Author Topic: 1989 Silver Snake 12oz  (Read 1211 times)

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Offline andi_sch

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1989 Silver Snake 12oz
« on: February 19, 2011, 12:52:55 PM »
Hi all
I got hand at some coin I would like to find out more details.
When I "google" the thing, price range goes from 'forget about it'  :( to 'crazy'  :w00t:.
I would appreciate some realistic price range for this one. Is anybody out there who can help me?
Thank you!
PIC: http://img146.imageshack.us/i/1989snakesilvercoin1.jpg/

Offline badon

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Re: 1989 Silver Snake 12oz
« Reply #1 on: February 19, 2011, 12:59:57 PM »
Unfortunately, since you've removed it from the capsule and original packaging for photographing, it very likely has damage now, in addition to the damage the mint employees did to the coin before it was packaged. Hairline scratches, rubbing, and small dings can greatly reduce the value. Don't play with the coins - you may have lost more than $1000 in value just to take a photo! The difference in value between a 68 and a 69 grade is growing with each day that passes.

The "forget about it" and "crazy" prices you're seeing are probably realistic. The coin you have is very rare, with a mintage of only 400. I would not be surprised to see that coin sell for somewhere around $15,000 if it got a 69 grade - but they're so rarely seen, only an auction can tell you its true value. $15k sounds like a lot of money, but it's realistically possible for the coin to sell for double or even triple that amount. There's only one way to find out!

Offline andi_sch

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Re: 1989 Silver Snake 12oz
« Reply #2 on: February 19, 2011, 01:43:23 PM »
Thank you very much for the info! - Actually I don't even remember that it was in some original packing. (What would that look like?) But - as I am not an expert - it is absoluteley possible that I removed some packing (Kind of stupid of me... isn't it...?!?) when I bought this coin back in 2005 (by the way: for a couple of 100 Swiss-Franks). - I just re-realized that I even have this coin last month, when I was getting something from my bank-safe... and yes... I took it out of this capsule to make the photos.
Anyway: Thank you very much for that quick response!

Offline badon

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Re: 1989 Silver Snake 12oz
« Reply #3 on: February 19, 2011, 01:51:05 PM »
No problem! I've been trying to respond faster lately since a few important questions either weren't answered in time for the person to make a buying decision, or I rushed through the answer without properly detailing what I know for certain and what I don't.

Your coin is an important coin, and would likely be one of the main attractions of an auction or coin show (coins with mintages under 1000). You should definitely send it in to NCS for conservation and grading at NGC. They'll be able to take care of minor cleanliness issues of the coin, before it gets graded at NGC (they take care of all of that for you).

Even if it receives a low grade, it is still an important coin, and well-worth the costs of grading. Anyone who buys it will feel confident in putting out a strong bid knowing that it's been conserved and authenticated.

Conservation and grading is especially important for coins that have been handled. Europeans seem to like handling coins, so many of the coins that were bought mostly by Europeans are extremely hard to find without damage. It's amazing that an ancient coin can survive 2000 years in perfect condition, only to be destroyed in 50 years of casual, gentle handling by European collectors!

If your coin gets a high grade, you may be shocked at the price you get for it!

But I wouldn't sell it if I were you :)