“Silver Eagles will always be worth the price of silver, but anything more is pure speculation.”
Dallas, TX (PRWEB) April 17, 2013
Coin World is reporting that a private collector paid $86,654.70 for a single, one-ounce silver American Eagle coin during an online auction that took place March 31. Ian Russell, founder and president of GreatCollections, the site where the auction was held, said that the anonymous collector was not seeking to complete an entire collection of silver Eagles, but rather had waited years for a premium example of the key date coin in the silver Eagle series.
The specific silver Eagle that the collector bought is a PCGS-certified PF70, Deep Cameo, 1995-W American Eagle silver dollar. PCGS is the organization who authenticates and grades coins, “PF” means that the coin is a proof and the number “70“ denotes a coin that is flawless and has no post-production scratches or blemishes. The term “Deep Cameo" refers to the profound, mirror-like finish of the coin and the “W” that is attached to the date means that the coin was minted at West Point . According to PCGS, there are only eight such coins in existence.
Ian Russell, president and founder of GreatCollections, said April 1 that the unnamed collector who purchased the coin was not seeking to complete a collection of Proof silver American Eagles. The collector had waited years to find a premium example of the key date for the entire Proof American Eagle silver series and was willing to pay what it would take, Russell said.
After 21 bidders made a total of 104 offers during the auction, the winning collector paid $78,777 plus a 10 percent buyer’s fee, which brought the coin’s final price to $86,654.70. According to Stewart Lawson, vice-president of marketing for Gold Coin, $86,654.70 can buy approximately 3,209 silver Eagles at $27 each. “Some people like rare and exotic coins, which is fine if you are a collector, but investors are usually better off purchasing common dates because they are widely traded and easy to price-check,” said Lawson. “Silver Eagles will always be worth the price of silver, but anything more is pure speculation.”
Gold Coin (GoldCoin.net) is America’s Gold Coin Superstore with over two decades of experience advising household investors on smart physical gold and silver investments and gold coin IRA and 401k plans. They buy and sell all types of gold, silver and platinum coins and offer free delivery directly to your door. For more information or a free “Gold Coin Starter Kit,” visit http://www.goldcoin.net or call 1-800-425-5672 today.