St Gaudens on Pawn Stars

I saw this and I had to say something. I am very skeptical at anyone in coins that calls themselves "experts". When you're an expert you don't call yourself one.

I was watching pawn stars on the history channel. A woman brought in a 1924 (common date) saint gaudens , raw, which she said she found it in a wall in a safe in an old house. He looked at it and said it may not be geniune, (It looked to have good details to me) and both him and the coin "expert" from Sahara coins said that the 1924 St Gaudens is the most common counterfeited gold coin.

They said many of them were counterfeited in the middle east and used in jewelry, which probably is true. I do not believe it is the most counterfeited US gold coin. I think, by far, the $1 , $3, and especially the $2.50 and $5.00 indian coins are the most counterfeited. A good reason is that less often are the larger gold coins counterfeited, it takes more real gold to make them. So often times the counterfeiter will melt down a geniune 20 gold piece and make several high-numismatic value coins (such as $2.50 indian coins) and sell all of those for more than the price of the entire saint gaudens.


He said it was genuine. He graded it MS64 and said it was worth around $2000. The store owner then bought it from her for $1500.

They also said it has 30 grams of gold. The full weight is 33 grams, so the net wet (only the gold content) would be around 30 grams right? Because they are not pure gold, they weigh more than 33 grams but it should contain 30 grams of pure gold. Right?

 

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Pawn Stars aren't experts in the slightest. They regulary call in "a friend who is an expert" for EVERYTHING they can't handle. The premise of the show is like Antiques Roadshow meets American Chopper-- a screaming family and their business.

There was also this recent thread on the episode: 1932 - S Quarter on Pawn Stars

 

I've seen it before too, and the show really irritates me they seem to take advantage of people who are uneducated with what they have. Also they rip people off, they say on one hand it will be in our inventory for such and such days so even though are friend valued item X at $4000.00 they'll pay $1000.00 then turn it around in a few days.
Also do this math:
An item was appraised to get $10,000.00 in a good auction so Rick offered $3000.00, as he explained that the auction company would take roughly 40%; even if they take 40% the guy still would get $6000.00 vs $3000.00 this makes no sense?

 

Thanks. I've been to Sahara coins. Actually, I bought a $5 AU58 indian there, raw, and sent it into PCGS to be graded. I bought it as AU55 and it came back genuine, AU58. This was before the company switched people and went belly up, there was a PCGS grader working there at the time. I've heard now that Sahara coins has overpriced junk. It used to be a reputable shop, but I'm not sure anymore. There was another thread last year on who considered themselves "experts", "intermediate", etc. I don't believe *anyone* called themselves an expert. Many of the experts who I believed to be experts, didn't say so. (Conder101, Doug, and others)

He may very well be an expert, (The guy from Sahara coins on the show), but I'm not sure since the company switched people.

I just find it kind of funny how they say the 1924 Saint gaudens is the most common counterfeited coin. It's not true. Maybe I'm wrong though. I'd love to hear doug's opinion on this.

 

I thought they gambled at $1500. Now he has to get it graded and hope it is a 64 that brings more than $1500. It should, but they still have to get it graded.

 

Have you ever been to a pawn shop? They exist for people who need money right now and are willing to take the minimum for their item. Nobody who sells at a pawn shop will get close to what it's worth...it's just expected. Both parties know what they are doing.

Personally, I believe many of the items on that show are somewhat staged anyway.

 

I have only watched the show once and not an entire episode so here goes.

First it's on TV and TV needs ratings. They only show what they want to.

Second, as pawn shops go their offers have seemed pretty strong to me and honest. GASP! Never thought I'd say that about a pawn shop.

Third. From what I've heard I don't think WE (in a coin shop) would have offered that much money for a raw, common date St. Gaudens.

Fourth. I wouldn't call any of their people "experts". They just know a bit more.
I'm the "expert" modern paper money guy at work but I consult books all of the time.

Fifth. The "do they really need it angle" is very true. Idle inventory is just that. Money just sitting there making no money.

Sixth. As my coworker has pointed out. Why is this show on the History Channel?

 

That's the one thing I was thinking as well...I guess they need to keep their ratings as high as possible which means more about entertainment and less about learning/history.

 

No telling how long they have to film to get the history involved in some of the items that come into the store. I also wonder if the filming encourages them to be stronger on their prices. Who knows - I enjoy the show and seeing some of the things that come it.

 

I remember in the little history thing on the st gaudens it mentioned it having 30 grams of gold. Is this the net weight? (pure gold) Because the full weight of a st gaudens is 33 grams. (Which includes the copper to make the metal harder for circulation)

 

Think about it....publicity... how neat to purchase an item that aired on national TV

 

I just saw this on TV a few minutes ago. That's not exactly what he said. He said the St. Gaudens was the most counterfeited due to the middle east. He said the design, not the year. Wither or not that's true, I don't know for sure.

 

If you guys are serious, (which I think you are), I will take a crack at explaining this.

If you look at what is brought into the shop, everything is discussed as if it were an historical artifact.

Ex- the clump of silver coins from the taj mahal treasure. Likely staged, but historical in nature.

Think of all of the civil war memorabilia that they show, all of the antique guns, armor, cars and even pop-culture items like gas pumps and Andy Warhol lithographs.

All of these items have historical significance and when they discuss an item they do it from an historical perspective.

IMHO that's why it's on History Channel.

 

Thank you for reading my mind.
First of all, Gold and Silver is the most reputable Pawn Shop in Las Vegas and has been there since 1988, second, they use items of interest for the TV show, but regardless they have SuperBowl rings, World Heavyweight Title Belts, Andy Warhols, Faberge Eggs, etc. that they bought before the show even started. They are probably the most high quality pawn shop in the United States.

 

It's a great show I enjoy watching it. Just the knowledge you can learn on this show is interesting.:thumb:

 

I've warned this forum about Sahara Coins more than once. If their supposed expert is they guy they had on the show, I think my points can validate themselves.
Guy~

 

Seen my 1st ever episode last night LOL (Just began showing it here in the UK0 and the owner bought a beat up petrol pump but man oh man itlooked wonderful when it had been restored Unfortunatly no coins in that episode

 

Pawn star is ok but the new show called American Picker in better in my onion

 

It's too bad too because they used to be a reputable shop, with good prices. I've heard they gone down hill quite a bit though.

 

The coin looked magnificent. I was going to say MS65 or maybe higher, but I was thinking maybe some rub near the breast, so I said MS64, and it was what the guy had graded it.
I would have liked to see the coin in hand though lol

Pawn Stars is a pretty cool show, me likey...me likey lots.