While No One Was Paying Attention…
pmh1nic
Posts: 3,295 ✭✭✭✭✭
Someone started a tread about the big one that got away. It happens. But sometimes you pick up something in an auction at a bargain price where it seems no one else was paying attention.
I got this 1958 Franklin at what I thought was a bargain price especially given the nice toning. It seems another coin in the auction got all the attention and this one was left unwanted.
Share a story of the one you got that seemed to be ignored during the auction.
The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
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Comments
The best one I have is that I was able to get a subtly attractive 1899 Liberty Nickel, a business strike in a PC 6 holder, for type price,and paid no premium for it. Attractively toned Liberty Nickels are scarce. This one had some apricot, blue and other hues. It is now in a 6+ holder with a sticker. I think it's worth what I paid for it.
"Seu cabra da peste,
"Sou Mangueira......."
Been many years, but back in Ohio we had small coin auctions, or estate auctions with coins in them, at venues in my area at least monthly.
Morgan’s got all the love, and CC’s especially. You couldn’t touch those.
Many other items fell through the cracks. I was able to make enough by flipping and trading to help fund my Walker set.
I recall an 1869 Indian cent in nice AU for $100, a small mixed lot of Indians I got for $15, knowing that one of them was a Fine 1871, an 1888 Liberty nickel in AU for $25, and this one was $80:
I think this one went inexplicably cheap a few years ago in a Heritage auction:
What is the grade on that Franklin?
Was the coin in the PCGS holder with the CAC sticker at the auction?
The reason I ask is that usually the CAC stick draws attention. That said even without the stick that toning by itself would normally act like a neon light. Sometimes the stars are properly aligned. Good for you.
The flip side was an auction last week where I had high confidence I had a winning bid. Not
Someone beat me by a lot. You win some you lose some.
Picked up this PCGS PR67 Jefferson on GC for $40 + shipping. The photos don't really do the coin justice. Really gorgeous toner in hand!
Yes, it was stickered at the time of the auction. Agreed - so much of auction prices (especially with toned coins) is just a matter of who shows up and/or falls in love with the coin.
This one sold a few days ago for nothing ($2000).
What is special about this Franklin? I'm asking because I don't see anything special. What am I missing?
He's not saying that there's anything special about the coin, just that it was overlooked, nice and he got it at a good price. We need to know what it grades and what he paid to see just how overlooked it was.
I guess my OP wasn't clear.
What was special was the price. If you expect a coin to sell at auction for $50 and it sells for $25 or a coin sells for $500 when the expectation is $1000 it could be that the coin for whatever reason didn't attract attention. The flip side is a coin going for much higher than expected because a lot of attention was given to it by multiple potential buyers. The point I was trying to make was you can sometimes get a win because others are focused on something else.
Off topic and probably a dumb question but are these older bills no longer worth face value?
The holes punched into the signature areas indicated the note has been cancelled so it has no current redemption value. It would be interesting to see what would happen if an uncancelled one appeared.
Some old bills most certainly are still worth FV, depending on the issuer, etc. “Broken” bank notes issued from long defunct banks would not be.
This however appears to be some kind of bond or interest bearing note. No idea if it’s been redeemed or what it’s worth, vs FV or as a collectible.
NGC MS-66 @ $66.38
As a collector of Franklin half dollars, with a full set of MS specimens, im looking at a raw $19 coin. There are several series Jefferson nickels, Roosevelt dimes, and Franklin halfs. I know a lot of dealers who arent interested at spot on the dimes or halfs,and nickels they just laugh! Im not saying they wont buy at spot to flip,but was told by many that its not in their interest other than to carry a inventory thats enough to support their customers wants and needs.
I have just sold off any proof Franklin I had that would bring a premium .
The 52,53,and 56 type 1. I only needed the 50,and 51 to complete the proofs.
But realizing that what I had invested in the 52-63 I could buy a complete set in a capital holder.
And what it was going to cost me for the 50 & 51 wasn't worth it!
I've collected over 50 years. I've witness at a show a nice set of Franklins MS come into the room,offered to 20 some dealers for sale and not 1 bite!
The owner of the set asked me? Why wont anyone make an offer? My reply at best a dealer will offer you spot or near spot. The $70 capital holder isnt even part of the offered price.
I explained that the dealers didnt want to make you mad by offering you spot.
And that said to be honest they dont want to carry them on their inventory.
I went on to explaine why pay you cash on a set that maynot sell for years...when my cash helded could buy a coin or coins I need for my invertory and customers needs.
Now please understand that I don't care to be the bearer of bad news....but the 3 series I listed above have little to no interest to most dealers.
A full set of ms Jefferson nickels in a dansco album when shown to a dealer at a show no interest! Yeah Roosevelt dimes they buy for the 90% but show little interest in even key dates.
Its a shame as I do have and collected all 3 in MS coins.
Now the plus side is this the 3 above are easy to collect! So a newbie has little to worrie about being able to put together a nice collection. But again the negative is if and when they decided to move on ....and realize as this collector has ....that all their efforts to put together a nice collection are over shadowed by the fact the collection they worked so hard to build isnt appreciated by others as it was by you!
I have a dealer friend now who has listed hundreds of ms Franklins at present majority of the listings < $20 each. When I spoke to him this week I asked him how they were moving? He said very slow and steady at that rate. He went on to say ....that he may be listing them quite awhile...and most probably wholesale the lot by months end.
So over looked or no interest...you be the judge.
"That's why I wander and follow La Vie Dansante"
I bought a coin shop once. Everyone else overlooked it.
Or is it the ol' "bank acct number on Tweetie-bird's goggles" trick?
This one appeared early last summer in a Heritage Signature Auction with no mention of it's Die Marriage or write up of any kind. Arguably the 3rd finest known for the fully late state 112a marriage (a solid R5 rarity), I suspected a bidding war might happen, and explained the story of the action here;
https://forums.collectors.com/discussion/1059703/my-first-r5-bust-half-and-all-the-musings-and-cracks-to-go-with-it#latest
Unmentioned there, the coin had previously sold for about 50% more than what it cost me, all-in.
1811 O-112a ex Meyer PCGS AU53 CAC
“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
It's canceled, so it was redeemed. Note the holes.
Actually, this $5000 note was never issued. As a collectible, I would value it at $10,000-$20,000 and would have bid up to about $8000, if I knew of it before it was auctioned. I wasn't paying attention and this wasn't the first time nor will it be the last. Always pay attention.
Not sure if any others exist, but if they did, it would likely be a proof, specimen or remainder. The pictured note was likely a remainder, falsely filled in (serial number too high and date too late) and presented for redemption, when it was detected and punch cancelled. It's not worth as much as a properly issued and cancelled note, or even better, an uncancelled one. Issued and uncancelled, this might very well be a $1 million+ note.
Yes, these notes were properly issued, tens of millions in face value and any unredeemed treasury notes from 1812 onwards are still valid obligations and are redeemable. Very few exist. This is true for many obsolete notes as well as many of the banks went on to become National banks and still exist in some form today. If they still exist, most will still redeem their obsolete currency and we have seen many notes redeemed by banks well into the 20th century.
If you can point me to a 1954 or 1954-S coin as nice as the 1958 in the OP selling for $19 it would be appreciated. I'm not discounting your 50 years of collecting but I seriously doubt you could. You can buy raw Franklins all day for $20 (Golden Eagle Coins) but you're not going to find MS-65 or 66 coin with anything close to attractive toning for $19.
Thanks for a very informative post.
$18.00 raw off ebay . The op coin the toning to my eye isn't worth any premiums. No matter the cost! However to each their own!
"That's why I wander and follow La Vie Dansante"
It seems to me that you can save some money if you don't need the plastic holder. But you have to have a good eye and some patience.