1879-S, NGC MS65 CAC Sells For $930 at GC
DelawareDoons
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Somebody help me understand why. As far as I'm aware, there are no uber key VAM's for '79-S and this sold for 67+ money, or somewhere between 66+ and 67 money for PL's. It's just a mind numbing result to me. I figured this was a $200-$250 coin.
https://www.greatcollections.com/Coin/916865
The GC pics are kind of blown out with light, after some adjustment, this is apparently a $930 coin...
Professional Numismatist. "It's like God, Family, Country, except Sticker, Plastic, Coin."
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Comments
two bidders with more money than sense, perhaps
Nothing is as expensive as free money.
It has a lot going for it. Frosty, unique look, some color, old holder, CAC, in the price range where it is affordable to a lot of collectors. The yellow splotches on the reverse are not my cup of tea but I can see two people loving it enough to bid it up, and it is cheap enough that paying a multiple of book is not too painful.
Looks closer to a 67 from the photos, but does not look PL to me. I don't think Ian has lot viewing currently available so this
was bought without having personally view by the buyer and/or underbidder.
It's the toning. I don't feel the need to pay a premium for it, but a lot of people do.
An attractive coin... and the end result documents that others see this one in the most favorable light.
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CAC didn’t think it was a $900 coin or there would be a gold bean.
I'm sure that a couple of people think it will upgrade to 67+ so it will be cracked and sent here is my guess. While I'm not a fan the bit of color probably also helped the end result, and while I hate to see old holders cracked at least this is the most common old soap holder.
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The most likely reason is the perception that the coin could go PL and/or higher than 65, as others have said. The toning is neutral to my eye, especially for the date.
There are a number of examples where a green bean coin has upgraded and then received another green bean, and then upgraded a third time. Just because it does not have a gold bean does not indicate that it will not upgrade.
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Purple toning too. Color may be darker than heavily lighted photos show?
It’s about a $170 coin per CPG. Deep pockets can bid them up high. Yes I would think $250 coin too but with right buyer sky the limit.
The coin definitely really nice. A nice reference coin on how price toners?
highly doubt this was sold high for the toning, nothing exotic or mind boggling imho, must be the hope/assumption this will grade way higher.
I'd pay about 200-300 for it, not much more than that.
There are too many variables to say this transaction should be some sort of price reference, IMO.
A rule of thumb in pricing to sell is many on bourse use Matrix Pricing. Example - rate them 1-5 stars. So 5 stars price at 5x Price Guide, 4 stars price 4x Price Guide, etc. Matrix pricing. Then higher of cost plus 50 pct or Matrix price. Or one develop their own matrix based on experience with that inventory class.
I would wager it’s a 4 or 5 star toner. Of course more room you have in it vs cost more leeway in negotiation / setting bin-mo.
900 bucks for that!! Just insane I would rather have a 65 DMPL that date.
Exactly
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
Maybe whoever bid on it assessed it as such!
'79-S is not an exceptionally difficult date to find color on. The color here is not worth a premium over 10-20% tops, in my opinion. 10% more for the fatty holder, 20% more for CAC, and we're still not even in the same city, let alone the ballpark.
This is is my single favorite date of Morgan. I know them well. This coin looks like a nice 66. Not a 67, not a PL, not a premium toner. The yellow scuzz is a huge negative as well.
I appreciate all the thoughts so far, nonetheless. I have a feeling the new owner is BURIED in this coin unless they manage to get it into an NGC 67 Star holder, which may be their only available plan. The star being for a one-sided PL, not for the color, by the way.
Professional Numismatist. "It's like God, Family, Country, except Sticker, Plastic, Coin."
Yeah that's high. Not a great toner look. Maybe a 66? But still too high.
Don't know....
With the abrasions on the cheek and above the eye, I would be hard pressed
to give it 64. The winner paid 67 money for the coin. One of the three blind
mice beaned it.
You don’t pay 67 money because it might gold bean. I want the gold bean first.
The chatter on the cheek and eyebrow might be very superficial and just luster scuffing in hand. That might bring it to MS 66 but anything more is exceptionally unlikely IMO.
I agree even more because they've already looked at it and given it green.
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
The toning and the bean.......All housed in a Fatty.
Not my gig but I've seen similar results before.
It's VERY frosty and original looking. I'd dare call it PL or at least SMPL.
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is everyone sure that is yellow toning and not a surface contaminant?
thanks, staying out of the fray indeed, carry on.
Look at the bid history. Bidder 13, the hi bidder, bid 19 times of the 42 bids. That's 45% of all bids over the course of two and half weeks Nov 24 thru Dec 13. Does that tell you anything?
One of the other pictures on GC's listing. Still think it bests a MS65?!
I love toned coins but to me that yellow on the reverse is very unattractive. Maybe it's just the pics but it looks like a stain.
Great transactions with oih82w8, JasonGaming, Moose1913.
Now that I had a closer look at it i agree deff doesnt look like toning to me..
No. What does it tell you?
Reverse stops it from PL fwiw. Both sides have to be all there.
Also this is a barcode fatty. Purists like me don't... fetishize these as much as non-barcodes.
Here's my main 79-S again for laughs... Cost me $40 more than the coin that spurred me to make this thread.
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I share your tastes in the older NGC holders, that '79-S is gorgeous!!
You'll like this pic then.
Professional Numismatist. "It's like God, Family, Country, except Sticker, Plastic, Coin."
Those 67's...
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Many people are too Greysheet bound on pricing such coins. A local shop had a large group of NGC and PCGS MS66 coins, etc. and I looked through them without finding much in the way of appealing coins though some were cac stickered. This one actually has lots of eye appeal. Not all coins should be limited by the legalistic Greysheet pricing, it just makes no sense to call one coin a $200 coin and another in the next grade up a $400 coin irrespective of aesthetic merits. Art is not judged like that as well as many other areas like antiques.
I think everyone here agrees with you. A lot of us have been looking at Morgans a while and can usually recognize when a coin will be desirable, even if we don't desire it ourselves. Yes, it's a nice coin. At that price point for that date, you have tons of amazing coins available to you.
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
More than before.
You pull that camera back any farther and they’ll all look like 68’s
$930 is an insane price to pay for the op coin. The seller must be very happy.
There is nothing wrong with being CDN based (at least in buying) - it beats being the end user lol.
This situation gets into a question what is PQ really worth. It appears 2 or more of them got into a bid war. For PQ premium one can study other sellers, gauge how they price such material, develop matrix for ones own pricing so not leave money on table.
You throw the price guide out the window when dealing with unique, and incredibly attractive coins.
This coin has a lot going for it:
Rather than ask why the coin sold for so much, ask "why is the coin worth so much".
CAC is inherently conservative and unlikely to gold sticker coins unless they meet all their criteria. We've seen rainbow toned common date Morgans that by GS pricing are only worth a few hundred dollars go for thousands. I agree that this coin went for too much, and I would never bid high on a coin like this or a rainbow Morgan, the pricing criteria are such that it is very hard to do technical pricing analysis. There is huge money out there chasing the PQ coins, registry coins, and upgrades. Nothing I would do but I don't begrudge those who want to shell out big bucks on their collections.
I mean, they're all pretty PQ. I guess I have officially hijacked my own thread here.
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