Strange auction history of Charlotte gold dollar
chesterb
Posts: 988 ✭✭✭✭✭
I found this interesting and thought I'd post it for the forums thoughts. I was researching a Charlotte gold dollar date and found numerous Heritage auction results in a short period of time for one particular coin. I won't include all of the links but here is a summary:
- 1-5-2018: 1850-C listed in PCGS VF-35 old rattler holder - sold for $2,040 https://coins.ha.com/itm/gold-dollars/1850-c-g-1-vf35-pcgs-pcgs-7510-/a/1271-5957.s?ic4=GalleryView-Thumbnail-071515
- 9-7-2018 same coin in the same rattler holder but now with a CAC sticker sold by Heritage for $2,240
- 6-7-2019 same coin but now in an NGC AU-50 (no sticker) holder sold for $2,413.20 [https://coins.ha.com/itm/gold-dollars/1850-c-g-1-au50-ngc-variety-1-pcgs-7510-/a/1296-4037.s?ic4=GalleryView-ShortDescription-071515]
- 10-18-2019 same coin in the same NGC holder sold for $2,343.60
- 4-26-2020 same coin in the same NGC holder sold for $1,980
- 8-9-2020 same coin in the same NGC holder sold for $2,520
First of all, why do you think there would there be so many auction records for the same coin in such a short period of time? I think it is an uncommon and truly scarce coin in demand. Is it the same person hoping for a larger windfall each time it's posted?
Second, it is just one example but it shows the increase in value of the CAC sticker (increasing the value $200). It also shows that a coin in an old PCGS holder with a CAC sticker in VF-35 is worth approximately the same as a new NGC in AU-50 +/- $100 or so.
Comments
Looks about 40-45 with an unfortunate ding in a bad place. I would prefer to have it in the 35 holder CAC. I suppose someone thought that a 50 holder would bring a windfall if tried enough times.
It’s the same coin every time it’s auctioned and it certainly isn’t a fresh coin (6 appearances in a few years). The coin does not look like a 50, it’s in the wrong holder, and the hit on the chin is very distracting.
I agree there were many sales in a short period. This probably means, there’s was not a collector buyer is the the series of sales. It is just a dealer circus. If it is a nice coin, grade not reverent, hope someone will rescue this coin. It needs a home.
My 20th Century Gold Major Design Type Set ---started : 11/17/1997 ---- completed : 1/21/2004
_Edited to add, just realized part of the comment I typed didn't post _
The grade bump is a little confusing as I don't see it as a AU50, but that aside, it's probably in the EF range anyway. What I find more interesting is the price didn't move that much.
Not totally uncommon from what I have seen for "specialist" coins (i.e. coins without mass market appeal, but definitely worthwhile to the right collector). I think what happens is is the first buyer isn't happy for some reason, and then it might take a few times around the block for it to find a home.
I've noticed that sometimes this comes with a valuation drop for that particular coin after sale two or three, and then it hops from point A to point B for about the same price for a year or two before someone buys it and enjoys it for what it is. After that, it tends to disappear again.
My 2c
“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
35 to 50? Wow. I would've guessed 30.
Great transactions with oih82w8, JasonGaming, Moose1913.
AU50? Not even close... not surprising, considering the holder.
I concur with the observation above.
Sad
Latin American Collection
My understanding is both top services inflate the grades of branch mint gold a fair bit. Still, this one seemed to jump a lot.
When I see these 4 to 6 month auction turn-arounds at Heritage, I often think that Heritage initially purchased the coin and is reselling it, hoping to make a profit. But I could be wildly mistaken.
Here is one that is in a PCGS AU-58 holder.
I think it's what's known as a "coffin coin" in its present incarnation.