Prices quoted in a "coin book" are out of date the day it comes off the press. Imagine buying stocks based on prices in a book/magazine published last week/month/year?!?!?
There is a "Grey Sheet" published weekly with bid/ask prices. Every reputable dealer will have one and be willing to show it to you.
The real problem is insuring that the coin you are buying is the same as the one referenced in the pricing guide (whichever you are using). The guides will refer to grade (how worn the coin is). The dealer might say it is an MS-60 coin (the lowest grade of an uncirculated coin). The price guide might say $560 for a 1914 St Gaudens $20 gold piece, in ms60 condition. BUT - the ms60 condition is what the dealer says the coin is - how do you know that to be true?
Unless you are willing to be a coin grading expert, you will have to rely on third party grading services to grade them for you. These "graded coins" are encapsulated in a plastic slab, with labels and stuff to prove they are authentic. Then you can be pretty confident of the grade (but not 100%).
But there are many common date gold coins, worn (circulated) that should be avail for almost the price of the gold content alone. Pick up some coin newspapers (Coin World, Numismatic News, etc) at your local obscure news shop and scan the ads. See what everyone if offering them at and you'll get an idea of the fair price (these coins will grade AU, EF, etc (almost unciculated, extra fine, fine, etc)
Try this link -
coin-universe.com
It shows prices for $20 Liberty pieces - the prices in the $500 range are collector coins sold mostly at spot plus a collector premium. I've found the collector premium to stay pretty much the same (except in times of hype) and the base price fluctuates with the price of gold.
For comparison:
coin-universe.com
Shows the prices of various bullion coins.... |
