Queens Beast griffin with damage - any value over melt?

[MoralHazard]

Hi

I bought 1 oz queens beast griffin gold coin from one UK based dealer and paid quite hefty premium on it (around 30% over spot). The coin when it came was badly scuffed. You can see it in the picture below. The front side of the coin looks perfect.

The dealer was very friendly to solve this and I think everything went hassle free. I would have two options.

1. Either send it back to them and they would take care of reimbursing me the shipping costs. Unfortunately they do not have a coin for replacement, so they would refund it in full.

2. Keep the coin and receive a hefty discount on it. I could get the coin for £1010. 

So I was thinking that if I would keep the coin for £1010 would it be easy to get sold for at least that price later on? Or is the coin worth in this condition only the melt value?

 

 

[blackadder]

id send it back

[whitesands1]

2 minutes ago, blackadder said:

id send it back

+1 - £1010 for £925 worth of gold.

[Abyss]

https://www.bairdmint.com/products/gold-1oz-britannia-2019

I would keep it provided costs no more than £952.59 the price of the cheapest 1 oz Gold Britannia. Go back to the dealer and ask for price reduction to the cost standard 1 oz Gold Britannia or return the coin for a full refund plus your postage costs. Can you ask for the coin exchanged for another better quality one?

I had four 1 oz Gold Griffins purchased from a UK dealer badly damaged and almost putt me off buying gold.

You can see the photos of the damaged 1 oz Gold Griffins on the following thread and it was hassle to resolve the issue but lucky for me dealer 1 half hours drive away from where I lived.

 

[Roy]

Keep it.

The dealer is being very helpful in my opinion.

Only 13,000 of these minted, they will be sought after and it's less than 10% over spot.

 

[Abyss]

5 minutes ago, Roy said:

Keep it.

The dealer is being very helpful in my opinion.

Only 13,000 of these minted, they will be sort after and it's less than 10% over spot.

 

Sorry Roy but a badly scuffed premium Gold coin would lose most of its premium due to quality of the coin and would be worth just above spot value in my opinion. The same would apply had NGC PF70 premium silver coin that had milk spots.

[Roy]

We'll see.

😊

[Roy]

22 minutes ago, Abyss said:

The same would apply had NGC PF70 premium silver coin that had milk spots.

Not quite. The spoiled silver coin would return to its base price which is very low compared to its premium.

The gold coin would retain its value and lose only its premium (less than 10%) 

You guys worry too much about spot price 😊

[kimchi]

7 minutes ago, Roy said:

Not quite. The spoiled silver coin would return to its base price which is very low compared to its premium.

The gold coin would retain its value and lose only its premium (less than 10%) 

 

Or to look at it another way, you'd lose pretty much the same amount of money on both, but you would have chucked the money away on the silver proof spending £850+ less.

[Roy]

No

[Nick1368]

I’d keep it if my initial plan wasn’t a short term investment.

In my opinion  in 3 years time you’ll get more than £1010 for this coin.

the damage doesn’t look that bad and £1010 for a 1 oz Griffin even with a little bit of damage is not that bad at all.

if you don’t want it I’ll have it 😃

[fiveshotdon]

send it back and buy one of these

https://www.royalmintbullion.com/Products/Queens-Beasts/Gold/QB1901F

 

[MoralHazard]

I managed to negotiate the price for 5% premium over spot. I think it was a good deal for this particular griffin even though I would have been happy to receive it in perfect condition and paid a lot more. As this was the only coin left the only choice would have been to get a refund. The seller was very helpful and understandable. I would like to encounter all dealers in same way.

[Abyss]

1 hour ago, MoralHazard said:

I managed to negotiate the price for 5% premium over spot. I think it was a good deal for this particular griffin even though I would have been happy to receive it in perfect condition and paid a lot more. As this was the only coin left the only choice would have been to get a refund. The seller was very helpful and understandable. I would like to encounter all dealers in same way.

That is a good deal. Glad you went back to the dealer ask for a further discount and the bullion dealer was accommodating and reasonable to deal with. Best outcome considering dealer had no more stock.

[Coolsmp]

Send it back and buy the same coin elsewhere