Expert: Dmitry Livshits - 9/23/2011

Question
QUESTION: Greetings. I am in possession of a gold commemorative "coin" weighing approximately 1 troy oz. (like a Krugerrand), mirror finish (un-circulated). One side portrays a Galleon ship with the dates "1564-1964" underneath and the words "Miguel Lopez de Legaspi" above. The other side portrays the seals of the governments of Mexico (Eagle) and the Philippines (Crest), with the date "1964" on the left hand lower portion, and the words "Ano de la Amistad" on the upper right hand portion, and "Mexico - Filipinas" underneath.  There is also a small printed "M" with a small circle above it on the right hand portion, slightly below center.

What exactly is this "coin"? Is this even considered a coin, a commemorative, a token, or something else altogether? And how much approximately would it be worth, if any, in US dollars?

Thank you very much in advance for any assistance which you may be able to extend.

ANSWER: Hi Patrick,
This is a commemorative medal, made of .999 pure silver. This is an official government medal, made by Mexico's Casa de Moneda. It celebrates the friendship between Mexico and the Philippines.
The value on this depends on how it is being sold. At auction it will sell right away, but probably for not much more than the value of the silver. A coin shop would probably ask twice that much, but it may take a very long time until someone actually buys it.
Thanks for the question! =)

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QUESTION: Dear Mr. Livshits.

Thank you very much for your response above.  Do I take it to mean that the "gold" appearance of the commemorative medal is merely "plated" or "gold-dipped"?  I ask only because from its appearance, the medal does not appear to be silver but gold.  Thank you again in advance for your kind attention and prompt reply. Best regards.

ANSWER: Hi again Patrick,
All the examples I've seen were silver and there is nothing out there to suggest a solid gold version exists. It's not impossible, just that the Mexican mint is not known for striking gold commemorative medals in the 1960's.
A jeweler would be able to tell very quickly if it's plated or solid. I can also figure it out by calculating the density of the metal, but would need the exact diameter and thickness of the coin to do so.
Thanks again for the question! =)

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QUESTION: Dear Mr. Livshits:

Thank you very much for the advise above.  I have since sought the opinion of two jewelers and they both inform me that the subject commemorative medal is in fact solid gold (of at least 22 carats).  The measurements of the commemorative medal are as follows:

Weight: 41.1 grams (1.4497 ounces)
Diameter: 3.81 cm
Thickness: 2.4 mm

Assuming that the jewelers are correct and that the commemorative medal is in fact solid gold, does it have any value in excess of its bullion value?

Thanking you in advance for any assistance which you may be able to provide.

With my best regards.

Answer
Hi,
Based on the weight and measurements, the coin is likely .900 gold, which is spot on with their 22 karat assessment. Medals generally are not above .900 gold, unless they are strictly bullion rounds. Working out the math, a .999 fine gold round of this diameter and thickness would be in the 44-45 gram range.
Considering that there were likely only a handful out there (the silver versions were made in low numbers, gold versions traditionally number a small fraction of the silver issues), it would likely have a retail value above that of gold bullion. Being a modern commemorative, I think a 25% premium is fair in a coin/hobby shop situation or from a private dealer.
I would not recommend selling it at auction with a low staring bid, since there are not any in recent auction records and most people would be reluctant to bid more than bullion value.
Thanks again for the question! =)