An irrational purchase... and a walk through my stream of consciousness.
PeakRarities
Posts: 3,700 ✭✭✭✭✭
I'm going to start this with an excerpt from my recent CSNS show report.
"I only got 3 hours of sleep that night as I had coins on my mind and I was obsessing over one of the most amazing pieces I had ever seen. It was offered privately so I cant tell you all what it was, but its the kind of coin that burns an image into your brain. I was pondering and trying to make it work, but in the end I couldn't reconcile the price and I had to pass."
Well folks, I ultimately decided that I could not let this one escape me. I thought it would be fun to walk you through the decison making process, and the dilemma of reaching for a coin thats seemingly "overpriced".
On friday mid day, I was seated at a table exploring the wares of a dealer whom I had not done business with before, but we had talked quite frequently and his inventory had always been interesting to me. Another collector walked up to his table and had asked about a copper coin in his case, and they had got to talking. Shortly thereafter, the dealer asked the other collector if he wanted to see a really cool liberty cap half cent. He grabbed that coin from the back, and when he turned around he had two coins in his hand. He put the half cent in front of the collector, and then tossed the other coin my way.
The coin was backwards in an intercept shield slab box, and when I pulled it out and got a look at it, my jaw dropped to the floor and my heart started racing. I have held some amazing coins in my hand, but this one had me "shook" (as the kids say). I then asked the only logical question to ask at that moment... "How much is it?"
The price almost blew me away, but I figured we were just staring high and I'd be able to chisel away to something more "reasonable". Boy was I wrong. I floated several offers and trade options that I thought would get the job done, but he was not budging. I was perturbed, frustrated, and somewhat defeated. I was trying to find a way to make it work in my head. Analyzing the sale prices of the similarly graded coins that sold a decade ago, and contemplating what they were worth in today’s market. Comparing the attributes of this coin to the attributes of the two higher graded examples and placing a current market value on them. I was trying to convince myself that this coin, based on eye appeal, was at least worth X % of what they were worth. Even the dealer said something to the effect of “I too had trouble putting a number on this coin, and ultimately I think I would find myself in the same predicament you are if I was on that side of the table right now”. I just couldn't get there mentally, and after 20 minutes of contemplation, I had to thank him for his time and take a walk.
"My minds telling me nooooooo"
That night, I could barely sleep with the mental image of that coin festering in my mind. I was thinking about how the pioneer market has been lately, and how there was a very real possibility that the coin would sell to someone else to be tucked away for decades. I was considering the possible upgrade possibilities for this coin, and wondering what the top pop example would have to be worth to make the number on this coin make sense. I didnt make any impulsive decisions and decided that I needed to sleep on it for several nights. Over the course of the next several days I was researching records, establishing trends, and weighing out pros and cons, upside and downside. I realize not everyone does this, but I've always approached my large purchases with a business oriented rationale, and always like to keep resale value in mind. Some say that collectors shouldn't do that, but to each their own. It works for me and it helps me to rationalize the amount of liquididty and the oppurtunity cost of holding coins like this.
In the end, I realized that I was trying to rationalize the irrational. From the moment I laid eyes on it, the little voice in my head, which interestingly sounded alot like Laura Sperber, was screaming at me to "Just BUY the COIN!". I had to take off my dealer hat off for a while and let my instincts as a collector steer me. I made a phone call on Monday, and today I have the coin in my hands.
"But my instincts, my instints, were telling me yeeeeaaayasss"
So with all of that said, behold my newest addition to my beloved pioneer collection. An 1860 Clark Gruber $5 MS64 housed in an old NGC fatty with a bean. Unbroken frosty luster and exceptionally well struck, this is one of the few pioneer issues that can be obtained in gem or near gem grades. The details are fully defined, down to the eagles feathers and the radial lines of the stars. Warmly patinated with a honey gold glow, its almost as if this coin puts off its own light. Some minor chatter in fields is completely toned in with a rich apricot patina, the eye appeal is truly sublime. I grade the coin a solid 64+, and of course it would not make sense to remove from the pristine NGC fatty from which it was likely graded by JA himself around 1990. There are several others in MS64, a couple even with CAC stickers, but I think the only rivals to this coin in terms of appeal are the 66+ (upgraded from P65) that recently sold for $480,000, and the lone PCGS 65cac that last appeared in 2006 as an NGC 65, where it sold for $96,000.
Often times with pioneer, you have to make concessions with several of many desirable attributes. Strike, Luster, Color, originality, contact, and CAC sticker. In many cases, you can only pick 3-4 of those, sometimes 5, but this was a rare oppurtunity for me to buy a coin that has it all. As you all know, I tend to prefer value grades such as AU55-58, as opposed to spending 62 money for a coin with only marginally superior appeal (the assay $20 is a one-off because of the spread). This example is leaps and bounds more appealing than any AU that I would be able to find, an for me the price jump was congruent with the eye appeal jump. Almost certainly the only piece of pioneer I will ever own in this level of preservation, I'm beyond grateful to have the wherewithal to give it a home.
Comments
Awesome Dan and a bit surprising given our discussion. I'm so glad you took the plunge and grabbed a winner to give you years of joy. Well done!
"Got a flaming heart, can't get my fill"
Jesus Dan! I’m not sure what to say cause that’s one hell of a coin!
Knowing you, I think you absolutely made the right call. That coin is almost exactly what you’re always on the hunt for.
Coin Photographer.
I bet those oxidized oils will dip right off on its way to 64+
Jokes aside. Wow
11.5$ Southern Dollars, The little “Big Easy” set
Amazing!
Collector, occasional seller
Hey, you're the victim. You were forced to buy it.
That is beyond the range that I normally operate in, but there are times that I move forward with something because I know it will nag at me unless I do.
I don't usually have buyer's remorse, and I strive to not have "non-buyer's remorse".
What a beast! Holy Cow!
In honor of the memory of Cpl. Michael E. Thompson
This is one of the single best write-ups of the mindset of a true numismatist. Dan, I think this should in a way be pinned at the top of the group, so helpful your writeup on this. Most collectors (and dealers and anyone involved in coins) has these thoughts. In my dealer career approaching 30 years, there is one common theme. I very rarely hear collectors complaining about coins they think they overpaid for, mostly because time always bails out strong purchases if buying the right coins.
However, the largest SINGLE complaint I hear from collectors is the coins that "got away". Like poker, you never remember your good wins, but you always remember your big losses. Like buying a house today, the victory is owning the house, not the interest rate, or the squabbling over a few dollars in the reality of the situation. A great coin is not always about the money, but how do I get it! The ones that find a way to get the deal done, are ALWAYS the winners in the long run.
With that said, LOVE the coin, and so glad you got a great piece for your collection! Great decision, its an absolutely STUNNER!!
As an aside, I believe you have now given me a future of several sleepless nights with the quote-
the little voice in my head, which interestingly sounded alot like Laura Sperber, was screaming at me to "Just BUY the COIN!"
In honor of the memory of Cpl. Michael E. Thompson
@DeplorableDan, thanks for a most interesting and exciting read.
The wise-guy in me has a suggestion and a question…
Suggestion: Next time, instead of asking “How much is it?", ask “How little is it?”😉
Question: Where’s the “luster”, “glow” and “light” that you mentioned? 😉
On a serious note, congratulations on a fabulous looking acquisition!
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
No one copy this 🤥
Nice! Territorials are one area I have almost no knowledge about.
That said, they couldn't spell our "Gruber".
What a fantastic write up and thanks for taking us on your journey! I’m a big fan of pioneer pieces and congratulate you on that purchase!
You need a wife, Dan.
Don’t you put that evil on me, Ricky Bobby. 😂
Jk, I have a beautiful Eastern European girlfriend who lets me spend my time and money as I please. She’s starting to get antsy though, so I will have to make the move soon.
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I see fatty, I buy. Great coin, great plastic, whole package. Congrats on a keystone acquisition.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Wow, another great addition. Spectacular! Great story as well
Great write up... and a terrific coin. Not sure what part of Eastern Europe your girl friend is from but there is a vibrant numismatic following for various countries- Poland and Bulgaria among others. You just might be surprised...
edited to add Albania as a country
Experience the World through Numismatics...it's more than you can imagine.
Your post on your thought progression was helpful, informative, and appreciated.
Amazing coin
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Hi Dan,
Fantastic coin story and incredible coin!
Dan,
I am looking forward to seeing the matching $20 when you buy it. Will you be collecting both the 1860 & 1861 set complete or only the year 1860? Better get a second job.
Great looking coin with lots of History.
Willy
I’ve passed on coins for similar reasons before. Years later, they’re the ones that still bug me. If you’re like me, you would have never gotten over it.
It might seem counterintuitive, but coins like this have usually made me money at sale time. Truly stellar coins speak for themselves.
❤️❤️❤️
I love it.
Chopmarked Trade Dollar Registry Set --- US & World Gold Showcase --- World Chopmark Showcase
Wow, just...WOW
To be honest, I really only set out to have one type for each of the private coiners in the beginning. As of now, I have 5 different clark gruber pieces all from 1860, lol. The 1860 twenty is a bear and I don’t know if I’ll ever be able to acquire one with current levels, who knows what would happen if the market softened and one came to auction. Having 3/4 definitely makes me want it more.
The 1861 issues don’t excite me as much, but I will buy a nice one under the right circumstances, they just will never be on the “hit list”.
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I can only think of two coins that I've wanted like Dan has described above in the 50 years plus I've been collecting. Bruce Morelan had the most amazing Classic Head Large Cent in an OGH, and I just asked him how much he wanted for the coin and was ready to pay his asking price then and there for it. It wasn't for sale.
Seth Chandler had a 1795 Flowing Hair Dollar I liked, but the price was too high at the time (it would be in the ball park now), and I passed on it.
Most coins, even expensive ones, are not rare. If there's a coin on your radar you might see once every five years or so, and you see it, think twice before passing on it because it is too expensive.
Dan, from the image, you have an amazing coin there.
"Seu cabra da peste,
"Sou Mangueira......."
Awesome hologram
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Sometimes you do have to "take off the dealer hat" if you actually want to own certain pieces. Especially if you've accurately deduced that this is that rare chance where you've been offered something that won't turn up again for a long while.
Wow Dan, what a great walk through the mind of a madman! I know the feeling, it sounds like the voices in my head!!
In all seriousness, that is a lovely coin and I'm glad you forgot to be penny wise and pound foolish long enough to add such a coin ... because, as @FlyingAl so eloquently stated "That coin is almost exactly what you’re always on the hunt for."
“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
When you feel that way about a coin, someone else will too when it comes time to sell it. That's how I always justify things.
Amazing pioneer gold and great write up.
Congratulations!!
It's all about what the people want...
Dan,
The coin is incredible and the thought that went into the purchase was a good read. I’ve occasionally let one get away and to this day they’re stuck in my mind. Well done once again!
This is exactly correct in my book and well said. The coins I never got over are the ones I had a real chance to buy and let get away(maybe that applies to women as well Dan...hint, hint)!
The coins I thought I bought at a nice discount and should be able to make money on, are usually the ones I am struggling to breakeven. The coins I swore I overpaid, consistently seem to make money when they are put up for sale. A lesson and truism that I didn't learn early enough in my numismatic journeys.
Simply put, one of the best write-ups on getting between a "numismatist's ears", one of the best coins in pioneer gold, to one of the best guys in numismatics. Thumbs up on a great decision Dan!
Even in photos, the warmth that coin exudes is amazing. Congrats!
Great story with the only possible outcome. You knew the moment it was first offered that it was to be yours, you merely had to convince the need side of your brain that the want side was just as important.
Congrats and thank you for sharing.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Fantastic- congratulations!!
Your posts have given me a newfound appreciation for pioneer gold! Glad you were able to secure this!
Collector of Capped Bust Halves, SLQ's, Commems, and random cool stuff! @davidv_numismatics on Instagram
Super coin! I am glad that you decided to step up to the plate.
Congrats on the acquisition!
Nice write up Dan, I could feel your heart pounding in that post.
My last three large purchases had the same inner voice discussing the pros, cons, this, that, etc, but on two of them it was my wife telling me "Just buy it, you know you want it!". Lol
What a rush each time it happens!
USAF (Ret.) 1985 - 2005. E-4B Aircraft Maintenance Crew Chief and Contracting Officer.
My current Registry sets:
✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
✓ Everyman Mint State Lincoln Cents (1909 – 1958)
✓ Morgan Dollar GSA Hoard (1878 – 1891)
great post - I hope we're watching your evolution into a dealer - I think you'd be a positive force in the hobby
Sperber and Gruber. Hmm. Rhymes. Coincidence? I think not. Powerful forces are at work here. Enjoy your acquisition. "They" will be watching.👽
Very nice purchase! I like your logic, and your ability to recognize true value. Wishing you the best with it!
Wonderfabulous piece, I am still wondering how much it cost u
So did the other collector buy the half cent? Lol....once you looked at the coin thrown to you, everything else just melted away!!!!!!!!!
Very high end. I tried to have an investor's mindset when buying and not get emotionally swayed by a potential purchase. Think upside potential downside risk....Probably in this case, advantageous. I'm curious on what criteria you use on your purchases and how you do technical pricing analysis?
Congrats! Very well written post kind of had me on the edge my seat while reading it, wondering if you were going to walk away with the coin or not..
Wow! Congrats on the purchase. You made the right decision. I hate numismatic regret and like others have said, these type of coins always seem to do the best when time comes to sell.
Collector
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Seeing Clark&Co on the headpiece is awesome. Nice!
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@DeplorableDan
Your story made me think of the times that I hesitated to buy and then later decided to but in most of my outcomes was that I did lose out on it. Those misses still reside in my head and are bought back to life when I read stories about the failure to pull the trigger.
Congratulations on a beautiful purchase which will be the envy of many.
Wayne
Kennedys are my quest...