Discuss Coin Survey #1: Will you buy the 2009 Ultra High Relief Double Eagle Gold Coin?

Replies to This Discussion

Permalink Reply by coinnetwork on January 15, 2009 at 11:57am

Comments from the other comments page:
(trying to keep them all on this main page)

Tom Maloney
1/14/2009 11:03:51 PM ET

Looks nice, is nice, but too high a premium above the spot price of gold.

Mike
1/15/2009 1:59:45 AM ET

It looks "thick". I love the design, but the thickness of the coin makes it look like an oreo. Premium is also a turn off for me.

randy
1/15/2009 2:37:17 AM ET

I will buy the coin if one or more of my other orders (currently in backorder status) get canceled by the mint.

Brad
1/15/2009 6:01:07 AM ET

The prototype looks really good, but this coin is likely doomed to be valued at or near the gold content. There will likely be too many of them sold for this one to have much numismatic value later on. That being the case, it's a little hard to justify paying such a steep premium for it. But, if too many people feel that way, then the Mint might not sell as many of these as expected. In any case, I won't be buying this one. If I end up making the wrong call on it, I'll get over it.

DJ
1/15/2009 1:00:06 PM ET

Talk about a beautiful coin! I will surely buy one. This is an amazing coin, and I hope the mint doesn't stop here. The high relief process should be utilized on more coin designs. I would like to see at least 1-2 high different relief coin designs each year. regards, DJ

Permalink Reply by Syruss on January 15, 2009 at 2:40pm

While the design is beautiful, the implementation results in an item that looks, to me, more like something I would get from Disneyland than from the Mint. The thickness, the edge lettering, and the concave surface are what makes this look more like a bauble than a coin. The only things this coin has going for it is the Augustus Saint-Gaudens design and the gold it’s made out of… and that’s not enough to justify the premium the mint is charging. Needless to say, I won’t be buying one.

Permalink Reply by jraytinkey on January 15, 2009 at 6:48pm

I really want one, but I'll be spending my Double Eagle money repairing my car's transmission instead :( It decided to crap out on me this week.

Permalink Reply by coinnetwork on January 17, 2009 at 3:15pm

Tom said:

So my question is: if this is a bullion coin, why isn't the weight and fineness printed on the edge? Is it really true that they aren't producing proofs?

Tom- you got me interested, so I looked up 31 U.S.C. § 5112(i)(4)(C), which the US Mint said allows Secretary Treasury Paulson to authorize the Ultra High Relief Double Eagle Gold Coin.

The Secretary may continue to mint and issue coins in accordance with the specifications contained in paragraphs (7), (8), (9), and (10) of subsection (a) and paragraph (1)(A) of this subsection at the same time the Secretary in minting and issuing other bullion and proof gold coins under this subsection in accordance with such program procedures and coin specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.

http://www.law.cornell.edu/uscode/31/5112.html

My reading of this: the Treasury Secretary is allowed to mint any kind of gold coins he wants including specifications, designs, varieties, quantities, denominations, and inscriptions.

Interesting.

Permalink Reply by coinnetwork on January 21, 2009 at 2:46pm

Results of Survey #1: Will you buy the 2009 Ultra High Relief Double Eagle Gold Coin?

Yes: 271 Votes (48.57%)
No: 163 Votes (29.21%)
Undecided: 124 Votes (22.22%)

Total Votes: 558

Permalink Reply by Coinomologist on January 30, 2009 at 4:23pm

As a collector of errors.I find the sale of this coin quite interesting.As there will be a one limit per household sale of this coin.The possibilities for errors to become much more rare.Because these coins will not be able to be bought in bulk.I believe a very limited number of errors will be found.Giving the history of errors and the US coinage.This could become a coin worth buying.Here is my true feeling.If you buy this coin and do not find an error on it.You take a much larger risk of losing value if gold prices decline.However,if you are lucky enough to find an error and have it graded as such.Then your investment will be more then double and rise as rarity exist.My question would then be to anyone interested in them is.How lucky do ya feel punk.Famous Clint Eastwood for ya.

Permalink Reply by Coinomologist on January 30, 2009 at 5:10pm

If you can buy four pennies for 37.95.Why is our government in such bad debt.Is the cost of production really that much higher on a penny. Our government gets our people to pay for the labor and equipment on these coins.Is it worth the risk of a complete collapse of the gold price.I think the only hope one of these coins will be is if a major error is found on one.Then the value will double for sure.Otherwise it may be to risky of an investment.On a good note for now.Gold is now $920.00 an ounce.So for every gold coin that sells for now is 278.00 you pay our government to make them.Lets hope you find an error.

Permalink Reply by Coinomologist on January 30, 2009 at 11:15pm

Price of tea in china is going up on this coin already.But by the US mint.I geuss they figured they weren't getting enough to pay for the machines.Be cause I'm almost sure they have been able you cut back on the number of employees to make this coin.New technology almost always takes out the labor costs.You are now paying 319.00 to buy this machine.Do you think there may be some kind of move on putting stock into this machine.Doubtful.As technology grows ,labor slows and before you know it. We can all sit back and be lazy and fat and eat greasy french fries and watch the machines take over the world.Or we can wake up and get back to work doing what we do best.Quality.The true question is.Do you know the secret and the way of the crystal ball.I'm hoping for an error myself.