1979 Canada $50 Gold Coin - need info pls.

[CanadianTrout]

Hi. Friend of mine at work has to sit bored to death with my metal detecting stories so she came to me for in with a coin she has. Of course I thought of T-Net.

This is a (face value) $50 Canada gold coin. But it is 1oz of 999 gold. How can it be $50? Does that mean the bank would give you $50?.. but what about the 1oz of gold? Sorry I dont know anything about coins.

My friend is looking to sell this but wants the best value. I need some suggestions please.

Here is pic:

 

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[watercolor]

I wouldn't worry about the "$50" on the front. . . I think that's an arbitrary
amount (someone else may have more info on the specifics).

The important thing is, it has one ounce of 99.9% pure gold in it.
Your friend should go by the one-ounce "spot price" of gold ($1,198 per ounce today) if selling.

Personally, I would hang on to it as long as I could.

 

[Diver_Down]

Coinage minted must have a denomination. We issue bullion and commemoratives with precious metal content that far exceeds the value of the denomination. For example: An American Silver Eagle has the denomination of $1. Obviously, the value of the precious metal content far exceeds the face value. However, if a person takes the coin to a bank, the bank will give the owner $1.

 

[sasnz]

The coin will be worth a minimum of 1 Oz of gold as this is the content of the coin, It may be worth alot more depending on the year and the mintage of the coin. Also another factor will be the grading of the coin, If it is a high grade and low mintage then it could be worth considerably more. To give you a better idea of its worth we really need some pictures of both sides so we can establish the year and grading.

Cheers Sasnz

PS: whoops sorry just reread the headline, Pictures will help with the grading tho.

 

[DigginThePast]

The Canadian Maple Leaf bullion coins are very respected by investors and collectors alike, likely due to being almost pure gold (also silver, platinum and palladiium). Check out ebay, they usually command about a 10% premium over spot on the retail market. As mentioned, condition may increase value significantly above spot.

Completed auctions:
http://cgi.ebay.com/1979-CANADIAN-M...tem&pt=LH_DefaultDomain_0&hash=item2a0840a6f2
http://cgi.ebay.com/1979-Canada-Map...tem&pt=LH_DefaultDomain_0&hash=item45f3b0805b
http://cgi.ebay.com/1-Oz-Gold-Maple...tem&pt=LH_DefaultDomain_0&hash=item3f0123093e
http://cgi.ebay.com/1979-Canada-50-...tem&pt=LH_DefaultDomain_0&hash=item58887e2685
http://cgi.ebay.com/1979-GOLD-MAPLE...tem&pt=LH_DefaultDomain_0&hash=item3caecb1896


Some info on the 1979 coins. http://coinhistory.info/maple/

1979

February

* The Cabinet authorizes minting of gold bullion coins for sale on the world market commencing in September. [267.B16]

February 20

* A proclamation amends the Currency and Exchange Act, authorizing the issue of $50 gold bullion coins, with diameter of 30mm, weight of 481.25 grains, and fineness 999.5, effective March 1, 1979. [108.1154]

February 23

* The Supply Minister announces in the House of Commons that Canada will produce bullion gold pieces, called Maple Leaf coins, for a three-year trial period. The coins will contain one ounce of gold, and have a face value of $50. [62.2090] [172.252] [274.29] [331]

(month unknown)

* Supply and Services Minister Pierre De Bane and the President of the Board of Economic Development Ministers, R.K. Andras, announce that a gold bullion coin would be produced by the Royal Canadian Mint. The Gold Maple Leaf would have a face value of $50, and contain one troy ounce of 0.999 fine gold. The gold bullion program is set for three years, with 1 million coins produced in the first year, to be officially launched in September. [19.1]

September 5

* The Royal Canadian Mint launches the gold Maple Leaf bullion coin program. A 1-ounce coin with .999 purity and $50 face value goes on sale in Canada, the U.S. and Europe. [1] [8] [62.2195] [71.2] [152.19] [209.B1] [429.1] [637.1] (September 1 [258.28]) (September 6 [67.684] [169.853] [269.B11]) (September 9? [56])

December 13

* A proclamation changes the weight of the $50 gold bullion coin to 480.71 grains, with fineness 999.9, effective January 1, 1980. [109.5]

 

[CanadianTrout]

Hey thanks a lot guys. Appreciate the help. I passed all this good info on to my friend.

It was funny when she first asked me about its worth etc. I took one look at it (knew its true value) and said to her "I'll give ya $50 bucks for it"

the look of confusion on her face was priceless. She didn't know what to make of it... LOL