This Sunday, the "business" section of my local newspaper (the St. Louis Post-Dispatch) had a full page ad that began with the headline "Historic 2003 Striking....WORLD'S FIRST $100 SILVER PROOF."
Below the headline, spanning the width of the page, was a picture of a shiny replica of a $100 bill. (Below, in small print, it says that the actual size is 6" x 2 1/2".)
Then, "The Washington Mint Announces the Limited Mintage Striking of an Extraordinary Silver Proof -- the New United States $100 Bill Struck in Pure Silver Bullion. Discount Price $99"
Wow! A silver hundred dollar bill for "only" $99! But you better buy now, because, we are told, the price of this "Giant Silver Proof" will soon be increased to $125. And "the earliest orders will receive the lowest registration numbers." But orders are limited to twenty units for "just $1,698" (which works out to $84.90 each, not counting the shipping and handling charge).
A great investment idea? I doubt it.
The ad boasts that a "proof" contains "over one-quarter pound (4 troy ounces) of pure silver." Sound like a lot? Well, silver is selling for approximately $5.10 per troy ounce, so the value of the silver in one of the "proofs" is about $20.40. If you bought one and then sold it at a coin dealer, you would probably get a little less than that because of the dealer's mark-down.
So if you want to buy one of these "proofs" as a trinket to decorate your desk, that's your choice, but if you do it as an investment, you are a sucker
.
Below the headline, spanning the width of the page, was a picture of a shiny replica of a $100 bill. (Below, in small print, it says that the actual size is 6" x 2 1/2".)
Then, "The Washington Mint Announces the Limited Mintage Striking of an Extraordinary Silver Proof -- the New United States $100 Bill Struck in Pure Silver Bullion. Discount Price $99"
Wow! A silver hundred dollar bill for "only" $99! But you better buy now, because, we are told, the price of this "Giant Silver Proof" will soon be increased to $125. And "the earliest orders will receive the lowest registration numbers." But orders are limited to twenty units for "just $1,698" (which works out to $84.90 each, not counting the shipping and handling charge).
A great investment idea? I doubt it.
The ad boasts that a "proof" contains "over one-quarter pound (4 troy ounces) of pure silver." Sound like a lot? Well, silver is selling for approximately $5.10 per troy ounce, so the value of the silver in one of the "proofs" is about $20.40. If you bought one and then sold it at a coin dealer, you would probably get a little less than that because of the dealer's mark-down.
So if you want to buy one of these "proofs" as a trinket to decorate your desk, that's your choice, but if you do it as an investment, you are a sucker
