September 18th, 2009 — Coin Collecting, troy ounces
When you are bidding on gold, silver and other coins that are listed by weight, it is important for you to have an understanding of what the weight actually is. If someone is listing an item by weight and they list ounces, then what they may mean is troy ounce, but this is not always the case. If you assume that a troy ounce and an ounce are the same thing, then you are going to come up relatively short by about 9 percent. If you are buying, selling or trading in precious metal coins then you need to understand the difference between troy ounces and regular ounces and this is where a troy oz conversion comes in. Precious metal coins are sold based on troy ounces rather than regular ounces of weight.
If you are buying an item and it is made out of gold or silver or another precious metal and the weight is given to you in ounces, then you should actually be suspicious because the seller is using this to their advantage in order to trick you into thinking that you are getting more coin than you deserve. The troy oz conversion is a difference of 9 percent meaning that you would be getting ripped off if you buy a coin thinking it is in troy oz when it is not. If they list regular ounces rather than the proper troy oz conversion, then take this troy oz conversion to mind:
Take the amount of oz listed, multiplying it by .91.
Example: If they state that the coin is 8.9 ounces, then do this:
8.9 x 0.91 = 8.099 troy oz.
You are also going to see people that are listing the weight of items based on postal ounces. Postal ounces and troy ounces are NOT the same thing. You just have to use the exact same calculation, 91 percent of the amount that is being listed.
So if someone states that a coin is 8.9 postal ounces, then you can do this:
8.9 postal ounces x 0.91 troy oz conversion = 8.099 troy ounce.
If on the other hand someone is listing a weight in grams, then you can do a similar troy oz conversion. Converting grams into troy ounces is done this way:
1 troy ounce = 31.103 grams
So if you have a weight that is 126 grams, then you would divide 126 by 31.103.
126 grams / 31.103 = 4.05 troy ounces.
This is the best way that you can make sure that you get what you were paying for when it comes to buying coins and collecting coins, especially online when you cannot easily look at the coin in person. It is vitally important that you only buy coins that are what they claim to be, and so you should make sure to do the math to ensure that you get the right weight for your money.
Photo Credits: Christian Frausto Bernal
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September 9th, 2009 — Coin Collecting, Gold Coins, Gold Eagle Coins
Gold Eagle coins are American currency, first released in 1986, that contains the stated amount of actual gold weight claimed in troy ounces, with a silver and copper alloy added to make the coins less soft and more wear resistant. The coins are an official US gold bullion coin, authorized by the Gold Bullion Coin Act of 1986.
The first Gold Eagle coins minted from 1986 to 1991 are dated with Roman numerals. Gold Eagle coins from 1992 onward switched to Arabic numbering. These coins are worth far more than their face value, because of their gold content. In the beginning of 2008, a $5 American Golden Eagle was actually worth about $110, with this amount varying daily, of course, based on the price of gold. The US Mint makes a proof suitable for collectors, most which carry the mint mark of “W” (which stands for the West Point mint in New York) beneath the date.
The design on Gold Eagle coins is often referred to as one of the most beautiful to grace an American coin. It features Lady Liberty holding a torch and an olive branch, her hair flowing, with the Capitol building in the background. The reverse of the coin boats an eagle above his nest of hatchlings, with the mother eagle watching over her brood. The male eagle carries an olive branch, long known as the symbol for peace. The coins come in four sizes: one-ounce, half-ounce, quarter-ounce and one-tenth ounce. The American Golden Eagle has become the most widely traded gold bullion coin in the world.
Gold Eagle coins are certainly valuable to coin collectors, and investors, thanks to their gold content. For collectors interested solely in the design, Golden Eagle proofs are a great addition to your collection. They’re designed specifically for coin collectors, and don’t carry the high price of the real gold bullion coins. These are widely available in places like flea markets, online stores and online auctions and their value is based on their condition. They should be graded like ordinary coins, from poor to uncirculated, and judged on that basis.
True Gold Eagle coins, though, are an actual investment whose gold content and purity are actually guaranteed by the US Government. American Eagles are actually even valid deposits for Individual Retirement Accounts, otherwise known as IRAs. Every major government holds gold in reserve because it’s a tangible asset. What you hold in your hand is what’s valuable, unlike paper money and coins, whose value is representative of assets like gold that are held in the treasury.
Gold Eagle coins are an easy and affordable way to invest in gold. Where big investors might trade for gold in thousands of dollars or more at a time, the average investor or beginning investor can choose to purchase American Eagle coins instead. The value may vary daily with the price of gold, but the rarity of real gold virtually ensures that the value won’t drop dramatically as other investments can.
Originally posted 2008-10-16 05:00:50. Republished by Blog Post Promoter
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August 20th, 2009 — Bullion, Coin Collecting, Gold, Gold Coins, Gold Eagle Coins
There are a number of different ways that you can buy gold, not only as jewelry or gold bars but also in the form of a gold coin collection as well. Buying into a gold coin collection is a much better option, it is also much simpler and it can cost you as little as $40 to get started. Another benefit of buying into a gold coin collection is that you can easily store golf coins in ways that storing other forms of gold may not be feasible. You can easily store your gold coin collection anywhere in your home or you can have them put in a safe or stored in the bank for safe keeping depending on your needs.
There are many different ways that you can create a gold coin collection depending on what your interests are. There are all kinds of different gold coins that are available all over the world, including American Eagle golf coins, South African Krugerrands, UK Sovereigns and Australian golf coins, Canadian Maple Leaf coins and even Chinese Panda golf coins. When you start out your very own gold coin collection, the best coins to buy are the more common and more cost effective gold coins such as the Golf Sovereigns from Australia or the UK or the American Eagles for example. Keep in mind that there is never a fixed weight or a fixed size for gold coins, but rather they are measured based on their value and their weight, and these characteristics are going to vary depending on the size of the coin.
The unit of measurement that is used for your gold coin collection will be the gram. In the past, however, gold coins were measured in troy ounces which are parts of ounces. The purity of a gold bar is measured based on 999 parts per 1000 parts, which is as pure as gold is capable of getting. Most coins that will be in your gold coin collection are going to be 917 parts in 1000, because they put a little bit of other types of metal in the coins in order to make them easier to make during the minting process.
When you are planning to create a gold coin collection and it involves shopping online or offline, make sure that you have all the information that you need to know to purchase the coin such as the make, the name and the type of coin. Make sure that this information is being displayed so that you know that you are buying the right coin for your gold coin collection. If you are buying your gold coin collection online, make sure that you see pictures and that the price quoted by the seller matches up with the worth of the coin, otherwise move on to a more reputable online seller.
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