Posts Tagged commemorative gold coins
If you know anything about collecting coins, you know that commemorative gold coins are among the most popular designs. They remind people of the past, hence the term commemorative.
Because there is so much potential for variety, commemorative coins vary greatly in value. Coins which are overproduced, such as Barack Obama and September 11th, are low in value, unless they are made of gold
The term, golden touch makes you think What if you could turn something to gold just by touching it? to give you an idea, gold right now is just over $1120 per ounce Other than the sheer weight of the coin, these coins also have high value to collectors.
In general, most of the valuable gold coins are American. This can partially be blamed on Americans’ willingness to buy anything Or, should I say the potency of the American salesman?
Regardless, its important to remember that when you buy any gold coins, you are betting against the future of the world. The biggest factor known to influence the price of gold rapidly is a world crisis. ever since September 11th, the price of gold has skyrocketed.
When thinking about investing in gold, ask yourself: will there be a major war in the near future? If the answer is yes, then invest in gold
If you manage to not be in a country that’s getting attacked, sell your gold after the prices skyrocket. because of the crisis, the future of the world will be in question. as a result, prices will rise and the gold you own will rise in value. If you find a buyer, you’ve just earned yourself a pretty penny
Its important to note that factors like this are highly improbably and not the best long term investing plan for your average investor. Remember, its your money Maybe you should just go shopping.
Call now and get a free Sham-Wow!A company behind some of those inescapable ads hawking commemorative gold coins as good investments will reimburse customers $5 million because the coins aren’t really good investments, the state’s Attorney General’s office announced.
U.S. Money Reserve inc., an Austin-based commemorative coin marketer that does business as U.S. Rare Coin and Bullion Reserve, agreed to the settlement and restitution and will agree to comply with the Deceptive Trade Practices Act, the AG’s office said.
“Customers who contacted U.S. Money Reserve to inquire about the gold bullion coins featured in its television advertisements encountered sales personnel who urged them to buy more expensive commemorative coins,” the AG’s office said.
“U.S. Money Reserve’s sales team claimed that the commemorative coins would both retain and increase their value more effectively than ordinary bullion coins,” they said. “However, the significantly higher prices that U.S. Money Reserve charged for its commemorative coins rendered the products so expensive that customers would not actually realize an increase in value for many years.”
WHAT!?! an investment opportunity that advertises on syndicated courtroom shows and afternoon TV might not be as profitable as it seems?
The voluntary compliance agreement causes the company “to fully reform its sales practices,” the AG’s office says.
If you think you’re eligible for a refund, call (800) 867-6101. then call us — we have a bridge we’d like to sell you.
AUSTIN (AP/KXAN) – State officials say an Austin-based commemorative coin marketer founded by a well-known Austin businessman has agreed to pay customers up to $5 million in restitution and comply with the Texas Deceptive Trade Practices Act.
The Texas Attorney General’s office says its Thursday agreement with U.S. Money Reserve inc., a company that does business as U.S. Rare Coin and Bullion Reserve, resolves concerns about the way the firm marketed commemorative gold coins.
U.S. Money Reserve was founded in 2001 by Austin entrepreneur and philanthropist Milton Verret , noted of late for purchasing Michael Jackson’s “Thriller” jacket and also spearheading last week’s “CowParade Austin” auction that was hosted by NBC Tonight Show host Jay Leno at ACL Live at the Moody Theater. the event was held to raise money for Dell Children’s Medical Center.
The better Business Bureau of Eastern Missouri and Southern Illinois had previously published a warning to consumers about U.S. Money Reserve.
Better Business Bureaus in Texas also give the company an “F” rating.
Investigators said U.S. Money Reserve’s sales team claimed the commemorative coins would increase their value more than the ordinary bullion coins the company was advertising on TV.
The state said because the price the company charged was so high it would take customers years to realize an increase in value.
U.S. Money Reserve agreed to reform its sales practices and reimburse customers’ financial losses.
United States Mint 2011 Commemorative Gold Coins
Prices for United States Mint commemorative gold coins may change once a week, and the coins are again available after a near two-week halt to their sales thanks to a new pricing grid methodology.
The United States Mint on Thursday, August 25, introduced a new grid based commemorative gold coin price guide which placed the coins back on sale based on the current average of gold. the pricing grid works similar to the system introduced in 2009 for numismatic gold coins. if the weekly gold average moves sufficiently, commemorative gold coins follow with an up or down $12.15 adjustment. the pricing grid follows:
Commemorative Gold Coin Pricing Grid
Average London Fix Gold Price (dollars)Commemorative ProofCommemorative Uncirculated$500.00 to $549.99$230.55$220.55$550.00 to $599.99$242.70$232.70$600.00 to $649.99$254.85$244.85$650.00 to $699.99$267.00$257.00$700.00 to $749.99$279.15$269.15$750.00 to $799.99$291.30$281.30$800.00 to $849.99$303.45$293.45$850.00 to $899.99$315.60$305.60$900.00 to $949.99$327.75$317.75$950.00 to $999.99$339.90$329.90$1,000.00 to $1,049.99$352.05$342.05$1,050.00 to $1,099.99$364.20$354.20$1,100.00 to $1,149.99$376.35$366.35$1,150.00 to $1,199.99$388.50$378.50$1,200.00 to $1,249.99$400.65$390.65$1,250.00 to $1,299.99$412.80$402.80$1,300.00 to $1,349.99$424.95$414.95$1,350.00 to $1,399.99$437.10$427.10$1,400.00 to $1,449.99$449.25$439.25$1,450.00 to $1,499.99$461.40$451.40$1,500.00 to $1,549.99$473.55$463.55$1,550.00 to $1,599.99$485.70$475.70$1,600.00 to $1,649.99$497.85$487.85$1,650.00 to $1,699.99$510.00$500.00$1,700.00 to $1,749.99$522.15$512.15$1,750.00 to $1,799.99$534.30$524.30$1,800.00 to $1,849.99$546.45$536.45$1,850.00 to $1,899.99$558.60$548.60$1,900.00 to $1,949.99$570.75$560.75$1,950.00 to $1,999.99$582.90$572.90$2,000.00 to $2,049.99$595.05$585.05$2,050.00 to $2,099.99$607.20$597.20$2,100.00 to $2,149.99$619.35$609.35$2,150.00 to $2,199.99$631.50$621.50$2,200.00 to $2,249.99$643.65$633.65$2,250.00 to $2,299.99$655.80$645.80$2,300.00 to $2,349.99$667.95$657.95$2,350.00 to $2,399.99$680.10$670.10$2,400.00 to $2,449.99$692.25$682.25$2,450.00 to $2,499.99$704.40$694.40$2,500.00 to $2,549.99$716.55$706.55$2,550.00 to $2,599.99$728.70$718.70$2,600.00 to $2,649.99$740.85$730.85$2,650.00 to $2,699.99$753.00$743.00$2,700.00 to $2,749.99$765.15$755.15$2,750.00 to $2,799.99$777.30$767.30$2,800.00 to $2,849.99$789.45$779.45$2,850.00 to $2,899.99$801.60$791.60$2,900.00 to $2,949.99$813.75$803.75$2,950.00 to $2,999.99$825.90$815.90
The United States Mint describes the new pricing methodology, in part, as being based:
"Primarily on the London Fix weekly average (average of the London Fix prices covering the previous Thursday A.M. Fix through the Wednesday A.M. Fix) gold prices, which reflect the cost of the gold bullion that these products contain."
The Mint goes on to say that:
"As required by law, commemorative coins must be sold at a price equal to the sum of the face value of the coins, the surcharge with respect to such coins, and the cost of designing and issuing the coins." and that the pricing grid system permits changes to coins "as often as weekly so they better reflect the costs of gold" in them.
Commemorative coins are authorized through legislative initiatives that are passed in congress and get signed into law by the President. Typical years result in at least two commemorative coins produced in silver. not every year has gold ones, as 2011 does. the coins affected by the new pricing grid system this year include the:
- Proof 2011 Medal of Honor $5 Commemorative Gold Coin
- Uncirculated 2011 Medal of Honor $5 Commemorative Gold Coin
- Proof 2011 U.S. Army $5 Commemorative Gold Coin
- Uncirculated 2011 U.S. Army $5 Commemorative Gold Coin
As a result of the new grid system, each of the coins went up in price by $79.35. the two proofs currently cost $534.30 while the two uncirculated coins each cost $524.30. but again, their prices can change weekly. While the Mint’s system indicates that price adjustments will become effective at 10 a.m. ET on the immediately following Thursday, the bureau normally adjusts prices, if necessary, right before 12:00 noon ET on each Wednesday.
More information on United States Mint commemorative coins for this year and past years is available at sister site http://www.coinnews.net/commemorativecoins/ as well as the Mint’s web page at http://www.usmint.gov/mint_programs/?action=commemoratives.