Story of the purchase and sale of a coin
I thought my purchase and eventual sale of a coin may be of interest to some. I always wanted $20 Proof gold coin. I saw a beautiful one on great collections a few years ago. It was an 1892 $20 PCGS PR 63 DCAM CAC. The picture looked great. I called Ian to get more information. CAC is tough on proof gold so that was also reassuring. Just one problem---this was at the time of the start of the pandemic and the economy was in free fall, The markets were going down. I thought to myself do you really want to make a sizeable investment in a coin when who knows what will be happening in a week, a month or a year. Well I guess others had the same concern because I got it for $45,000 (that includes the commission).
The coin was absolutely stunning. So beautiful and looked better than PR63. I admired it for several years in my collection and enjoyed owning it and studying it. Recently I decided to sell it. I knew I would not own it forever and have some other priorities at the moment. I put it up for auction in the last Legend auction. I was thrilled to see it was the center coin on the cover of the Auction book. The hammer price was $60,000 (with commission it was $70,500). The proceeds to me will be close to 40% gain of my initial purchase.
A bit sad to let it go but really enjoyed owning it for several years and it brought me enjoyment. Also, happy that something that brought me happiness also brought me a nice return on my initial purchase price. Warren Buffet said something like "be greedy when others are fearful". Easier said than done. I can remember really being unsure about buying that coin due to the economy but I was rewarded with the ownership of a beautiful coin for a few years and then a nice profit to boot.