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Are privy marks overdone?

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It used to be that a privy mark made a coin more collectible - signaling that it was part of a smaller, separate mintage. 

But now it seems like there are so many privies out there that they have diluted what made them special - scarcity. I've seen a few coins with multiple privy marks available for the same year. And, really, who wants an APMEX-exclusive privy? Is this really collectible?

Have privy marks jumped the shark? Are they sort of less desirable now?

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Yes, way overdone and often with no purpose or need. They rightly earned a bad rep as a marketing ploy for circumventing mintages and/or squeezing more premium for their limited-ness. But i do still think they have a place and i wouldn't simply make a point of avoiding them, myself, if something about the odd one appealed to me.

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The risk/reward on buying Pandas has shifted now. 

The cheapest I can find them is goldsilver.be, which for a 2018 30g coin is 20.20E.

By my calculation that is 46% above spot.

Now look at the 2016 & 2017 Pandas, and you will see that they are roughly the same price. You can still easily buy them, and there has been absolutely zero premium appreciation. That tells me that the Panda bubble has well and truly popped; you're basically paying a 46% premium for fancy bullion.

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