2016 has been a relatively good year for gold.
It started the year at $1,072.70 an ounce and then enjoyed steady
gains this summer when it routinely hit the $1,350 level. It has moved
down from those levels while people wait for the outcome of the
presidential election and any potential market response that may
impact precious metal prices.
RELATED: How slumping precious metals prices are
affecting the rare coin market
Despite this uncertainty, collectors still love gold coins,
especially rare and unusual ones.
Here is one of three from recent sales that caught my eye.
1999-W American Eagle gold $10 coin struck from unfinished Proof
The U.S. Mint was busy in 1999 striking gold coins to meet increased
demand for physical gold products. The demand was the result of
various factors, including the Y2K fear that computer systems would
collapse as 1999 turned into 2000.
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During 1999 the U.S. Mint made a major mistake when it used
unpolished Proof dies with the W Mint mark of the West Point Mint to
strike American Eagle gold tenth-ounce $5 and quarter-ounce $10
bullion coins. Only Proof coins from that year were supposed to carry
the W Mint mark.
The error coins that were released are rarely found in a perfect
Mint State 70 grade. While Professional Coin Grading Service has
graded 1,453 $10 coins in MS-69, it has graded just 10 examples in
MS-70. At an Oct. 23 GreatCollections online auction, a 1999-W
American Eagle $10 coin struck from unfinished Proof dies and graded
PCGS MS-70 sold for $10,028.70.
That strong price was not an outlier. Earlier in October, Heritage
sold a different example for $11,750.
Keep reading this gold-rarity-themed Market Analysis:
No price bump for an 1889-S Coronet
$20 double eagle from the Saddle Ridge Hoard?:
The price realized was in line with prices that comparable
non-Saddle Ridge examples had brought in recent transactions.
Whose ANA 50-year membership gold
medal brought more than $2,000?: The ANA has
issued a variety of numismatic collectibles including membership
medals, award medals and convention medals during its long history.