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The Gold and Silver Mine – Understanding mint-state, uncirculated and proof coins

February 25, 2014 in Bullion, Coins, Collecting, Education, Gold, Gold Eagles, Numismatica, Numismatics, Precious Metals, Proof Coins, Silver, Silver Coins, Silver Eagles, US Mint, USA Coins

By: Douglas Keefe. February 24th, 2014. (http://www.shorenewstoday.com/)

Last week’s article spoke about purchasing American Gold Eagles and Silver Eagles for investment purposes. These coins contain 1 full ounce of gold or silver and are sold at a slight premium over the spot metal’s price. Although they have a face value as a coin ($50 for the 1-ounce gold and $1 for the 1-ounce silver)’ they will never be spent as such because the metal value of each coin exceeds the face value. The term for this is “non-circulating legal tender.”

While discussing the investment benefits of these coins with a customer last week, he inquired about their condition, as he was aware how the condition affects the value of older coins. I explained how since these coins were never meant for use in commerce, they all are considered “uncirculated.” However, some people do submit these coins to the independent grading services with the hope that they will be graded MS70 (for mint state 70), the highest grade achievable.

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