose this particular auction house vs one of the larger, more well known ones like heritage or stacks?

Too bad they ran it all through auction. I would've loved to buy that entire collection and save you on the sellers premiums. Good luck on the auction. Looking forward to bidding. Emailing them now about registration.

jackdaniels · Jul 30, 2015

Wowsers! Nice basement find!

Swinglow · Aug 4, 2015

Just an FYI, I have emailed the auction house TWICE regarding registering for online bidding and have not rec'd a reply from anyone. I was also told no more phone bidders are being accepted. :roll:

OP, I don't know what kind of auction house your folks got involved with, but I can say the lack of service at this one is going to cost you bids. I planned to bid on several of your pieces and now the only way that's possible is with a 3hr car ride which is not happening on a Tuesday night.

Bigbuck1975 · Aug 4, 2015

FYI - I called the auction house and they told me no online bidding and they wouldnt take anymore phone bidders.

Several of my business folks emailed them with no response.

Please let me know how this turns out. I fear they are about to be taken as I would have bid STRONG MONEY on some of the coins.

kmad515 · Aug 5, 2015

Wow! Just wow! My Red Book '16 Price Guide has an 1893 Carson City Double Eagle MS-60 priced at $12,000! MS-63 would be $45,000! That CC mint mark turns a $1,550 coin into $12,000. Nice junk gold!

FAL guy · Aug 5, 2015

gordonquixote said:
Don't sell it. If you trade it for cash, what then?

Keep it in a safe place for retirement. It has been around for 150 years...a few more won't hurt it.

If you sell it, you will likely get stuck with capital gains tax unless someone gives you cash, which is unlikely. If you auction it, you pay capital gains PLUS a 10% auction fee.

Think twice and put the coin back in the basement (or a safe deposit box/safe).

Capital gains should apply to selling price minus value at the time it was inherited. I think...

MD-Mainiac · Aug 5, 2015

I think your folks and you are ill advised to sell them right now.
The coin market is hitting a depression.

And if you are going to auction them, do not use a local auction house.
Use Stacks, Bowers, Heritage or a big name like those.

You will find you may not get anywhere near what it is worth with a little guy auction.

Not a detector find but eye popping!

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