I Don’t Post Often Here On Upgrades To My Quarter Set, But This One Was Unusual To Say The Least!
wondercoin
Posts: 16,948 ✭✭✭✭✭
Patience sometimes pays off. I have been looking for a superb gem 1940-D finest known quarter (MS67+) for more than ten years. Two lovely MS67 examples showed up in Pogue’s collection auctioned off by Stacks in March, 2020. Both coins I thought should upgrade to MS67+ (and especially the one I pictured here), but I was outbid on them both as they each fetched between $2,500 - $2,650, where the prior two sales of MS67 coins at Heritage were at $492 and $504 respectively.
I just figured the (2) coins were bid up quite high already for me to bid any further, especially with the added typical costs of upgrading figured in. I did slightly regret though not going higher on this particular coin. But, after you wait ten + years for a coin to come along to fill your slot, another couple years won’t kill you! And, I felt fairly confident I might get another shot at these Pogue 1940-D coins anyway, after they upgraded.
So, I was not the least bit surprised when the 1940-D coin I liked the best from Pogue’s collection reappeared as a finest known MS67+ in the August Stacks sale. It upgraded quickly and deservingly so. This time, I placed a fairly early bid for the coin on Stacks’ site including in that bid what I though to be a very fair profit for the savvy dealer who upgraded it so quickly and got it reassigned to the August Stacks sale. I had no problem “paying up” if I had to for that dealer’s successful effort.
I won this finest known graded MS67+ coin at $1,700 hammer this time around! A total of $2,040 “all in” for the upgraded version of the coin that fetched about $500 more than that amount in March as an under-grade MS67. When do you ever see that?!!
I was thinking about calling this thread: “I’d rather be lucky than good”.
Pic coming in a moment.
Wondercoin
Comments
Patience paid off! Way to stick to your guns and not get in a bidding war with people more determined than you. Now you’ve got $500+upgrade fees to go toward your next one.
That's nice it worked out,
That was an expensive endeavor for the "savvy" dealer. Love the colors on the reverse.
That's a very pretty coin!
What would the coin fetch as a 68? That has to be the calculus the other dealer would have had to have used to justify paying so strongly. Yet they bail after presumably one try? Strange.
Latin American Collection
Congrats @wondercoin
Life is unpredictable the way things work out sometimes.
Boston
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
Bad transactions with : nobody to date
A savvy collector can make a bit of his/her own luck. The trick is to look for, recognize, and act on opportunities when they happen.
Oh, cool coin BTW.
What would the coin fetch as a 68? That has to be the calculus the other dealer would have had to have used to justify paying so strongly. Yet they bail after presumably one try? Strange.
Boosibri: Yes, very unusual indeed. $3,500-$4,500 as a 67+. $25,000-$30,000+ as a pop 1 MS68? Perhaps more or less depending upon whether a bidding war erupted as can happen (but not as frequently now since the middle of last year).
Just my 2 cents.
Wondercoin
Edited to add... AllcoinsRule.. somehow your PM didn’t come through. Please shoot it over to me again.
Pretty coin. Congrats on the acquisition and playing it to a tee!
There were five months between the auctions. That's enough time for multiple resubmissions.
Spectacular!!
Sometimes, it is BETTER to be LUCKY than good.
Congrats! I am truly happy for you!!
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
“There were five months between the auctions. That's enough time for multiple resubmissions.”
Coinjunkie. Interestingly, the coin went into the second Stacks sale without getting the CAC sticker placed back on the coin (that was there when the coin was graded 67). This might suggest the coin was cracked out of the holder trying to improve the chances of getting the full point upgrade being submitted raw. And, it might also suggest the coin was tried more than once and then there was no time left to get the sticker placed back on the coin ahead of the consignment deadline. Remember, it is not 5 months, as Stacks needs the coin a month or more earlier to produce the catalog.
Wondercoin.
That's a beautiful coin and I am happy for you.
In honor of the memory of Cpl. Michael E. Thompson
That one is a stunner!
OK, even at four months, there is ample time for multiple submissions to PCGS, particularly if using Express tier. I do find it quite odd that the consignor was in such a hurry to dump the coin that he/she neglected to get it re-stickered. That probably factored into their taking a loss on the coin. Your gain!
Congrats on finding the coin and the patience it takes to build a Great Set. I did bid on this coin at the first Stacks Auction as I thought the coin was a nice looking example and wanted one coin from the Pogue Collection. Nice Job.....
I used to be famous now I just collect coins.
Link to My Registry Set.
https://pcgs.com/setregistry/quarters/washington-quarters-specialty-sets/washington-quarters-complete-variety-set-circulation-strikes-1932-1964/publishedset/78469
Varieties Are The Spice Of LIFE and Thanks to Those who teach us what to search For.
Anyone think maybe the Plant in the corner of the room bought it????
Amwldcoin... wasn’t this the auction where there were only 1 or 2 people live in the room! There really were “plants” in the corner! 😂
Wondercoin
Awesome!!!! Congrats
100% positive transactions with SurfinxHI, bigole, 1madman, collectorcoins, proofmorgan, Luke Marshall, silver pop, golden egg, point five zero,coin22lover, alohagary, blaircountycoin,joebb21
Incredible, congrats!
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Congrats!
This seems like another example of a provenance/pedigree (Pogue) plus the CAC sticker leading to higher bids than the same coin in a new higher grade holder (with no other add-ons).
U1chicago... I understand your point, but keep in mind, Pogue is not really known for his coins from the 1940’s (thank goodness for him! Lol) and so I personally place very little, if any, added value for his pedigree on a Washington Quarter (I would take a Benbow pedigree Washington quarter any day over a Pogue- and yes - who is John Benbow! Lol). Also, what is often unusual about moderns like this is that the jump for 1/2 point can be 400% or 500%. And the next half point maybe 10x as I mentioned. So, in almost all cases, one wants the “modern coin” upgrade over the pedigree (unless you are Oreville). 😉
Just my 2 cents.
Wondercoin
Those are fair points. I watched one of those Stacks auctions and almost everything seemed to go higher than expected for the grade. While Pogue wasn't known for these moderns, there were quite a few people that wanted an example from his collection (regardless of the series) and were likely willing to stretch beyond the normal range for that particular coin. I even recall people on here mentioning bidding for that very reason.
Sometimes even a wonder finds a coin!
That's a great looking piece and a very interesting acquisition story. Congrats @wondercoin
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
A John Benbow mention, now there is something we don't read about everyday on the boards. One of my favorite WQs was a duplicate I purchased from John just over two decades ago and it was a gloriously toned 1947-D. I still have it and it is still in the same holder today as it was twenty-years ago.
In honor of the memory of Cpl. Michael E. Thompson
Tom. Do show that one here for the “youngsters” who have no idea what I am talking about! 😝
Wondercoin
I purchased this "extra" of his at the ANA show in Philadelphia on August 12, 2000. It's a 1947-D in a PCGS MS66 holder and it has never been reholdered. I still recall scanning through scores of coins and my eyes just fixed upon this one immediately and I knew it was coming home with me. The images are good, but the coin fairly glows with violet and blue around the edges framing a rich, silvery center-
In honor of the memory of Cpl. Michael E. Thompson
You have very good taste my friend; very good taste!
The coin got only the MS66 back then because it “didn’t have the look” PCGS was looking for; it was “too dark”. I have several silver quarters in my collection today that were also “too dark” as well from that era. Of course, your coin Tom is Magnificent and an easy shot MS67+ today and I Love It! I’ll take “dark” like that any day! Congratulations on picking up that one from Benbow!
Wondercoin
Mitch.
Congrats on your purchase of a great coin.
I (and likely others) am still looking forward to the day when you post photos of your registry set of clad washington quarters from 65 to 98.
Mitch,
Now that's a coin worth waiting for!!!
Ken
My Washington Type B/C Set
Reading this thread makes me want to seriously collect early Washington quarters. What a treat to read the various thoughts on this series. Thanks for sharing.
Perfect ending for a coin you really wanted.
WS
@wondercoin.... Congratulations, that is quite the mini-odyssey.... Cheers, RickO
what are the added typical costs of upgrade?
nice coin and you got at a discount
I did track this coin, but didn't bid. looks like timing was everything. I was wondering how the luster was on this coin - it no doubt appears to be original and undipped. Congrats!
10-4,
My Instagram picturesErik
My registry sets
DaveWesen... “what are the added typical costs of upgrade?”
$65 - $150 regrade fee for coins less than $2500, or more than $2500. Plus 1% of the value of the coin at the new grade- in this case an additional $45 for the $4,500 guide value. Plus $10 Invoice fee, plus shipping both ways. Do a lot of volume with PCGS and no doubt there could be some discounts.
Wondercoin
Elmer. I lot viewed the coin at Stacks back in March and remember liking it very much. But, I am out of the country at the moment, so I won’t get to enjoy looking at the luster until my return. The originality / undipped surfaces are a given as you mention.
Wondercoin
Not sure about the upgrade, but generally prices are especially exuberant in big name sales and come down after.
Great coin. Congrats on picking it up
The '40-D is underrated in high grade and that one is spectacular.
Very nice looking Washie!
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
“Not sure about the upgrade, but generally prices are especially exuberant in big name sales and come down after.”
Zoins. Well, yes and no. This coin is from the same sale where I believe a number of very special gold coins sold for well under expected fair value. But, I understand your point. When I was young and naive, after eating more than my fair share of Shrimp cocktail at the cocktail party (and meeting Jed Clampett) ahead of the auction, I got carried away with a number of my bids!
Wondercoin
A very attractive quarter.
Congratulations
Gazing at your coin's pics makes me think of airless planets or moons where once side is cold as ice and the other side blazing hot! Lots of wonderful eye appeal on your washie.
"Got a flaming heart, can't get my fill"
“The '40-D is underrated in high grade and that one is spectacular.”
CladKing. Thank you. Yes, the 1940-D is a semi-key date in the quarter series and nearly impossible to locate in true MS68 quality. There were no half dollars produced by the Denver mint in 1940, so these D mint quarters were really the “workhorses” for normal commerce in that area of the country in 1940. The silver dime is much easier to locate in 68 grade with around 32 coins graded in that grade of full band and even one MS68+FB (as well as 4 MS68 no bands). I’ve got a large pile of MS67 quarters of this date in my collection and some worthy of the + when I resubmit them. But, I’ve come up short in 37 hard years of searching for a true MS68 quality coin of a 40-D. So, yes, very underrated!
Wondercoin
I agree on the gold. I've mentioned this before, but what I've seen is:
I'm guessing the stay at home crowd bidding on coins has budget for 4-5 figure coins has pre-Covid budget with much more time on their hands, while people normally bidding on 6-7 figure coins have business concerns and don't have access to pre-Covid budget.
Washington Quarters have been really moving recently; I have sold more of them than everything else combined the last couple of months.....very odd.....so I keep buying more.....
Well done. No longer have to "wonder" when you will locate the coin. Guess it is true once in awhile: "Things do come to those who wait" (but hopefully not too long).
Glad to hear that the coin ended up in the proper home. Sometimes, patience is the key to coin collecting though very hard to exercise in this hobby. In some cases, I waited 5 years or more for a particular coin to reappear.
“Washington Quarters have been really moving recently; I have sold more of them than everything else combined the last couple of months.....very odd.....so I keep buying more.....“
Minnie Gray... are you selling the top pop Registry coins or mostly collector coins in lower grades at these much higher volumes these days?
Wondercoin