Royal mint rip-off! Don’t be fooled by the fancy box

[Augustus1]

don't know if anybody has read , but link is for a daily mail this money article, just for a read. oh and responses by people .

dean.m

https://www.thisismoney.co.uk/money/saving/article-6636211/Royal-mint-rip-New-gold-Sovereigns-cost-twice-worth.html

[Shinus73]

An ill informed and inaccurate article.

[AppleZippoandMetronome]

The author seems more than a little annoyed by the fancy box 😂  I can see where they are coming from but it hardly feels like a balanced view. I stay away from proofs for the most part as I see them as being too risky. A small part of my collection is made up of silver proof coins that I bought 5 or 10 years (or more) after release for not much more than the spot price. I don't know enough to judge whether or not gold proofs perform better long term or whether they too mostly revert back to a value closer to spot price. I know either way if I held proof coins - gold or silver - that were selling really well now I wouldn't take the risk of holding them. Trends and popularity come and go so quickly I would be inclined to cash in while I could.

[Augustus1]

its journalism don't seem to  matter if its wrong or right to the people who write it  

dean.m

[ilovesilverireallydo]

In my opinion this piece is as idiotic as it can get

[KevinFlynn]

This does not take into account the size of the collector's market for Sovereigns. I am a bullion guy myself, but I am impressed by the attention to detail that goes into the Sovereign market, which I realized after coming to this forum.

[Pritchard]

hhahahahahahaha

oh thats great, one of the comments i will quote ''how much does it cost to bury gold in the back of your garden'', which he ranted on after talking about storing it safely.
last i checked, digging only cost dirt.

[Mcgrimes]

I skim read the article, and I also fail to justify the £450 price tag of this sovereign 

[Pritchard]

i think the problem, unless i am being daft, is that the article is comparing  the cost of bullion, vs the cost of a Proof coin. and not understanding why the price is so different.

which as the @Shinus73 said above, in few words - its a bad article.

[shortstack68]

59 minutes ago, AppleZippoandMetronome said:

The author seems more than a little annoyed by the fancy box 😂  I can see where they are coming from but it hardly feels like a balanced view. I stay away from proofs for the most part as I see them as being too risky. A small part of my collection is made up of silver proof coins that I bought 5 or 10 years (or more) after release for not much more than the spot price. I don't know enough to judge whether or not gold proofs perform better long term or whether they too mostly revert back to a value closer to spot price. I know either way if I held proof coins - gold or silver - that were selling really well now I wouldn't take the risk of holding them. Trends and popularity come and go so quickly I would be inclined to cash in while I could.

You just need to go back to the 80s and see what proofs sell for now, ONLY the special dates and different revereses increase as the author quite rightly pointed out 1989 and 2017, the fact that this community is a silver and gold mainly forum things get hyped out of proportion, try and sell your coins in the numismatic market because a proof coin has 9 or 10k mintage and you may feel like you've just been humped by big bubba in the jail.

 

[shortstack68]

8 minutes ago, Pritchard said:

i think the problem, unless i am being daft, is that the article is comparing  the cost of bullion, vs the cost of a Proof coin. and not understanding why the price is so different.

which as the @Shinus73 said above, in few words - its a bad article.

Specially prepared dies won't cost another £200 on top, the gold content is still the same, just that with a proof you get a box and COA, doesn't cost and shouldn't cost an extra £200, what do you think the cost of the gold content in bullion and proofs are? Then add on the NGC grading, conservations etc etc etc and it all adds up to an expensive coin, the weights don't differ, just one is packaged differently than the other.

Then try selling your coins in here for say £200 more than you paid, outwith special dates or reverses, people will try and buy as low as possible.....

[AppleZippoandMetronome]

3 minutes ago, shortstack68 said:

You just need to go back to the 80s and see what proofs sell for now, ONLY the special dates and different revereses increase as the author quite rightly pointed out 1989 and 2017, the fact that this community is a silver and gold mainly forum things get hyped out of proportion, try and sell your coins in the numismatic market because a proof coin has 9 or 10k mintage and you may feel like you've just been humped by big bubba in the jail.

 

Yeah this is 100% my expectation. I made that statement because while I look at and buy some silver proofs (mainly older ones for the reason provided in my original post) I have never looked at the market of older proof gold coins so I simply don't have enough personal experience to state they mostly drop off like the silver proofs do. I would certainly bet they mostly do but I lack the experience to state they do for sure.

[shortstack68]

2 minutes ago, AppleZippoandMetronome said:

Yeah this is 100% my expectation. I made that statement because while I look at and buy some silver proofs (mainly older ones for the reason provided in my original post) I have never looked at the market of older proof gold coins so I simply don't have enough personal experience to state they mostly drop off like the silver proofs do. I would certainly bet they mostly do but I lack the experience to state they do for sure.

Too many hype machines, people telling you X is rare because X has a low mintage, modern proofs are nice and shiny and come with a box, you could save yourself the extra £200 and buy another piece of gold with that money, if you want to part with more than bullion money then look at Victorian or more rarer numismatic coins, even silver Victorian hold their value and in some cases increase, if you're looking to pay over the odds then you should look at more numismatic coins rather than the stuff the mint throws out, they'll take an age to appreciate, whereas numismatic coins already have a large market.......

[Pritchard]

@shortstack68 did you write the article for money week? lol.

i thouhg tit was clear the discussion wasnt about the gold content.
Its like comparing a Golf with a Golf GTI. Both have the same badge, sterring wheel and has 4 wheels. a golf is a golf. but you pay extra for the extra time spent developing that engine and the fancy aero kit

[AppleZippoandMetronome]

Just now, shortstack68 said:

Too many hype machines, people telling you X is rare because X has a low mintage, modern proofs are nice and shiny and come with a box, you could save yourself the extra £200 and buy another piece of gold with that money, if you want to part with more than bullion money then look at Victorian or more rarer numismatic coins, even silver Victorian hold their value and in some cases increase, if you're looking to pay over the odds then you should look at more numismatic coins rather than the stuff the mint throws out, they'll take an age to appreciate, whereas numismatic coins already have a large market.......

lol...  appreciated but I'm the wrong one for that advice. I agree with you. As I said in my original post the only proof coins I own are those that I have bought for close to spot 10 or so years after original release. I have no issues paying that price for them. My interest in this gold and silver business is simply to have a hedge against inflation. I simply don't know enough to risk diving in to the world of numismatics and proofs and wouldn't want to pretend that I do. I am sure there are some safe bets out there when it comes to proof coins but I don't have have the knowledge to spot it or the desire to risk being wrong. I own a handful of bullion Sovereigns which is the extent of the gold I hold. Most of these were bought at or under spot (thanks to eBay). The rest of my stack is silver with about 60% being modern bullion coins, 30% being old Canadian silver content coins and the last 10% split between bars and old silver proof coins I didn't pay much more than spot price for.

[shortstack68]

5 minutes ago, AppleZippoandMetronome said:

lol...  appreciated but I'm the wrong one for that advice. I agree with you. As I said in my original post the only proof coins I own are those that I have bought for close to spot 10 or so years after original release. I have no issues paying that price for them. My interest in this gold and silver business is simply to have a hedge against inflation. I simply don't know enough to risk diving in to the world of numismatics and proofs and wouldn't want to pretend that I do. I am sure there are some safe bets out there when it comes to proof coins but I don't have have the knowledge to spot it or the desire to risk being wrong. I own a handful of bullion Sovereigns which is the extent of the gold I hold. Most of these were bought at or under spot (thanks to eBay). The rest of my stack is silver with about 60% being modern bullion coins, 30% being old Canadian silver content coins and the last 10% split between bars and old silver proof coins I didn't pay much more than spot price for.

At the end of the day, you should buy what you like regardless of what myself or anyone else thinks, it's your hard earned money and only you have to admire your purchases, even if its a 2019 proof, but don't buy from someone shilling as X being the best thing since sliced bread or rare as fcuk, do your homework first before you relieve your wallet.

[AppleZippoandMetronome]

Just now, shortstack68 said:

At the end of the day, you should buy what you like regardless of what myself or anyone else thinks, it's your hard earned money and only you have to admire your purchases, even if its a 2019 proof, but don't buy from someone shilling as X being the best thing since sliced bread or rare as fcuk, do your homework first before you relieve your wallet.

Couldn't agree more with that

[shortstack68]

15 minutes ago, Pritchard said:

@shortstack68 did you write the article for money week? lol.

i thouhg tit was clear the discussion wasnt about the gold content.
Its like comparing a Golf with a Golf GTI. Both have the same badge, sterring wheel and has 4 wheels. a golf is a golf. but you pay extra for the extra time spent developing that engine and the fancy aero kit

There is no £200 price difference between preparing a proof die or bullion die, one is more polished than the other, golfs and golf GTIs don't come near this equation, and lets be honest, some of the proofs that they spew out of the mint are fairly bad quality at best, scratches etc.......

P.s, i didn't write that piece 😁

[shortstack68]

4 minutes ago, AppleZippoandMetronome said:

Couldn't agree more with that

2014 Britannia, 1989 Sov and 2017 Sov, those i would pay more for

[Pritchard]

7 minutes ago, shortstack68 said:

There is no £200 price difference between preparing a proof die or bullion die, one is more polished than the other,

well, actually.....
Thats your checkmate.

How many coins do they make per day for Proof, (this are hand finished, this takes hours per coin).
How many per hour for Bullion.(they can strike 250 an hour!!)

Work that out on an hourly rate.
now you know where the premium comes from.

xx

 

 

[bored]

If I owned a business say for example like the royal mint, and one of my minions said to me "we could make another £180 per unit by putting a go faster stripe on it"

My reply would be "go for it" and see what happens, there`s nothing to lose. If we sell 100 woohoo an extra £18000.

We could blame the ice cream man for sticking a 10p flake on and charging an extra £1 but we don`t.

After all the nature of business is to make money anyway you can.

Who are we to judge what people buy, as long as it isn`t us buying. Let the mint do what the mint does.

[shortstack68]

8 minutes ago, Pritchard said:

well, actually.....
Thats your checkmate.

How many coins do they make per day for Proof, (this are hand finished, this takes hours per coin).
How many per hour for Bullion.(they can strike 250 an hour!!)

Work that out on an hourly rate.
now you know where the premium comes from.

xx

 

 

You think the RM make just coinage for the UK? 

[Pritchard]

🤣

[Kman]

One of the dumbest articles I've ever read lol

 

[Kritika]

This journalist is a total Numpti, absolutely clueless, he's even published a book on investing can you believe it?

Here's his website address, maybe someone should send him a link to that Royal Mint video. http://www.tobywalne.co.uk/