Today was abuzz with stories about newly released Kennedy gold coins, the premium collectibles sold by the United States Mint to commemorate the 50th anniversary of the Kennedy half-dollar.
Collectors spent a good deal of time waiting to place their order online and by phone, but many waited much longer to pick them up in person. No one had more patience than Nick Yadgarov, Callie Hohlfeld, Daniel Yadgarov and Rina Maya. They were the first people in the blocks-long line outside the Donald E. Stephens Convention Center, waiting 12 hours to buy dual-dated 1964-2014 Proof 50th Anniversary Kennedy Half-Dollar Gold Coins at the ANA 2014 Chicago World’s Fair of Money.
Their fortitude paid off as they also enjoyed the windfall of owning the first PCGS-certified Kennedy gold coins. News accounts relay how the four accepted an offer of $20,000 for their coins, plus four more gold half-dollars as replacements.
The Professional Coin Grading Service (www.PCGS.com) said that it certified the first half-dozen Kennedy gold coins sold at the show with the first four each graded PCGS PR70 DCAM, and the other two graded PCGS PR69 DCAM.
"It is really exciting to see so many collectors interested in purchasing these new coins," said Don Willis, President of PCGS, a division of Collectors Universe, Inc. (NASDAQ: CLCT). "PCGS is happy to have been selected to certify the very first six of the coins sold at the Chicago World’s Fair of Money."
The ANA 2014 Chicago World’s Fair of Money (www.WorldsFairOFMoney.com) will continue through to Saturday, Aug. 9. Each day at the money show the U.S. Mint will offer up to 500 of the gold Kennedy half-dollars.
They may also be purchased at United States Mint retail shops in Philadelphia, Denver and Washington, D.C., plus online at www.usmint.gov/catalog or by phone at 1-800-USA-MINT (872-6468). In-person purchases are limited to 1 coin with a 5-coin household ordering limit in place via online or phone orders. Containing 3/4 troy ounces of 24-karat gold, the special Kennedy coin is available for $1,240.
Wait till all the hoopla calms down, and the idiot who paid $5k for 3/4 ounce of gold will see the same 70 for $1600
I don’t understand why someone would pay more for the first coin sold. If you ever broke it out of the case, no one would ever know. More importantly, why does it matter? People are funny.
That said, I would totally take advantage and sell as many at a premium as I could.
Simple. People pay over and above because they enjoy exclusivity and being in a class by themselves.
Kind of funny how the first four coins (sold to a private company/person) graded out as a 70, but the following coins only a 69?
I think this grading thing is just a scam. That’s just my opinion my.
Here’s my experience: First, If you’re a collector of the Kennedy series, the coin is a must-own. It’s brilliant. No doubt about that. However, buyer beware: because of the way the Mint has structured sales (no mintage limit to date), this issue will not be rare in any grade. And for those looking for a “first strike” opportunity, unless you were lucky enough to be at the two big coin shows where they were available, or, were able to use lightning-fast Internet connection speed in the first nanosecond of the “waiting room,” forget it. I have a T-1 line at… Read more »
What you are missing is the significance of these coins in the future. 25, 50, 100 years from now these will be the coins trading for 100,000’s of thousands to millions (inflation) of dollars.
First coins sold? What does that mean? They didn’t sell them as they were minted. I am not sure of the significance of having one of the first coins sold.
When you realize that people pay more for this kind of stuff, it is best to stay away from that maket. If you can make money on it that is good, but collecting it when there is that kind of mentalitity, you will probably end up paying too much.
Since the Mint makes no effort to designate the first coins off the money mills will create a way and you have 1st sold and the 1st thirty days sold. It is in fact the US supply & demand business model at work.
We have seen the same thing with the American Eagles. When the POP is low at the beginning Value is up. But as more coins are graded 70 down goes the value. Look at the 93 -94 silver proof the 2006 Rev Proof etc. etc.
Why in the world would anyone pay that amount I do not know. Only wish I could have been the seller. Sold my coin and got one as well. Interestingly, PCGS showed its colors when it grades the first 4 coins PR-70 and then only PR-69 after that. Come on guys, unless they were mishandled, can only four get the top rating?
I enjoyed talking to your people at the A..N.A. show, I hope PCGS extends their Sept. 8 cut off date.
Now the problem. why didn’t your staff report the cluster—– that they had there in the line to get the coin, the bib dealers bringing in people the night before and paying them to stay there. all the other dealers knew about this problem and ANA did nothing about it except to say I’am sorry. I will not go to another show like this
one.
rick edwards
There’s no way those first four coins were actually 70!!! The grading companies are crooked, and give inflated grades to the big dealers who throw a lot of business their way. If an average collector had submitted them, they would have come back with much lower grades. Shameful
The biggest coin dealers ripped of the coin collecting hobby, Silver town has 44 gold Kennedy’s for sale on Ebay right now. for two days of sales at the coin show? BOYCOTT Silver town. They ripped off the very public that they sell to.