I've just heard on the radio that the new $50 gold coins will be selling for $800. Are these coins legal tender?.Why can't a person just go to a bank and get a $50 coin like one would get a roll of quarters? Back 30 years ago when silver dollars were more common, they may have been of value to collectors, but, at the grocery store, a silver dollar was worth no more than one dollar.
2006-06-21 00:19:43 · 10 answers · asked by Dorcas 3 in Business & Finance ➔ Other - Business & Finance
Any legal tender coin or bill is worth its face value in commerce. There are many examples of the mony being worth more on the collector or metals markets. A 1922 penny is only worth a penny at the store, but if it has no mint mark, collectors will be falling over each other with fists full of $$ to claim it. The same is true on a smaller scale with the new quarters and nickles, as many collectors will pay a premium over face value for the right one or ones. On the metals market the valuation of the coin(s) reflects the price of its metal at the time. A silver dime is worth its weight in silver on the market, yet may be more valuable to collectors due to date and condition. It definately pays to do a bit of research if you have an old or unusual piece of currency as you just may have hit the proverbial "jackpot".
2006-06-21 01:13:10 · answer #1 · answered by nite92 3 · 1⤊ 3⤋
Any jeweler would be able to tell you if it's real. There are at least three ways to value the coin. One is the face value, $50. Of course, the face value is symbolic and not meant to be used as legal tender. (You'd be silly to use the coin as currency to purchase something.) The second way to value it is by the weight of the gold itself. A 1-oz gold coin is really 1 Troy ounce, or 31.1035 grams of gold, not 28.3495 grams, as in a traditional ounce. You can value it by looking at today's gold commodity prices, which today is $29.67 per gram. On this basis, the gold would be worth $922.84. Is is also irrelevant, because you would be violating American laws by melting down such currency. The third way to value the coin is on its trading value to collectors. This is the most sensible way to value it, and the highest of the three. Collectors will pay you at least what the gold is worth. You can see some recently completed auctions for this coin on eBay that fetched between $925 to $960.
2016-05-20 08:17:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
And today , a $50 gold coin is still worth $50., If the grocery store will accept it.......
2006-06-21 00:56:14 · answer #3 · answered by Luci McG 1 · 0⤊ 0⤋
Thats why the coins have a FACE VALUE...
Bulliion value is many more times than the legal tender
2006-06-21 00:23:05 · answer #4 · answered by Stan B 4 · 1⤊ 0⤋
At a store $50.00, but the store has the right to refuse it.
They will sell for $875 and yes they are legal tender.
This is a mint product and they choose who can sell them and they chose private companies not banks.
2006-06-21 08:43:31 · answer #5 · answered by Man 6 · 0⤊ 0⤋
They would only be worth face value at the grocery store
2006-06-21 00:24:20 · answer #6 · answered by jlimages 3 · 0⤊ 0⤋
if the store accepted it, and it would be to their advantage, it is only worth the face value of $50, despite the market value of gold
2006-06-21 00:24:41 · answer #7 · answered by CALLIE 4 · 0⤊ 0⤋
Most likely it is a limited addition coin.
2006-06-21 00:27:34 · answer #8 · answered by Michael Scott H 1 · 0⤊ 0⤋
It would be worth $50.00 But why would you want to do that?
2006-06-21 00:51:01 · answer #9 · answered by jean 4 · 0⤊ 0⤋
$50.00
2006-06-21 00:24:28 · answer #10 · answered by grayladygranny 3 · 0⤊ 0⤋