I bid over $1000 on an eBay private auction, all sales final. POLL: How stupid was I?

jonathanb · January 15, 2008 6:41AM

There are some things you Just Don't Do on eBay. Everyone knows you don't want to bid on private auctions. Everyone knows that you don't bid on auctions where the seller says "All sales are final."

I didn't listen, and I bid anyway. How stupid was I?

Seller's original description and pics:

<< OLD AMERICAN COIN 1766 – UNKNOWN COIN
YOU ARE BIDDING FOR
OLD AMERICAN COIN 1766 – UNKNOWN COIN
COIN IS IN REASONABLY WORN CONDITION >>

rgCoinGuy · January 15, 2008 6:47AM

Do you at least have an idea what that coin is and what it may be worth? Hard to do the poll without your thought process would be my two cents....

jonathanb · January 15, 2008 6:50AM

<< Do you at least have an idea what that coin is and what it may be worth? Hard to do the poll without your thought process would be my two cents.... >>

That's all the information that was provided by the seller, and the seller's original pics. It would be cheating if I said anything else...

FLBuffaloHunter · January 15, 2008 6:51AM

If you bid over $1,000 on that coin, I would say you need to stop bidding on raw coins period.

rhedden · January 15, 2008 6:52AM

I'm going to say you think it is a Pitt token farthing. However, in that crapulent condition, how can one even authenticate it?

DJCoinz · January 15, 2008 6:54AM

Someone thinks you were very smart to do so.

ARCO · January 15, 2008 6:55AM

If you knew the series exceptionally well, then maybe you knew something the seller didn't. However, based on the pics the coin looks corroded or encrusted with sea barnacles or something

All sales final on Ebay normall means = "I am a lousy crook / fly by night operator / lowlife who doesn't back up my product". Maybe it means something else, but I have my doubts. Lastly, if you can see that other bidders are going for the same coin, then you know that they know something too. However, a private auction might just mean that the seller is pumping up his auction at your expense.

I am curious to know what the coin is and what you thought it was and what it was worth.

Tyler

savoyspecial · January 15, 2008 6:55AM

buying raw on ebay is walking blindfolded through a minefield

i've come to realize that 'slight rim bump' means it still has the solder residue from when it was a jewelry piece

greg

ksteelheader · January 15, 2008 6:56AM

Is that a Hibernia??

RayNY2E · January 15, 2008 6:59AM

Soo Sorry to see that. The only Thing you can Do is Don't pay and Take The Negative or PAY and Suffer With A Lesson Learned! I Can't imagine bidding on Something that you don't even know what it is,and at the Dollar amount you Bid!! OMG I'll bet that's the Last Time you Do That!

Ray in Florida..

rgCoinGuy · January 15, 2008 7:01AM

OK I see it could be a Pitt farthing, or half penny, I can't tell from the picture, if it is real at all. The problem is, even if its legit and its the half penny, its only worth 450 bucks in VG, and I don't see that passing VG mustard. Since you bought it, I hope for your sake it turns out to be a farthing, and is salvagable. Good luck.

HonoluluDude · January 15, 2008 7:03AM

For a grand, they could have at least left the creamy filling in the center.

PerryHall · January 15, 2008 7:04AM

<< i've come to realize that 'slight rim bump' means it still has the solder residue from when it was a jewelry piece >>

Unless it's where the casting sprue was removed.

Weiss · January 15, 2008 7:08AM

Pitt Farthing (wrong bust for the halfpenny). See page 48 of the 2008 spiral bound redbook.

Redbook lists the farthing as $9k in Fine.

If it's real, it's in pretty bad shape. Maybe it can be "conserved"?

And for what it's worth (pardon the pun), you gotta roll the dice on things like that once in awhile. It took cajones to make that play. I might have done several hundred, but I don't think I would have gambled $1k. Good luck to you. Let us know how it turns out!

jimmymac · January 15, 2008 7:10AM

is this a bait and switch question?? feel that we are in for a suprise on this one - how can anyone bid over a $1000 on this (I think) coin without doing some research or at least asking some questions - gotta be stupid or something else going on here

doh · January 15, 2008 7:11AM

Yikes, you better hope it's a Pitt Farthing and even then......

tmot99 · January 15, 2008 7:12AM

If you pay with PayPal, it doesn't matter if the seller says no returns. PayPal allows returns no matter what.

I odn't know what it is or what it's value is, so I can't pass judgement on it.

SeattleSlammer · January 15, 2008 7:13AM

You are very brave taking a poll on your stupidity level.
I don't think my ego could take it!

notwilight · January 15, 2008 7:14AM

You must have known the seller and what the coin is. The private auction doesn't bother me. Sellers are using them more and more to keep other sellers from contacting your buyers trying to steal them away. I'm even thinking about doing it. --Jerry

Weiss · January 15, 2008 7:15AM

Just noticed the similarity between the coin in the original post and the icon for the first response

jonathanb · January 15, 2008 7:21AM

I'm going to give this another hour or two to let people post as they finish their workday before I say anything more.

WinPitcher · January 15, 2008 7:28AM

Jon

I am by no means an expert in that series but is it possible that the coin was minted in England and then brought over here? Or is that already a fact? I ask only because around 40 yrs ago my father and I were digging in the back yard and found an old coin. It was dated around 1760. We brought it to a friend who was a coin collector and he showed us a book that explained to us had the coin been minted in America it was worth thousands but since it was minted in England it was worth only a hundred or so.

This was back in the early 60's. I thinkmy dad still has the coin.

Steve

Moki · January 15, 2008 7:30AM

I think you must be confident what the coin is, otherwise you would be very stupid. So stupid in fact, that you would never think about exposing your stupidity willingly and publically. Therefore, you must be smart! Congratulations!

291fifth · January 15, 2008 7:32AM

There is no Santa Claus in numismatics.

NorcalJim · January 15, 2008 7:37AM

<< For a grand, they could have at least left the creamy filling in the center. >>

OMG LOL!

VTCoins · January 15, 2008 7:43AM

I don't think he said he paid $1,000. He said he BID $1,000.

For all we know, he got it for $10.

richardshipp · January 15, 2008 7:50AM

I don't believe there is enough info provided by you for us to make a judgment as to the merit of the bid.

We don't know if you knew the seller.
We don't know if you knew for sure what the coin is.
We don't know if you won the auction or if you did at what price.

I didn't vote in the poll but I'm thinking you wouldn't have made the OP without a good reason and to help educate us all.

I'm anxious to see the answer.

goose3 · January 15, 2008 7:52AM

I get the feeling he's going to deserve this.....

YOU SUCK!

mgoodm3 · January 15, 2008 7:54AM

You're probably making up for buying that unique token on Ebay as chronicled in CW recently.

Batman23 · January 15, 2008 7:58AM

Looking at the bust and the rim it is most definately the Farthing. The 2007 Red Book lists it as being worth $8,200 in Fine and I think someone else posted that the new book values it at $9K. The posted coin, although corroded, appears to have some detail there. If it is better than the photos indicate and it can be conserved it will be a nice purchase. I know that a problem free one would be out of my purchasing power. Good Luck on your purchase!

jhusman · January 15, 2008 8:03AM

<< There is no Santa Claus in numismatics >>

Sometimes there is. I paid 30 dollars for a lot of indian head cents that contained an 1894 doubled date and a 1909 s, plus some other better dates in better codition.

It's rare, but you have to be really good before you get to meet numismatic santa.

Drizzt · January 15, 2008 8:30AM

NO...that's not copper...no no no no no way

jonathanb · January 15, 2008 8:32AM

Voting seems to have trailed off, with "very stupid" leading "very smart" by 4:1.

Everyone who voted "very stupid" can feel justified. This was really stupid. One of the most stupid bids I've made in a while. Unlike some board members, I don't play with 5- and 6-figure coins as a matter of course. This was among my highest purchases for the entire last year, and it is pretty stupid to shell out that amount of money to on a guess.

Unless, of course, you want to measure the results.

jimmymac was on target. There was something going on here. The question was legit, but I didn't say that I bid on the auction today. This was one case where I wanted to know the answer myself before I posted the question.

This is a Pitt farthing. As several posters noted, there's no chance it was a Pitt halfpenny.

There was a chance it was fake. When I considered my bid, part of my reasoning was that I had never seen a counterfeit Pitt farthing. I'm sure they exist, but even the counterfeits are uncommon. If this was a Continental Dollar I wouldn't have bid in a million years. But if it was anything, it was a Pitt farthing.

I placed a bid that I thought was high enough to beat anyone who didn't know what it was, and low enough that I wouldn't even be in contention if someone else identified it for sure. I was lucky, and it slipped through.

How confident am I that it's real? On a personal level, examining it in hand, I was about 99% confident after several days of agonizing.

Several people sensed something going on with my post, but nobody figured out exactly what. I'm not an expert in colonials, and 99% confidence from a non-expert is worth just about as much as 0% from a non-expert. So I sent it to Stack's. They were 100% confident.

This sold today. I hope it fills a nice hole in its new owner's collection.

Props to rhedden for first identification. I think the best take-home lesson here is that there are no absolutes in collecting. As Weiss said, sometimes you have to take a chance -- because sometimes it pays off!

jonathan

coindeuce · January 15, 2008 8:38AM

<< Voting seems to have trailed off, with "very stupid" leading "very smart" by 4:1.

Everyone who voted "very stupid" can feel justified. This was really stupid. One of the most stupid bids I've made in a while. Unlike some board members, I don't play with 5- and 6-figure coins as a matter of course. This was among my highest purchases for the entire last year, and it is pretty stupid to shell out that amount of money to on a guess.

Unless, of course, you want to measure the results.

jimmymac was on target. There was something going on here. The question was legit, but I didn't say that I bid on the auction today. This was one case where I wanted to know the answer myself before I posted the question.

This is a Pitt farthing. As several posters noted, there's no chance it was a Pitt halfpenny.

There was a chance it was fake. When I considered my bid, part of my reasoning was that I had never seen a counterfeit Pitt farthing. I'm sure they exist, but even the counterfeits are uncommon. If this was a Continental Dollar I wouldn't have bid in a million years. But if it was anything, it was a Pitt farthing.

I placed a bid that I thought was high enough to beat anyone who didn't know what it was, and low enough that I wouldn't even be in contention if someone else identified it for sure. I was lucky, and it slipped through.

How confident am I that it's real? On a personal level, examining it in hand, I was about 99% confident after several days of agonizing.

Several people sensed something going on with my post, but nobody figured out exactly what. I'm not an expert in colonials, and 99% confidence from a non-expert is worth just about as much as 0% from a non-expert. So I sent it to Stack's. They were 100% confident.

This sold today. I hope it fills a nice hole in its new owner's collection.

Props to rhedden for first identification. I think the best take-home lesson here is that there are no absolutes in collecting. As Weiss said, sometimes you have to take a chance -- because sometimes it pays off!

jonathan >>

And what is the standard remuneration to the eBay seller in appreciation of your good fortune?

Mar327 · January 15, 2008 8:44AM

Way to GOOOO!

And....... YOU SUCK!

Moki · January 15, 2008 8:49AM

<< This sold today. I hope it fills a nice hole in its new owner's collection. >>

Congratulations, and a fun story.

Yes, there really is a Santa Claus! (If you know what you're doing and are willing to roll the dice.)

I'd love to see the coin after restoration, if performed.

53BKid · January 15, 2008 9:14AM

Wow, dude, you have stones. With some decent likelihood of it being a fake, I couldn't possibly have considered going out on a limb like you did.

Congrats!

WinPitcher · January 15, 2008 9:18AM

Bravo. Am I to understand the one that sold today is the one you bought off ebay?

Steve

2bucks · January 15, 2008 9:19AM

I didn't even vote. I would never have made that move.

*Why do lions always eat raw meat? (Because they don't know how to cook.)*

Good Luck with that...

rgCoinGuy · January 15, 2008 9:21AM

I have to say, Congrats on that one, and what a much better picture stack's got out of that poor coin

vplite · January 15, 2008 9:25AM

I did not vote, but your story is incredible.

ricko · January 15, 2008 9:27AM

Excellent... great find... you took a chance, but had an idea what you were doing. It worked. Good for you. Cheers, RickO

Bochiman · January 15, 2008 9:28AM

All I can say is "very cool!".

That's awesome.

PerryHall · January 15, 2008 9:31AM

Sounds like you played Russian roulette and didn't lose. Still don't think it's a good idea.

jonathanb · January 15, 2008 9:32AM

<< Am I to understand the one that sold today is the one you bought off ebay? >>

<< what a much better picture stack's got out of that poor coin >>

Yup, same coin. For something with fewer than a dozen specimens known, it would really be a heck of a story if it wasn't the same coin!

I tried to get a decent pic, and I won't even show you the best I could come up with. Kudos to Stack's for their photography!

fc · January 15, 2008 9:45AM

nice score. well done. i am quite jealous!

FLBuffaloHunter · January 15, 2008 9:50AM

Glad it worked out but I must say the odds were definitely stacked aginst you based on the sellers pictures

RichieURich · January 15, 2008 9:51AM

I'm happy this worked out for you. The strategy isn't for me, though. Corrosion on the coin makes it difficult to authenticate from a photo, coin could have been photoshopped to look like the farthing even though it was the much more common halfpenny, no returns, no refunds, no recourse if it's a counterfeit, it's on eBay, and it's a Colonial, which is a series plagued with counterfeits. But, again, congratulations on having the courage to take this gamble.

rbalderman1 · January 15, 2008 9:59AM

LOL..How sad.. You could have bought my Jeff's Liberty pair of 69's First Strikes and I would have given you back $20.:&lt

Why would you do that?? Do you the have item#from Ebay so we can see the auction???Thx

VintageJeff · January 15, 2008 9:59AM

YOU SUCK

Deadhorse · January 15, 2008 10:12AM

I think you should go play in traffic on the freeway.

It's obvious you can dodge bullets.

Congrats and BTW, you suck!

Edit: I voted VERY STUPID, but what the Hell do I know?

I bid over $1000 on an eBay private auction, all sales final. POLL: How stupid was I?

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