The 1943 copper (NGC AU53-"Don Lutes Jr" example)

BochimanBochiman Posts: 24,654 ✭✭✭✭✭

So, saw it mentioned on the news.
Short version:
Kid (Don Lutes Jr) got it with change in 1947, after buying school lunch.
Kept it entire time, up to his death, last September.

So....I don't know his wealth situation, nor that of his family members. His estate is obviously selling it and so, either no one has interest (his heirs) or they are mixed on it and are selling/splitting the profits.

As I get older, I think about things like this. Even with my collection, there may be things my son wants, that we have done together, and things he doesn't want/has no interest in.

I hope to be smart enough to sell those latter items, prior to my earthly departure, as it would be cumbersome, and rude, to put it on him/my wife/anyone else, and, if it was put to someone else, then the amount they would be worth would be lessened by any fees/laziness of the seller.

On the particular penny in question (yeah yeah yeah...penny is for the English and ours is a cent....I don't care :) ), given that Mr Lutes died an older man (remember, he was buying his school lunch in 1947 when he got this.... 71 years right there, plus whatever age he was at the time...I haven't looked it up), was it "smart" of him to hang on to it as long as he did? It's for sale now, less than 4 months after his passing, so it would appear he was the one wanting it.

Bottom line is that it was HIS coin, to do what he wanted with, and that's all good. Still, I do think about my own family and my collection.

Would YOU keep any coins to your "anticipated" demise of old age?

I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

Comments

  • HemisphericalHemispherical Posts: 6,463 ✭✭✭✭✭

    @Bochiman said:

    Would YOU keep any coins to your "anticipated" demise of old age?

    Yes. I collect for myself and no one else.

    Exception, if one of my kids or grandkids shows an extraordinary interest then I may adjust the will or gift the collection before I die.

  • LakesammmanLakesammman Posts: 15,621 ✭✭✭✭✭

    I'd sell everything while it still has some value and enjoy life! :D

    The only things I would hold are specific items I'm saving for people that will (hopefully) mean something to them.

    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).
    I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17)
    Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ
  • BochimanBochiman Posts: 24,654 ✭✭✭✭✭

    @Lakesammman said:
    I'd sell everything while it still has some value and enjoy life! :D

    The only things I would hold are specific items I'm saving for people that will (hopefully) mean something to them.

    Yeah, I mean, I can imagine keeping coins that give you joy to look at. I really can. But, as one gets into their 60s, and then 70s especially, I would be wanting to sell most things I had that didn't have a planned recipient "just in case".
    If I wasn't independently wealthy, I would probably sell things a bit earlier to do like you said.....enjoy life.

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • rickoricko Posts: 67,127 ✭✭✭✭✭

    Well... I am what is usually termed 'old age'...and I am still enjoying my coins. At this time, I have no inclination to sell....and if I should pass.. .well, the coins will either find their way into the market, or just be distributed to heirs to do with as they wish. I really do not worry about it. Cheers, RickO

  • oih82w8oih82w8 Posts: 8,555 ✭✭✭✭✭
    edited January 9, 2019 10:02PM

    What is killing me is that lots of articles are comparing this bronze 43 cent to the bronze 43-D cent, which is rarer than the more "common" 43 philly version. It should not break $1M unless two (or more) people really buy into the hype. Nevertheless an interesting story of a young collector who stumbled upon a great rarity no doubt.

    oih82w8 = Oh I Hate To Wait _defectus patientia_



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  • tradedollarnuttradedollarnut Posts: 18,847 ✭✭✭✭✭

    Shouldn’t break $200k

  • mannie graymannie gray Posts: 4,766 ✭✭✭✭✭

    @tradedollarnut said:
    Shouldn’t break $200k

    Shouldn't but something tells me it will.
    Lots of hype.
    I have received many forwarded news articles from friends and others who know I'm into coins.
    There's a lot of interest in the coin and especially in the "story."
    Whether that will translate into actual bids is the question.

  • FredWeinbergFredWeinberg Posts: 4,401 ✭✭✭✭✭

    170k plus the juice—-sold

    Collector & Dealer in Major Mint Error Coins & Currency since the 1960's.Co-Author of Whitman's "100 Greatest U.S. Mint Error Coins", and the Error Coin Encyclopedia, Vols., III & IV.
    Authenticator for Major Mint Errors
    for PCGS. A 42 +-Year PNG Member, and an ICTA Board Member.A full time coin dealer since 1972.
  • tradedollarnuttradedollarnut Posts: 18,847 ✭✭✭✭✭

    Missed it by thaaaaat much. ;)

  • HemisphericalHemispherical Posts: 6,463 ✭✭✭✭✭

    Hope the heirs had not spent the $1 mil already.

  • FredWeinbergFredWeinberg Posts: 4,401 ✭✭✭✭✭

    I lost a small bet w/ Jim H on it

    ...thought this one would go $250 plus BF

    It was the first Error I recall reading about when I was a kid

    Collector & Dealer in Major Mint Error Coins & Currency since the 1960's.Co-Author of Whitman's "100 Greatest U.S. Mint Error Coins", and the Error Coin Encyclopedia, Vols., III & IV.
    Authenticator for Major Mint Errors
    for PCGS. A 42 +-Year PNG Member, and an ICTA Board Member.A full time coin dealer since 1972.
  • 291fifth291fifth Posts: 17,460 ✭✭✭✭✭

    @FredWeinberg said:
    170k plus the juice—-sold

    A bit more that 10% of what the news media was claiming it was worth.

    All glory is fleeting.
  • FredWeinbergFredWeinberg Posts: 4,401 ✭✭✭✭✭

    It was never worth what Fox News said it was worth-
    They were comparing it with the unique D

    Collector & Dealer in Major Mint Error Coins & Currency since the 1960's.Co-Author of Whitman's "100 Greatest U.S. Mint Error Coins", and the Error Coin Encyclopedia, Vols., III & IV.
    Authenticator for Major Mint Errors
    for PCGS. A 42 +-Year PNG Member, and an ICTA Board Member.A full time coin dealer since 1972.
  • SmudgeSmudge Posts: 3,890 ✭✭✭✭✭

    @Lakesammman said:
    I'd sell everything while it still has some value and enjoy life! :D

    The only things I would hold are specific items I'm saving for people that will (hopefully) mean something to them.

    I hope my collector coins will become family heirlooms. The bullion they wlii likely sell and I have given instructions on both, but I hope the collector stuff remains in the family for generations. May not happen, but hope springs eternal.

  • Downtown1974Downtown1974 Posts: 4,482 ✭✭✭✭✭

    My plan is to leave my daughters my collection of coins and bullion as part of their inheritance. Sort of a diversification of my estate. Of course, if they stick me in a nursing home....all bets are off.

  • BillDugan1959BillDugan1959 Posts: 2,752 ✭✭✭✭✭

    There is many a slip between the cup and the lip....

    https://en.m.wikipedia.org/wiki/There's_many_a_slip_'twixt_the_cup_and_the_lip

    I do appreciate Mr. Weinberg's quick report on the sale price.

  • Lutes died in September. He directed all proceeds from the sale to be donated to the Berkshire Athenaeum at the public library in Pittsfield, Massachusetts.

    :) <3

    "A happy person is not a person in a certain set of circumstances, but rather a person with a certain set of attitudes"--Hugh Downs
  • blitzdudeblitzdude Posts: 1,606 ✭✭✭✭✭

    @FredWeinberg said:
    It was never worth what Fox News said it was worth-
    They were comparing it with the unique D

    Fake news?

  • mannie graymannie gray Posts: 4,766 ✭✭✭✭✭

    @blitzdude said:

    @FredWeinberg said:
    It was never worth what Fox News said it was worth-
    They were comparing it with the unique D

    Fake news?

    Maybe not "fake"......merely extremely exaggerated in order to get clicks/eyeballs/advertising revenue.

  • LakesammmanLakesammman Posts: 15,621 ✭✭✭✭✭

    I'm sure the owner derived more pleasure from the coin than any heir could have - good for him! :+1:

    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).
    I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17)
    Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ
  • BillDugan1959BillDugan1959 Posts: 2,752 ✭✭✭✭✭
    edited January 11, 2019 7:44PM

    I don't know, $170,000+ can buy an heir a great deal of comfort and security, or for the profligate heir, a plethora of fleeting pleasures.

    The Library board will blow the money in a few years too.

  • mr1874mr1874 Posts: 4,129 ✭✭✭

    Am I seeing things or has the '43 copper that recently sold for $204 K been called AU?

    How can anyone with a straight face call this coin AU taking the wheat detail, lack of mint luster and the many,many marks into account?

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