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Thread Title: Stack's West 57th Street Collection! A one million coin hoard about to be sold by Stack's
Created On Monday March 10, 2014 1:02 PM
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dbcoin
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Tuesday March 11, 2014 1:33 PM

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One piece of stock market news with this release is that Stacks is being split out from Spectrum and becoming a private company. Shareholders were given 65c/share for the Stacks portion which is being taken private. This is roughly a valuation of $20M. Now we get news that in their basement they had this hoard worth $15M-$20M or essentially what shareholders were paid. So Stacks, Spectrum coin, Teletrade had no value and the entire worth was these coins? I think someone got hosed here.

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hchcoin
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Tuesday March 11, 2014 1:56 PM

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<< One piece of stock market news with this release is that Stacks is being split out from Spectrum and becoming a private company. Shareholders were given 65c/share for the Stacks portion which is being taken private. This is roughly a valuation of $20M. Now we get news that in their basement they had this hoard worth $15M-$20M or essentially what shareholders were paid. So Stacks, Spectrum coin, Teletrade had no value and the entire worth was these coins? I think someone got hosed here. >>



I don't know the specifics of the hoard but Stacks probably has liabilities on its balance sheet off setting the full value of these assets. In other words, Stacks could have borrowed $14M to buy these $15M of coins. The net value on its books could be $1M or less.

I still don't see where everyone is getting that these were just sitting in their basement versus buying them outright from a collector or dealer. If I was a shareholder, I would be asking that question on the phone today with all the negative publicity the coins are getting in this thread

Edited: Tuesday March 11, 2014 at 1:56 PM by hchcoin

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Staircoins
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Wednesday March 12, 2014 2:51 PM

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<< One piece of stock market news with this release is that Stacks is being split out from Spectrum and becoming a private company. Shareholders were given 65c/share for the Stacks portion which is being taken private. This is roughly a valuation of $20M. Now we get news that in their basement they had this hoard worth $15M-$20M or essentially what shareholders were paid. So Stacks, Spectrum coin, Teletrade had no value and the entire worth was these coins? I think someone got hosed here. >>


Source, please?


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joebb21
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Wednesday March 12, 2014 3:00 PM

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Any chance this "hoard release" was done quickly to catch the lower end of the saddle ridge hoard people?

Perhaps this grouping will be sold on amazon as well....(though obviously not-)

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lkeigwin
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Wednesday March 12, 2014 4:10 PM

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<< 1 million coins, total value between 15 and 20 million... can you say junk silver? So Stacks has a pile of junk silver they just hired or reassigned some people to search for better coins and pull out, great. >>

That was my first reaction.

A million coins worth $15-20 million? And they have yet to be searched but are guessing about total value? Sounds like lots of bags of circulated junk.

If the team examined and logged and filed each coin at the rate of one every minute that would take a million minutes. 8 hour days, 5 days a week, 52 weeks a year...it would take more than 8 years.

No doubt a lot of it will be sold in bulk.
Lance.

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ARCO
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Friday March 14, 2014 11:39 PM

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<< Until we hear otherwise, I will assume there will not be that many coins valued at $1000 or more each. >>

If Collecting a coin that is so common that its owner shoved it into a burlap sack with 1,000, 2,000 or 5,000 other similar coins and threw the sack in some dark basement, whose sacks are measured in tons, if that excites a collector then go for it.

It doesn't excite me in the least. I enjoy the hunt for coins that are relatively difficult to find.

Tyler

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Baley
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Saturday March 15, 2014 3:17 PM

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Sometimes, in the newspaper or magazine, you'll see an ad for a "released hoard" or some such junk... order now to avoid disappointment and future regret!

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BarberFanatic
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Sunday August 17, 2014 3:42 PM

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Now that some of this "hoard" has been released for sale for a few months I wanted to resurrect this thread to see what people have thought of the quality of what's been offered so far.

Maybe it's just me, but I'm seeing A LOT of coins with active PVC inside the NGC holders. Lots of gray haze and bright green spots that have been left untreated. I'm curious why S-B and/or NGC didn't address these problems BEFORE slabbing the affected coins.

I also wonder if anyone else has noticed the same thing.

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