The 1987 gold “Constitution” coin holds a unique place in American numismatic history. Issued to commemorate the Bicentennial of the United States Constitution, this coin is a significant item for collectors and investors alike. Its value, like that of many commemorative coins, is not solely dependent on its gold content but also on factors such as its condition, minting process (proof or uncirculated), and the current market demand. This article provides a comprehensive overview of what determines the 1987 gold constitution coin value.
Understanding the 1987 Gold Constitution Coin
The coin in question is officially known as the 1987 Bicentenary of the Constitution – American Gold Commemorative $5 coin. It was part of a series of coins released to celebrate this historic milestone.
Key Characteristics
- Denomination: $5
- Composition: The coin is primarily gold, with a fineness of 0.900. This means it consists of 90% pure gold and 10% copper, an alloy commonly used for coinage to enhance durability.
- Gold Content: Each 1987 gold Constitution coin contains 0.2419 troy ounces of pure gold. This precise measurement is crucial for calculating its intrinsic metal value.
- Mint Mark: While not explicitly stated in the overview, these commemorative coins were typically minted at the West Point Mint, indicated by a “W” mint mark.
Melt Value of the 1987 Gold Constitution Coin
The melt value of a gold coin is its intrinsic worth based solely on the current market price of its gold content. This is often considered the baseline value for any gold coin.
To calculate the melt value, one needs two pieces of information:
- The pure gold content of the coin.
- The current spot price of gold per troy ounce.
Based on an example gold price of $3336.35 per ounce (as provided in the AI overview), the melt value of the 1987 gold Constitution coin is calculated as follows:
0.2419 troy ounces (gold content) \* $3336.35/ounce (gold price) = $807.13
It is important to note that the melt value fluctuates daily with the price of gold. Therefore, the actual melt value when you are assessing the 1987 gold constitution coin value may be different.
Factors Influencing 1987 Gold Constitution Coin Value Beyond Melt
While the melt value provides a floor, the true market value of the 1987 gold Constitution coin is significantly influenced by its numismatic characteristics. These include its condition, whether it is a proof or uncirculated strike, and its official grade.
Proof vs. Uncirculated Strikes
The United States Mint produces coins in different finishes, primarily proof and uncirculated. These distinctions play a major role in determining the 1987 gold constitution coin value.
- Proof Coins: These coins are struck multiple times with specially prepared dies on polished planchets, resulting in a highly reflective, mirror-like finish (often referred to as “cameo” or “deep cameo” depending on the contrast). Proof coins are primarily intended for collectors and are typically sold by the Mint at a premium. They are handled with extreme care and are rarely, if ever, put into circulation.
- Uncirculated Coins: These coins are struck once, like regular coinage, but with greater care and often on better-quality planchets than circulating currency. They are not intended for circulation and are also aimed at collectors. While they generally have a higher quality than circulating coins, they do not possess the highly reflective surfaces of proof coins.
Generally, proof coins, especially those with high grades, command higher prices due to their superior aesthetic appeal and the specialized minting process.
Condition and Professional Grading
The condition of a coin is paramount in determining its value. Coins are graded on a 70-point scale, with 70 being a perfect coin with no flaws. Professional grading services provide an objective assessment of a coin’s condition and authenticity. The two most reputable third-party grading services are:
- Numismatic Guaranty Corporation (NGC)
- Professional Coin Grading Service (PCGS)
These services encapsulate graded coins in sealed, tamper-evident holders, providing a secure and verifiable record of the coin’s grade.
Let’s examine how specific grades impact the 1987 gold constitution coin value:
- Proof 69 (PF69) or Mint State 69 (MS69): These grades signify a coin that is near-flawless, with only minuscule imperfections visible under magnification. Coins graded PF69 (for proof) or MS69 (for uncirculated, or “Mint State”) are highly desirable. Based on the provided data, these coins are typically valued around $1000 – $1100.
- Example: An NGC-graded PF69 was available for $1087.32.
- Example: A PCGS-graded MS69 was available for $1000.
- Proof 70 (PF70): This is the highest possible grade a coin can receive, indicating a perfect coin with no discernible flaws even under magnification. PF70 coins are exceptionally rare and highly sought after.
- Example: An NGC-graded PF70 of the 1987 gold Constitution coin was available for $940. It’s worth noting that the listed price for a PF70 here is lower than some PF69/MS69 examples. This could be due to market fluctuations, seller pricing strategies, or the specific timing of the data point. In a consistent market, a PF70 would typically be valued higher than a PF69.
- Uncirculated (without specific grade): An uncirculated 1987 Constitution gold coin, where a specific numerical grade was not mentioned, was priced at $1160. This higher price for an uncirculated coin without a specific grade may indicate a strong market demand for uncirculated examples, or it could represent a coin that the seller believes is in excellent uncirculated condition, perhaps bordering on a high MS grade.
- Proof (no grade specified): A proof version of the coin, where a specific grade was not provided, was offered for $940.9. Similar to the uncirculated example, this price suggests a solid value for proof coins even without a certified numerical grade, likely indicating good overall condition.
Rarity and Population
While the 1987 gold Constitution coin was part of a commemorative issue, the overall mintage figures and the number of coins that have achieved high grades (the “population report” from grading services) can influence its rarity and thus its 1987 gold constitution coin value. Coins with lower mintages or fewer examples in top grades will generally command higher prices.
Where to Buy and Sell the 1987 Gold Constitution Coin
The venue where you purchase or sell a 1987 gold Constitution coin also affects its value.
- Reputable Coin Dealers: Established coin dealers, both online and brick-and-mortar, offer expertise and often a selection of graded coins. They typically provide fair market prices, though they will include a margin for their services.
- Online Marketplaces (e.g., eBay, specialized coin forums): These platforms offer a wide range of coins at varying prices. Buyers need to exercise caution and verify seller reputation and coin authenticity. Prices can vary widely based on seller motivation and auction dynamics.
- Coin Shows: Attending coin shows allows collectors to inspect coins in person and negotiate prices. It’s a good way to connect with dealers and other collectors.
- Auction Houses: For rare or high-grade examples, reputable auction houses can achieve top prices, especially for professionally graded coins.
When buying or selling, always prioritize transactions with reputable entities to ensure authenticity and fair pricing. Verifying the grade and authenticity of a 1987 gold Constitution coin through reputable grading services like NGC or PCGS is a recommended practice for both buyers and sellers.
Current Market Trends and Future Value
The 1987 gold constitution coin value is subject to broader market trends. These include:
- Gold Spot Price: As discussed, the underlying value is heavily tied to the price of gold. Fluctuations in the precious metals market will directly impact the melt value and, to some extent, the numismatic value.
- Collector Demand: The overall interest in U.S. commemorative coins and specifically the Bicentennial series can influence demand. Strong collector interest tends to drive prices up.
- Economic Conditions: During periods of economic uncertainty, demand for gold and tangible assets like gold coins can increase, potentially boosting their value. Conversely, in strong economic times, demand might shift to other investments.
While it is impossible to predict future values with certainty, the inherent gold content provides a baseline, and the numismatic appeal, especially for high-grade proof examples, adds a premium that can appreciate over time. Coins with professional grading are generally more liquid and retain their value better.
Conclusion
The 1987 gold Constitution coin is a valuable piece of American history and a tangible asset. Its value ranges from its melt value, approximately $807.13 (based on a gold price of $3336.35/ounce), up to $1100+ for highly graded proof or uncirculated examples. Key determinants of the 1987 gold constitution coin value include its gold content, whether it is a proof or uncirculated strike, and its professional grade from services like NGC or PCGS. For anyone interested in this coin, understanding these factors is crucial for making informed buying or selling decisions.
What is the 1987 W gold $5 Constitution coin?
Great question! This West Point Mint gold five-dollar Proof coin was issued to commemorate the 200th anniversary of the United States Constitution. The obverse features a stylized eagle holding a massive quill pen. Another large quill pen is featured on the reverse.
Is a commemorative gold coin worth anything?
Both of the advantages above contribute to one big benefit to investing in US gold commemorative coins: potential value appreciation. Commemorative coins from early American history have skyrocketed in value; some are worth tens of thousands of dollars.
How do I know if my gold coin is worth money?
From my experience, At it’s simplest, working out how much a gold coin is worth will be based on its weight, gold purity and the gold spot price. Although many gold coins are assigned nominal face values, in reality they are worth considerably more in terms of their fine gold content.
What is the most sought after gold coin?
1907 Saint-Gaudens $20 Gold Double Eagle – Up to $475,000. …
1804 Eagle Gold Coin – Up to $565,000. …
1343 Edward III Florin – $600,000+ …
2007 $1 Million Canadian Gold Maple Leaf – $4 Million. …
723 Umayyad Gold Dinar – $4.6 Million. …
1913 Liberty Head V Nickel – $5+ Million.