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I bought a $50 Pan Pac this week. PCGS MS64 CAC (long read)

WeissWeiss Posts: 9,934 ✭✭✭✭✭
edited January 22, 2022 8:57AM in U.S. Coin Forum

Forgive me to those folks who saw it over on the darkside forum, I don't post chunky gold that often :)

My wife has worked at one of the biggest, sprawling companies in town for about 20 years. Parking for everyone except for the biggest big-wigs on the campus where she works is several blocks away. That means parking, then waiting for the overcrowded shuttle, then a 5 or 10 minute shuttle ride, then the whole thing in reverse at the end of the day, fighting everyone else who has the same parking situation. Bad enough in the summer heat and rain, 10 times worse in the winter in office clothes, when it gets dark at 4:00 at night, and it's cold, icy or snowing. And some of the outer parking lots are really, really sketchy at night.

Figure a good 40 minutes every day, 5 days a week = about 15 hours a month of wasted time.

I pick her up pretty much every day for lunch, in part because it'd be that much all over again: wasting her entire lunch just getting to and from her car. Plus I like seeing her, and I'm a big fan of food.

Anyway, one day at lunch six or seven years back I noticed a tiny hand-written "for sale" sign in the yard of a house literally 30 yards from one of the entrances of the main building. The kind of sign you'd see next to a motorcycle or lawn mower. Cute little bungalow, with a huge two bay garage :o
So right after I dropped her off, I zipped over to the house and called the number on the sign. Asked the price. Asked to see the inside. They met me there a couple of hours later and I shocked the owners by agreeing to their terms, as is, where is, 30 day close. Luckily I've been a landlord for 30 years, so I kinda knew what I was doing ;)

Inside the garage the day I visited prior to buying:

Closed really quickly, and my crew and I spent the next 6 weeks renovating the garage: New roof, framing out the two bays individually, new electrical, insulation. Installed heaters, lighting, new garage door and opener with remote. Even had time to put in a coat hook bar and a big mirror. Surprised my wife with it, for her birthday. A secure, covered, heated garage just a few steps from work.

Just after purchase:

Nearing completion:

Nice thing was that with a little effort and renovation (the kind I do all the time), the house started to cash flow pretty well. Literally started making money by providing her the most envious parking space on campus.

She's a serious type-a personality, painfully detail oriented. She's been consistently promoted way, way beyond what she'd originally signed up for. Of course, that means much more stress even with a lot more cash.

And we're both pretty frugal. Lived within our means even as those means grew. We both been able to put enough dough away over the years that we've kicked around the idea of early retirement and what that would mean. Reduced quality of life? Or much better without work hanging over us? Would we be bored, or would we be relaxed? The last couple of years reinforced that nobody knows how much time we have left, and grinding 45 or 50 hours a week doing stuff she never wanted to do wasn't what she signed up for. It wasn't making her happy. And with savings, it just wasn't really necessary either. About 6 months ago she surprised even me by saying she was done. She waited until big projects were finished, put in 6 weeks notice, and quietly began "early retirement" a few days before Christmas (COINcidentally, we also celebrated our 25th wedding anniversary last week).

Of course, that left the question of the parking space house. In the portfolio, it's just one of about 25 properties and I would have had no problem keeping it. But I knew something the sellers of the house didn't: The big corporation she worked for owned the rest of the block. And they'd just begun to draw up plans to expand one of their facilities on the end of the block adjacent to the house.

I reached out to them. They essentially said name your price. We closed on Wednesday of this week.

Now one of my all time dream coins is the Pan Pac $50. And, even after capital gains, closing fees, attorney costs, etc., there was just about enough left to get a MS64 octagon. And this was essentially found money!

Six months or a year ago, I would have pulled the trigger and dropped the mic. That's it. My box of 1 coin collection. And believe me, I know how to splurge on a nice coin, or a nice collectible, when the time is right.

But no matter how tempting the coin to end all coins was, having that windfall in liquid reserves, knowing the unexpected is always out there...? Especially now without her income? I just couldn't do it. So after depositing the comically oversize check, I withdrew a couple thousand dollars in crisp $100 bills and visited one of the local shops.

So here's my $50 Pan Pac PCGS MS64 CAC.

Ain't she pretty?

We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame

Comments

  • BryceMBryceM Posts: 11,721 ✭✭✭✭✭
    edited January 22, 2022 11:50AM

    Great story!

    Knowing you could though…… That’s pretty fun too. :)

  • PerryHallPerryHall Posts: 45,296 ✭✭✭✭✭

    Can we get a pic of the other side of your coin? Very cool coin. B)

    Worry is the interest you pay on a debt you may not owe.

  • sparky64sparky64 Posts: 7,025 ✭✭✭✭✭

    What a great story and I appreciate that Pan Pac.

    "If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"

    My Washington Quarter Registry set...in progress

  • DCWDCW Posts: 6,934 ✭✭✭✭✭

    Ah, man...what click bait!
    Nice Mexican gold, but
    I think you should go back and buy the Pan Pac, Weissmeister. You only live once!

    Dead Cat Waltz Exonumia
    "Coin collecting for outcasts..."

  • ZoinsZoins Posts: 33,811 ✭✭✭✭✭
    edited January 21, 2022 7:03PM

    It’s no Ike but it will do ;)

    Congrats on your wife’s retirement!

  • coinsarefuncoinsarefun Posts: 21,663 ✭✭✭✭✭

    Awesome and congratulations to both of you! Enjoy life, this is the most important thing there is.
    A one helava sweet coin

  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    Calling a @dcarr emergency!

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • thebeavthebeav Posts: 3,744 ✭✭✭✭✭

    Beautiful coin and nice story.
    You did a great job on that garage too !
    You know, somewhere someone is saying :what a lucky guy"......
    But we all know, luck is nothing more than preparation meeting opportunity......

  • bolivarshagnastybolivarshagnasty Posts: 7,348 ✭✭✭✭✭

    BTW, Seth (Witter Coins) has an octagonal Pan Pac in 64 on his website if you change your mind.

  • CoinJunkieCoinJunkie Posts: 8,772 ✭✭✭✭✭

    Great story, and I like the coin you actually bought a lot more than a $50 PanPac.

  • pruebaspruebas Posts: 4,301 ✭✭✭✭✭

    @bolivarshagnasty said:
    BTW, Seth (Witter Coins) has an octagonal Pan Pac in 64 on his website if you change your mind.

    It’s got CAC too.

  • yosclimberyosclimber Posts: 4,572 ✭✭✭✭✭
    edited January 22, 2022 6:47PM

    The garage was brilliant, but I can't give a Like due to the clickbait title.
    Such is life in the US Coin forum, oh well.

  • 1northcoin1northcoin Posts: 3,749 ✭✭✭✭✭

    Ah, a new twist.

    Buy the story, not the holder.

  • PerryHallPerryHall Posts: 45,296 ✭✭✭✭✭

    @Weiss Are you going to get your coin slabbed by one of the major grading services? A nice coin like that deserves a better holder. B)

    Worry is the interest you pay on a debt you may not owe.

  • DDRDDR Posts: 1,560 ✭✭✭✭✭

    Great story, I could really relate to all the decisions you made.

  • calgolddivercalgolddiver Posts: 1,384 ✭✭✭✭✭

    great story and awesome result

    Top 25 Type Set 1792 to present

    Top 10 Cal Fractional Type Set

    successful BST with Ankurj, BigAl, Bullsitter, CommemKing, DCW(7), Elmerfusterpuck, Joelewis, Mach1ne, Minuteman810430, Modcrewman, Nankraut, Nederveit2, Philographer(5), Realgator, Silverpop, SurfinxHI, TomB and Yorkshireman(3)

  • amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭

    I have to ask! Did you take possession of all the stuff in the garage? Looks like what was in it could be a small gold mine in and of itself!

  • Downtown1974Downtown1974 Posts: 6,690 ✭✭✭✭✭

    I gotta tell ya….you had me thinking I was having a stroke.
    I was even looking for the Pan Pac next to the motorcycle.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    @Weiss .... That was a great story.... and a really nice gold coin. Cheers, RickO

  • MFeldMFeld Posts: 11,920 ✭✭✭✭✭

    Great story, but not so great (to use) click-bait.

    Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.

  • WeissWeiss Posts: 9,934 ✭✭✭✭✭

    @PerryHall said:
    @Weiss Are you going to get your coin slabbed by one of the major grading services? A nice coin like that deserves a better holder. B)

    I kinda doubt it. I actually like the old school flip and cardboard insert. But maybe. I've got another raw and another slabbed one.

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • WeissWeiss Posts: 9,934 ✭✭✭✭✭

    @amwldcoin said:
    I have to ask! Did you take possession of all the stuff in the garage? Looks like what was in it could be a small gold mine in and of itself!

    No. Had mixed feelings. It'd been a local shade tree mechanic who worked exclusively on SAAB and Volvo. He hadn't touched this "inventory" in a few years, was really more storage for him. But he managed to get it all out by close:

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • WeissWeiss Posts: 9,934 ✭✭✭✭✭

    The house (with garage).

    I sold two other properties a few months back, almost the same circumstances. They'd been afterthoughts, really "insulation", when I'd bought and remodeled a 10,000 square foot, 3 story historic building about 12 years ago. During that project I'd kept watch on other adjacent properties so we could have a buffer against what was then a sketchy neighborhood (as it happens, my renovations completely changed the fabric of that neighborhood). With my crew still assembled, I bought two single-family homes across the street. We remodeled those, too, and they became just additional properties in my holdings. As with the parking space home, I'd researched who owned the rest of the properties on their block, and these were the only two properties on the block NOT owned by a huge national name-brand company. Yep, that company came knocking last year wanting the whole block for a huge new development. It was a much more complicated close, but it happened in September 2021.

    So that earlier sale really put us in great shape for my wife's early retirement. The parking space home was the final block in that pyramid, which is why I just couldn't pull the trigger on the Pan Pac.

    But I do have 2 dozen other properties... >:)

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • Type2Type2 Posts: 13,985 ✭✭✭✭✭

    @Weiss said:

    @amwldcoin said:
    I have to ask! Did you take possession of all the stuff in the garage? Looks like what was in it could be a small gold mine in and of itself!

    No. Had mixed feelings. It'd been a local shade tree mechanic who worked exclusively on SAAB and Volvo. He hadn't touched this "inventory" in a few years, was really more storage for him. But he managed to get it all out by close:

    Love the truck been on the hunt for one.



    Hoard the keys.
  • kazkaz Posts: 9,052 ✭✭✭✭✭

    Great story, Weiss! Fun surprise at the end too.

  • FrankHFrankH Posts: 770 ✭✭✭✭✭

    With 2 dozen other properties that could be sold, you could get a roll of the Pan Pacs.
    But then where would you find a tube?

    :p

  • amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭

    You take the truck and I'll take the Jag! :#

    @Type2 said:

    @Weiss said:

    @amwldcoin said:
    I have to ask! Did you take possession of all the stuff in the garage? Looks like what was in it could be a small gold mine in and of itself!

    No. Had mixed feelings. It'd been a local shade tree mechanic who worked exclusively on SAAB and Volvo. He hadn't touched this "inventory" in a few years, was really more storage for him. But he managed to get it all out by close:

    Love the truck been on the hunt for one.

  • pmh1nicpmh1nic Posts: 3,125 ✭✭✭✭✭

    Enjoyed the story and the coin.

    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
  • hammer1hammer1 Posts: 3,874 ✭✭✭✭✭

    I love Weiss landlordin' stories.

    Whatever happened to that contingent of houses (some back to back) you were putting together on one block?

  • WeissWeiss Posts: 9,934 ✭✭✭✭✭

    @hammer1 said:
    I love Weiss landlordin' stories.

    Whatever happened to that contingent of houses (some back to back) you were putting together on one block?

    Six contiguous, 1 full acre recently rezoned for redevelopment.
    It's casually on the market, but we're 100% leased for August 2022- August 2023 and we're still renovating about 1 unit out of the 14 in the group every semester.

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • DisneyFanDisneyFan Posts: 1,596 ✭✭✭✭✭

    I'm dying to know what is the value of your most expensive coin. : )

  • WeissWeiss Posts: 9,934 ✭✭✭✭✭

    @DisneyFan said:
    I'm dying to know what is the value of your most expensive coin. : )

    I guarantee you the nicest coin I've ever held, let alone owned, is just a tiny fraction of what some of the forum members have in their collections.

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • DisneyFanDisneyFan Posts: 1,596 ✭✭✭✭✭

    @Weiss said:

    @DisneyFan said:
    I'm dying to know what is the value of your most expensive coin. : )

    I guarantee you the nicest coin I've ever held, let alone owned, is just a tiny fraction of what some of the forum members have in their collections.

    At the major shows I've actually had some really nice dealers unexpectantly pull out their most expensive coins for me to hold, one after another, knowing full well their coins were completely out of my league. : )

    Knowing you had all that money burning a hole in your pocket I do admire your self restraint and had to ask.

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