Burnished Gold Eagles

[mojo]

Check this recent finished auction. This is the highest I've seen one go for and it is a 1st Strike so that has alot to do with it but still...

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=290426210895&ssPageName=STRK:MEWAX:IT

This is moving into the 08 $5 buffalo range.

Edit : found this one that went for more
http://cgi.ebay.com/2008-W-5-Gold-Eagle-PCGS-MS-70-FIRST-STRIKE-/230464818915?cmd=ViewItem&pt=Coins_Bullion&hash=item35a8c60ee3

[madfranks]

I cannot help but think that the buyers of that coin are inexperienced and were sold on the "first strike" and other secondary numismatic features of that coin. Take it out of the slab and what's it worth? This is a classic case of buying the slab, not the coin.

[Korbin Dallas]

I don't get it. These are listed on the PCGS price guide at around $320. The first strikes are valued less than non. Something don't add up.

[mojo]

It was high for now. People are paying to much for 1st strikes imo but the trend is moving up in all the 06,07,08 Burnished GAEs. There were only 12,657 08 W $5 Burnished minted vs 17,429 $5 Buffalos (only 1 year production). I think the higher trend overall in Burnished GAEs will continue. My reasons are the following..

1) Gold Eagles are collected by a large population (well known and recognized)

2) Only 3 years production of Burnished. Won't be made again

3) Some are by far the lowest populations of any Gold Eagles. 230,809 total minted in the whole 3 years of production for all denominations combined.

4)Has the key to the whole GAE series, 08 w $10 burnished (8,883 minted). I believe this will remain the key.

5)Mint has stated that they will not make any more Burnished Eagles. They have not said that about Proofs or fractional proofs. My opinion is that they will likely make fractional proofs again further increasing the value of the burnished coins.