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Finding a Bottom...

coinlieutenantcoinlieutenant Posts: 9,305 ✭✭✭✭✭
edited January 13, 2019 9:44PM in U.S. Coin Forum

Even as a full time dealer, I still actively search for very small specific niche areas of the coin market that I know will not have any meaningful effect competition wise for my customers.

The primary series I collect is Swiss Confederation Type in very choice condition, a result of @MrEureka selling me a coin in 2006 that was a centerpiece around which to build. I think I and three other people in the world look for these and all of us apparently have masochistic tendencies.

My secondary focus, thanks to @ColonelJessup selling me a similar centerpiece coin is to put together a date set of Bust Half Left Eagles in XF45, that are toned and CAC'd. There are 20 graded coins (18 green and 2 gold) from which to choose. Until this past show, I owned only two of them (an 1808 and 1810) and I know of the 1809/8 that I want (Talking to you @Charlottedude) That leaves a total of 17 candidates. I don't know why I do such silliness, but bear with me....

I have been tracking one specimen for quite some time, first when it sold at auction in April 2009 (before I was collecting them) in an NGC XF45 CAC holder. Examination in the Dec 2017 auction appearance revealed that it is a CAC "B" coin. Normally I would wait, but my exhaustive research led me to believe that the chances of finding another XF graded 1811 with attractive toning was pretty marginal. I decided to bid, but not aggressively.

You can verify and see the auction appearances I have listed below through Coinfacts. Notice the large number of auctions for the same piece, first at Legend, then at Heritage in the recent past.

I would be interested in your thoughts on this action, keeping in mind that it is an anecdote only. Given the vast amounts of open information out there today and how that information is used by collectors for the purposes of valuations compared to older methods, what responsibilities do the auction houses have to ensure that reserves are used when appropriate and consignor shilling is disincentivized?

Does reporting of these repeated sales show the "staleness" of a coin and act as a mechanism to discourage certain behaviors? Is the behavior wrong at all if the consignor pays the auction house their fee in buyback?

I ask these questions as an aside to the very spirited discussion around grade tracking WRT Coinfacts and Truviews. We live in an information age and it will be interesting to see how that information, its availability, and attempts to make it opaque change the hobby for better or worse.

April 2009: Heritage (then NGC XF45 CAC), $6900
Dec 2017: Legend (now PCGS XF45 CAC), $8519
Apr 2018: Legend, $8250
Jul 2018: Legend, $7700
Oct 2018: Heritage, $7200
Jan 2019: Heritage, $6667

Caveats to close:
**I am not accusing anyone of anything, although I do know the owner of the coin.
**I am not condemning anyone for perfectly legal behaviors or judging, simply asking about the tie to information age repercussions .
**I am happy that I added a third coin to my set and being another step closer to completion.

Happy Hunting and thanks for reading this far. :)

John

Edited to add some pics.



Comments

  • nankrautnankraut Posts: 4,565 ✭✭✭

    :'( Interesting.....

    I'm the Proud recipient of a genuine "you suck" award dated 1/24/05. I was accepted into the "Circle of Trust" on 3/9/09.

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