Valuable Coin Advice

[sakigt]

So about 4 years ago when I was working at a bank, some idiot cashed in 6 $50 one ounce gold coins for the face value. I thought they were cool so I bought 4 of them.

They are going on ebay for around $700 each now

I took on some debt lately mostly b/c of my transmission going but also buying a new condo took some reserves. I didnt want it to come to selling them since Im not the kind of person to buy them again later (I could care less about coin collecting) but I thought they were neat to keep. Maybe as a gift for my children later.

Im thinking about selling two or three of them to pay off my credit cards, but dont know if it would be better to just pay them off the hard way and keep the coins.

What would you do?

[sweeps]

Re: Valuable Coin Advice

If it were me, I would sell the coins in a heartbeat. But that's just me.

[34saving]

Re: Valuable Coin Advice

I'd sell the coins too. If you give them as a gift whoever you gift them to will probably sell them anyway. (Gold is also really high right now.)

[sakigt]

Re: Valuable Coin Advice

I think Ill sell all but one to make myself feel better about doing it

I could payoff all my credit cards with that $2000. That would be awesome.

[Ima saver]

Re: Valuable Coin Advice

I woul sell them too, as a matter of fact, I have one I bought about 28 years ago. I would rather have the interest than the coin just sitting here.

[markio26]

Re: Valuable Coin Advice

i would sell them....and pay down debt..... that is the wise choice...... coins have all kinda germs on them anyway... i have a stash from my dad, i am gonna give my sons.....

[PRICEPLUS]

Re: Valuable Coin Advice

Sell. The price won't stay this high long!

[VJW]

Re: Valuable Coin Advice

Yep. Definitely sell.

It would be different if they were coins with some collectible value, but modern gold coins are merely a convenient form of gold bullion. You can always buy some again after gold crashes. Right now gold is at a 25 year high. Sure, it could go higher, but as they say, they won't be ringin' a bell at the market top.

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[tgavin71]

Re: Valuable Coin Advice

I would sell two and keep two.

[sakigt]

Re: Valuable Coin Advice

Well 3 are on ebay since friday and two people are already watching

It will be so nice to pay off the credit cards

[markio26]

Re: Valuable Coin Advice

please let us know what you sold them for..... and what you did with the money...... thanks.

[sakigt]

Re: Valuable Coin Advice

Well I have three cards:

$2000 @ 18.99%
$1000 @ 12.99%
$530 @ 0% until August

I should get $2100 for the auctions and $600 in normal funds towards my next payment. I think Im going to pay the entire $2000 off and use the rest towards the 0% card. I need to make sure that one is paid off before August or they will get me in back-intrest charges.

Anything after that will go towards savings. I depleted my savings putting money down on my condo so that needs to go back up.

[sakigt]

Re: Valuable Coin Advice

Update:

Sold the coins for $2000!

The bad news is I had to pay all of my condo insurance upfront instead of installments ($500) and my tuition and books is due earlier than expected ($450).

*grumble*

Coincidently, my dad bought me a new Dell computer for graduation and Dell offered me 0% for 12 months. I used the laptop cash to pay off my other intrest-earning account and am making payments to have the laptop paid off early.

Not to mention Im halfway to my $1000 savings cushion!

Im going broke the next few months to make up for the unexpected insurance payout...which is fine with me!

[Crystallas]

Re: Valuable Coin Advice

good job. Gold is declining a bit, so that was a smart move.

[shengmei]

Re: Valuable Coin Advice

I would sell the fourth one too, if I were you.

No amount of investment, in my opinion, would appreciate in the same rate as credit card companies charge you. Credit card companies are evil.