Scottsdales 1oz Bu Ghana leopard mix up

[augur]

On 05/08/2017 at 22:00, Gav said:

I can't understand why the mint claims that the 100 Cedis is legal tender when it isn't 

Little update: Except for a well known Belgian Dealer who still holds a small amount the coins have sold out.

Most of the coins were minted with the reverse die off centre causing a higher rim and pronounced lip in the section of the tail of the leopard. This might be an oversight from QC but noticeably even the coin capsules won't close properly. 

Neither the Bank of Ghana nor the Scottsdale Mint have released a statement whether or not these coins (5/100 Cedis) are legal tender (if you ignore the write-up for the coins). 

Source: https://www.bog.gov.gh/privatecontent/Public_Notices/Press Release - No new denominations.pdf

[Moi]

Yep, let's see them rise. I just seen a 1986 proof 100 cedis, commonwealth games.. Shouldn't think any parties will get too exercised about the tender issue, but who knows. Anyway all good publicity!

http://www.ebay.co.uk/itm/GHANA-1986-SILVER-PROOF-100-CEDIS-COIN-Commonwealth-Games-Bust-Drums/122630374602?_trkparms=aid%3D777003%26algo%3DDISCL.MBE%26ao%3D2%26asc%3D20160608105753%26meid%3Dd0bd29af755b4ecb8b1b85e34ed61d29%26pid%3D100012%26rk%3D1%26rkt%3D1%26sd%3D292206002073&_trksid=p2047675.c100012.m1985

[metallica73]

That was 100 Old Cedis though, not current tender.

Will be interesting to follow the price from here on out, many times i've seen coins hit a peak and then slowly make their way back closer to the initial purchase price. The 2012 Dragon was one example, I bought at £35, the price shot up to £70 for a few months and then you could probably pick one up close to £35 not long after.

There is definitely a 'peak' price for this coin somewhere. It's difficult to judge as although it won't have the collectability of the Lunar series, the mintage is way lower for the 100 Cedis.

 

[Gav]

That was 100 Old Cedis though, not current tender.
Will be interesting to follow the price from here on out, many times i've seen coins hit a peak and then slowly make their way back closer to the initial purchase price. The 2012 Dragon was one example, I bought at £35, the price shot up to £70 for a few months and then you could probably pick one up close to £35 not long after.
There is definitely a 'peak' price for this coin somewhere. It's difficult to judge as although it won't have the collectability of the Lunar series, the mintage is way lower for the 100 Cedis.
 

My thoughts are...

This coin will do fairly well because of the numbers, and as I'm a numbers guy, here is the reasoning. The majority of these coins were sold in small quantities, this is why the last coins from Apmex came cut out singles. This situation where there aren't many dealers or people that hold hundreds is the reason why the price has a much higher chance of going up dramatically. Coins that have large quantities on the market drive the price down because of supply and demand. The fact that this coin has such a unique story will keep the demand strong while the limited supply will keep the price in the favor of the sellers.

[Moi]

I'm right thinking it's the first in a series, should add some kudos. 

[bacass02]

@Gav Yeah, I think if you were able to get a sleeve of 5 (uncut) that might add some value to them.

[Goldmick]

2 hours ago, bacass02 said:

@Gav Yeah, I think if you were able to get a sleeve of 5 (uncut) that might add some value to them.

Yer that's what I've got 

[Gav]

[mention=3717]Gav[/mention] Yeah, I think if you were able to get a sleeve of 5 (uncut) that might add some value to them.

Yeah I also think it would be fair to say that there would be more of a demand for uncut sheets, especially for the guys that grade coins.

 

In the right time I hope to sell whole sheets to the guys that grade coins, if there are guys that want to profit from selling graded slab coins I would consider selling whole sheets that fit together at a fair price, where they can profit handsomely too.

 

I got lucky and bought my litter of kittens 3 days after the release, and after a bit of playing around with them, I discovered that the sheets are cut from a larger sheet of 50 Coins. See picture.

 

[Rhyseyson]

All mine come seperated and just in a capsule [emoji52]

[Moi]

Well in a capsule you can clearly see the 100. 

[Rhyseyson]

I guess

The offical packaging just looks the part though

[Moi]

True.

[Moi]

5 On the bay at a decent price

[Gav]

From what I see the sold prices has dropped. I wonder if shadow stack's video did the coin a disservice?

[Moi]

Couldn't say, cheapest to buy now 39.99. Most around 50 plus. The five currently at near 60, lots of time. 

 

[augur]

What really baffles me is that Scottsdale issued two non legal tender coins: all 5 Cedis coins I see have certificates attached to prove that they are legal tender while non of the Scottsdale coins was ever legalised, so it seems

 

 

[Gav]

What really baffles me is that Scottsdale issued two non legal tender coins: all 5 Cedis coins I see have certificates attached to prove that they are legal tender while non of the Scottsdale coins was ever legalised, so it seems
 
 

Now that is interesting.

Do you suppose that the mint never got authorization to mint the coins and this may be the reason why the mint doesn't want to say anything public about the coin?

They definitely are not responding to me on any questions, including on their Facebook page.

[augur]

 

[Gav]

Thanks Backyard Bullion, that is by far the best YouTube video about the 100 Cedis.

[Moi]

Good vid. Tom kitten, 1000 yard stare.

[sovereignsteve]

1 hour ago, Moi said:

Good vid. Tom kitten, 1000 yard stare.

yes. scary cat.

[woody]

I found this today:

Ghana moves to make coins circulate
http://numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=28645

[Gav]

Do you think one man has so much influence on a coin that he can actually make the price go up or down just by what he says? Get real, he's not the messiah

 

You underestimate the power of YouTube, in terms of marketing strategy.

 

The dragon and the Phoenix error, is less unique and has many more minted than the leopards yet it trades for over $100 on eBay

 

My question is will the leopards even break the $100 mark before it is forgotten?

 

 

[Gav]

I don't underestimate anything, check how many hits the video had. 1000 or even 2000 hits won't determine any price, you're fooling yourself. It's a market that dictates prices, if it's lowering itself it's because the hype has gone and the price has lowered.
Lets be honest here, judging by the fact that the coin isn't even minted straight, it's basically scrap silver, I wouldn't buy one for $10 even if I had the chance, 1 man trying to keep the hype going isn't helping its case, better to offload now before you lose more money.

I had a buyer but I needed the mint to confirm it is an error coin. My whole strategy from the beginning had already a buyer setup, I just needed the mint to confirm it was an error, and that is why all I was pushing to get the mint to come clean. My suggestion to place a sheet on Ebay was to demonstrate to my buyer that he is buying a coin with a good secondary market selling price.

I agree that the coin will be forgotten, unless the mint confirm it is an error, which I highly doubt. It does shows just how poor the quality control and design of the Scottsdale mint actually is.

Trash talk the coin all you want. All you will be doing is hurting the forum members that bought these coins. Me personally I make my money in a different world and I have already given up on this coin.

Personally I think that I will be sticking to general Bullion coins that have the lowest premium and highest purity silver instead of buying into the idea of premium collectors coins.

[Gav]

You've tried to keep this hype alive when it's already dead in the water which you initially refused to believe. When someone on here tries and hype a coin up, sure, some will rush out and buy to make their fortunes, others will look at it from different perspectives.

All I did was let everyone know that it is an error. No disputing that the denomination is illegal in Ghana.

If a coin that has an illegal denomination can't keep a premium then I am going to rather stick to Silver Maples and kangaroo bullion coins.

I didn't want to believe it when the experts said that coin collecting has died but if the leopards with all their errors and uniqueness couldn't keep their premiums then what is the point?