I want to buy my first coin.

[Harvest]

I want to start buying coins but a very stupid question......why do coins on the Royal Mint etc look gold and pink? I am looking at starting with a  Coronation Sovereign. 

Thank you

[flyingveepixie]

They don't all look that colour. Britannias for example are 24k and almost 100% (999.9%) pure with only the tiniest fraction of impurities and look like pure gold, which for all portents and purposes they are.  Modern Sovereigns and half sovereigns, among others, are 22k (91.7% gold) and contain small amounts of copper and/or silver alloy which gives them that coppery sheen.  Some like it, some don't, preferring the more yellow pure gold look of earlier sovereign coinage.

A sovereign of any kind would be a most excellent start as a first coin but you'll pay a high premium for it if you buy from Royal Mint.

https://www.royalmint.com/invest/discover/gold-news/metal-fineness-explained

Edited August 9, 2023 by flyingveepixie

[Scootermuppet]

I know what you mean about the look of 'Modern Sovereigns' from recent years...

I decided to concentrate on the early QE II coins, or Gillicks as they are known (because the designer of the queen's portrait on them was Mary Gillick)

To me, they look like a 'real' sovereign should look 😏

Here's a pic from Chard's website that shows the colour well IMHO...

[MBTPSilver]

As above, modern Sovereign coins have gold and copper in them. You could go for a pure gold coin if you prefer a more yellow tone, something like a 1/4oz Britannia will be close in price to a Sovereign.

[sixgun]

4 hours ago, Harvest said:

I want to start buying coins but a very stupid question......why do coins on the Royal Mint etc look gold and pink? I am looking at starting with a  Coronation Sovereign. 

Thank you

Yeah we have discussed this a few times. That the modern sovereigns look naff. The gold alloy has changed from the older versions. The Royal Mint should change it back to the way it was but no doubt it is a few pennies cheaper to make these copper coins. I know i prefer to get older sovereigns when they were proper. If you did a poll on the forum i suspect the vast majority of members would agree.

[Ignorant]

Go big or go home!

[Sc391]

@Harvestbefore you buy think about what your ultimate goal is - if it’s to hold a gold coin in your hand and get the most for your money then buy a bullion coin.  Their value lies primarily in the gold content- if gold goes up or down so does the value of your coin.

As an alternative collector coins, for example proof sovereigns, get their value from rarity and condition.  Their straight gold value is not the main driver of their total cost.  Fluctuations in gold prices don’t play as big a role.  
 

Either way they are fun to hold.  Go to a reputable dealer like several of the guys on this forum, read some suggestions, and buy something that you like.  The Royal Mint is great, but they can’t give you advice.  
 

Start with what you can afford and take it slow.  Money tied up in precious metals isn’t always easy to access in an emergency (food, rent, etc) it’s an investment in your future.

[Thelonerangershorse]

If you just want a coronation sovereign then Atkinsons, Chards and Tavex should be your first port of call rather than the royal mint.

[flyingveepixie]

Or buy right here on the forum..   Best option IMHO.

https://www.thesilverforum.com/forum/13-united-kingdom-ungraded/

[Harvest]

11 hours ago, Sc391 said:

@Harvestbefore you buy think about what your ultimate goal is - if it’s to hold a gold coin in your hand and get the most for your money then buy a bullion coin.  Their value lies primarily in the gold content- if gold goes up or down so does the value of your coin.

As an alternative collector coins, for example proof sovereigns, get their value from rarity and condition.  Their straight gold value is not the main driver of their total cost.  Fluctuations in gold prices don’t play as big a role.  
 

Either way they are fun to hold.  Go to a reputable dealer like several of the guys on this forum, read some suggestions, and buy something that you like.  The Royal Mint is great, but they can’t give you advice.  
 

Start with what you can afford and take it slow.  Money tied up in precious metals isn’t always easy to access in an emergency (food, rent, etc) it’s an investment in your future.

Thank you, that was very helpful.

[Scootermuppet]

5 hours ago, flyingveepixie said:

Or buy right here on the forum..   Best option IMHO.

https://www.thesilverforum.com/forum/13-united-kingdom-ungraded/

Absolutely agree - I've been a forum member for over 2 years, and the Silver Premium Membership I have has paid for itself with savings over buying from dealers, and has probably saved me more! ☺️

 

14 hours ago, Sc391 said:

<snip> ... Money tied up in precious metals isn’t always easy to access in an emergency (food, rent, etc) it’s an investment in your future.

It is possible to convert back to FIAT Currency very quickly (for example, sell to a dealer - talking about bullion though as opposed to Proof, different market for those) - but you can realise a price closer to true value by selling on the Forum too.

Granted, you will need to build up a reputation on here, but there are ways to to do that (send coins for sale to Established Forum Members who wish to buy, and receive payment on delivery for example).

It's always worth planning for your 'exit strategy' - i.e. when you need to convert back into cash - so selling some coins along your acquisition journey certainly helps when you reach the stage where you need to sell a chunk of your coins.

Hope that helps,

Bob

[flyingveepixie]

5 hours ago, flyingveepixie said:

Or buy right here on the forum..   Best option IMHO.

https://www.thesilverforum.com/forum/13-united-kingdom-ungraded/

The only thing I would add is that without a paid membership you wouldn't see items for sale until after three days, by which time most coins being offered at a good price will have been snapped up.  I can recommend a silver membership if you intend to buy pms on here, and that way you will see what's being offered immediately and be in with a chance of getting a decent deal.  What you will save by buying on here as opposed to from dealers will pay for your membership in no time.

Edited August 10, 2023 by flyingveepixie

[Stuntman]

To start with, perhaps decide if you expect to be in this for the short haul or the long haul.

For instance, if you just want to own a lovely shiny gold coin (and that's a very admirable wish) but don't particularly want to have loads and loads of coins, perhaps think about a 1oz gold bullion Britannia coin.  That's probably the best way to get in with the lowest premium over the spot price of gold if buying new from a dealer, and likely to command close to the spot price of gold if you were to sell it to a dealer.  Plus, it's a nice size to hold and admire, and it's 99.99% pure gold and looks exactly as you would want it to.  That would be money well spent, but it's quite a lot of money.

If you're in it for the long haul, then decide whether you want to stack (mainly all about value) or collect (mainly all about the pleasure of what you own).  If stacking, sovereigns and Britannias are often recommended for good reason (low premiums, sovs are cheaper to buy and sell and hence more liquid, exempt from CGT if you're a UK taxpayer).  If collecting, buy what takes your fancy and keep an eye on the additional premiums you may end up paying.  

Your first coin in either case might well be a current year sovereign.  But as already noted, it looks like rose gold (still nice) and it's not as impressive an item in hand.  

I started properly with a 1 oz gold bullion UK coin back in 2017, although I had previously managed to win a few sovereigns in a previous sporting life and then collected a couple more.  If I could only keep a few of my bullion gold coins, they would probably all be 1 oz.  I'm mostly done collecting /stacking now, as my financial circumstances have changed in the wrong direction!

Your first coin will be special, whatever you decide.

[danieldorkins]

On 09/08/2023 at 08:31, Harvest said:

I want to start buying coins but a very stupid question......why do coins on the Royal Mint etc look gold and pink? I am looking at starting with a  Coronation Sovereign. 

Thank you

We all start with questions so whatever you need to ask don't feel its stupid, nobody is going to judge you because you are just starting out, its quite a learning curve so ask away!

PS Welcome to the forum!

Edited August 11, 2023 by danieldorkins