http://cgi.ebay.co.uk/20-pc-1-1993-Silv ... 230b8758ec
I just spied the above listing on eBay for 20 1993 Silver Eagles which are all graded and certified as MS69 or above.
BIN price is a cool $9180, which works out to $459 each - so far above spot it's not even funny.
Now I understand the point and desirability of, say, a MS69 Morgan from a rare date; and naturally it should command a premium; but I really don't understand the point of graded bullion coins.
For one thing, the Eagle has much the same design every year; for another; surely grade is pretty much irrelevant for bullion coins as they are designed to be a store of metal value rather than a collectible coin in and of itself; surely?
Under what circumstances would it make *any* sense to spend $459 on an ASE?
I guess it depends upon what gives you thrills, but surely a mass-produced non-circulation item doesn't really cut teh mustard as far as numismatic collectors are concerned?
Thoughts?