Super disappointed in the Brasher results!
Zoins
Posts: 34,291 ✭✭✭✭✭
Is it that hard to get it over the $10M line? 
Seriously, congrats to Donald's family and the winner! Someone is going down in the annals of history.
Donald Groves Partrick said:
I remember that one night several collectors and dealers were having a general discussion in the lobby of a Chicago hotel. It was the summer of 1979. The discussion turned to the 1787 Brasher doubloon that Bowers & Ruddy Galleries would be offering as part of the Garrett Collection sale in New York City the following fall. As a collector I had always fantasized that someday I might be able to own the Brasher doubloon, but I had never truly expected that the opportunity would be offered to me, much less the opportunity to bid on the finest known example of this legendary rarity.
That night, I remember Abe's comment was that in his opinion the numismatist who was fortunate enough to own a Brasher doubloon would have a treasure he would contemplate for the rest of his life.
Commentary from Heritage:
Inspired by Kosoff's unselfish advice (he had no connection with the coin and would not profit from the transaction in any way), Partrick became determined to acquire the Stickney-Garrett Brasher doubloon. On the night of the auction, which was attended by Mr. Milton Brasher, a descendant of the famous Ephraim, Martin Monas acted as an agent for Partrick and secured the 1787 New York-style doubloon for a world record price of $725,000. It has remained the highlight of his remarkable collection for more than 40 years.
Comments
Using an Inflation Calculator spending $725K 42 years ago had a buying power of $2.8M today.
It's worth noting that Don did contemplate his treasures for the rest of his life in line with Abe Kosoff's speculation.
I really did think it would top $10M..... Cheers, RickO
I pretty sure the underbidder might had gone higher had there been a $2K stimulus check instead of $600
Seemed like that phone bidder would have kept going but the HA live person didn't.
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While I know that the Brasher Doubloon is highly prized and has an interesting history it is a coin that has never really gotten me very excited. It may just be too rare and too popular and therefore completely out of reach for all but the most well to do collectors.
The price realized is very impressive for any coin. The fact that it did not cross $10 million means little. It still sold for a very large amount of money!
Looked at another way: $725k invested in a dividend reinvested S&P 500 fund would be worth $81.9 million today.
It's easy to get it over $10 million. if he sells it to me at $9.99 million, I'll sell it right back at $10 million
Partrick was the underbidder on the Ten Eyck Brasher sold in Auction ‘79.
Good info. The conversation Don remembers is from the summer of 1979 which is when the Ten Eyck specimen was sold to Walter Perschke for $430,000 in July 1979 while the Stickney specimen here was sold to Don in November 1979. $430K was a world record bak then so imagine it being broken by such a large margin just a few months later!
And I have to ask, is Walter Perschke the ultimate vest pocket dealer?
https://www.coinworld.com/news/precious-metals/brasher-doubloon-to-star-at-fun-auction.html
Is everything about return on investment? I think Donald Partrick found more enjoyment out of owning this coin for the rest of his life than investing the same amount of money into the stock market. He was successful and intelligent enough to know that this piece meant more than money. More than inflation, purchasing power, etc.
It was history in his hands, and now he is a part of that history, too.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Don had enough money and was giving away a lot of it in philanthropy.
He also owned over 3,500 acres of land in Forestburgh, New York where he created a nature preserve.
No, everything is not about return on investment. But someone posted the inflation adjusted cost. It is worth looking at the opportunity costs.
The coin was not a good investment. That does not mean it is not worth owning for its enjoyment.
No as even collectable wise had $725,000.00 been spent on highest grade first appearance Golden and Silver Age Comics available in 1979 they would have yielded close to 10 times the Brasher Doubloon hammer price.
Don't I know it. I sold all my comics in the mid 1990s. When I saw some of the prices lately, I just about plotzed.
I had full runs of just about all of the silver age superheroes. The only things I didn't have were an FF #1 and an Amazing Fantasy #15. I had a gorgeous high grade run of Amazing Spiderman. They are worth probably 30 or 40 times what I sold them for 25 years ago.
Regarding the comic comparison. The most expensive comic book to ever sell sold for $3.2 million back in 2014, on eBay no less.
What was the worth of the most expensive comic book of all time in 1979?
https://forums.collectors.com/discussion/1050552/whats-the-most-expensive-coin-to-sell-on-ebay-is-it-anywhere-close-to-the-most-expensive-comic#latest
@jmlanzaf @Broadstruck
It is hard to know what exactly the future holds in any collectible field. But one thing I am quite certain of is that this man bought that coin knowing it would be his for a lifetime. He went to work everyday knowing that it was in his collection, and that probably made him extremely happy.
Whether the "value" kept up with the stock market, real estate, or other investment opportunities probably meant nothing to him at all, because he died with money in the bank and a Brasher Doubloon in his safe deposit box.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
All this investment talk and shouldda, couldda, wouldda's people seem to forget this is a hobby!
Investing in stocks and real-estate are wonderful hobbies too
Yeah some I sold in the late 80's thinking I did well getting 4-8 times what I paid are now worth as much as 55 times more.
I'm guessing you did do well selling for 4-8 times in the 80s.
I'm guessing if they sold comic Futures back in the 80s, they wouldn't have predicted a 55x rise.
How may people would have predicted Disney buying Marvel and putting so many movies on the big screen.
So who was the SPINELESS UNDERBIDDER ?
The Finest Brasher Dubloon is easily worth more than any 1794 silver dollar
Fixed it for you
I think the reality is that it's not easy and also that the $10M resistance level for coins really hasn't been broken yet.
Sorry but saying a 9 million dollar gain on a 725k investment is not a "good investment" is wrong. Was it the best investment? No. But it went up in value multiple times. Extremely unfair to view everything in hindsight. Sounds like the owner was a wealthy man who diversified his wealth (rather than having 100% in the stock market)---isnt diversification a prudent thing? Having all your money in any one type of investment is high risk high reward. I think it was a good investment and he is also now part of numismatic history to boot.
Inflation. It's not a real $9 million gain. It's about a 6% APR and about a 3% inflation adjusted annual return.
But, as I said, there's no reason not to buy it just to buy it.
Here's the closest I'll ever get to a Brasher Doubloon, a Nova Eborac copper. I have understood that Brasher used some of the same letter punches on his copper coin dies.
I’ve never bought a 6 or 7 figure coin before, but if I were to buy one it wouldn’t be for investment purposes and I wouldn’t compare my coins return to the S&P 500. If I was going to buy a super expensive coin it would represent a very small percentage of my net wealth and I would derive a ton of pleasure from the pride of ownership.
I agree about coins being for enjoyment.
I get it. But I'm the opposite. Even if I were a billionaire, I could never do it.
I hope you get to experience being a billionaire. I know I won’t.
Thanks. I wish you well, also.
Let's make a pact. First one to a billion spends $1 million on coins from the other!
I knew you had it in you to spend a lot in coins!
LOL. I didn't say I wouldn't flip them!
I've spent somewhere around $3 million on coins in the last 20 years. I've just sold $2.9 million of them....and the other $0.1 million is up for sale.
Without any doubt, this Brasher Dubloon is the most valuable United States coin that has been auctioned.
Zion’s - It is easily worth more than any plugged or unplugged 1794 dollar
Please don’t try to correct me. I know I am correct
The only United States coin worth more is the J 1776 Pattern
And it would bring $15,000,000 - $ 20,000,000 in my humble opinion
I think Bruce got over the itch to make news and skip an interval or two after the 1794 SP 66 $1.
how can one be so absolute about what they would do in a certain situation, without ever having been in that situation?
i think even adjusted for inflation, it was a great investment at 725K. the coin was purchased (with disposable income), presumably enjoyed for years, and sold at a profit. in my mind...it was a great investment, despite not being the best.
Numbers don't lie. The fact that the SP66 dollar didn't sell recently could be an indication that the Brahser is worth more to collectors in the market right now. But it remains the Brasher has not surpassed the high water mark for US coins sold at auction.
No need to be humble, just say you know you are correct
I hope one or both of you live in Michigan!
Who ever the new billionaire is, I hope he or she is, or becomes, a coin collector
The winning ticket in the $1 billion Mega Millions lottery was bought in Michigan
https://www.cnn.com/2021/01/23/us/mega-millions-winner-michigan-trnd/index.html
And this is the mindset of a dealer. Coins are a means to an end = profit
I think most collectors view the opposite - coins are a means to joy and/or a slake to passion
"Got a flaming heart, can't get my fill"
1849 Proof $20?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Sure, but I'd expect a lot of enjoyment for $71M, and I'm pretty sure owning any coin wouldn't provide that much for me. But I'm also not a billionaire who probably has just about everything else he desires.
It is easily worth more than any plugged or unplugged 1794 dollar
Not to me...
If you don't lose money on a coin, then it is a good investment.
It has nothing to do with being a "dealer" or "profit". Don't pretend to read minds. I simply cannot justify keeping a lot of money tied up in non-performing assets.
I collect things you probably think are beneath you just because I like them and they are also cheap and so I don't mind sinking money into them. Because, you see, I'm a TRUE COLLECTOR who doesn't expect anything I collect to ever be worth what I pay for it.
My $2 Megamillions ticket returned...$2!!!
It's my luckiest week ever. I didn't lose anything.
But it's NOT the most valuable that has been auctioned, is it? Since the 1794 went over $10 million.
You think it SHOULD BE the most valuable.
One could also argue that the Brasher is NOT a United States COIN at all for a couple of reasons: The US didn't mint it at all and the US wasn't even a country at the time it was minted.
Because I can't bring myself to stick a $5000 coin in a safe now for the same reason.
That's silly. If you hold anything for forty years and break even on it, it was a terrible investment.
Brasher doubloons are cool, but a bit esoteric. There’s 7 of them around. There’s only one First silver dollar struck for the United States. To me, it’s priceless.
And I just turned down an offer in the $9M range.
I get attacked all the time as a dealer who won't sell part of his collection! I'm a collector 1st that evolved into being a dealer. Only in the good ole USA can a hobby become a profession! That is what happened to me. Started setting up at shows to buy world coins for my collecting passion at the time and it evolved from there. At that time world coins offered for sale would just get a grimace from most dealers. Very few dealers offered world coins then....early-mid 90's.