Ike Prices come back to earth?
cjmbuffalo
Posts: 48 ✭
The recently completed Heritage auction of September 17th had two DCAM70 Ikes in it. A 1972S and a 1974S. These coins sold at auction on April 24,2002 for $3795 (72) and $4715 (74).
The closing price this time was $2645 and $2415. Quite a large haircut for the owners assuming they were still owned by the original buyers. Is the lustre off the Ikes and the registry set nuts? Can we assume that we will see other big coins sell and their prices sink like a rock. Will this effect values of lesser grade coins?
The closing price this time was $2645 and $2415. Quite a large haircut for the owners assuming they were still owned by the original buyers. Is the lustre off the Ikes and the registry set nuts? Can we assume that we will see other big coins sell and their prices sink like a rock. Will this effect values of lesser grade coins?
Collector of all proofs 1950 and up plus mint and proof Ikes.
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Comments
peacockcoins
If PCGS had the same type of system NGC employs and were to have a PR69DCAM* grade to reward premium quality Ikes that even just missed a "perfect" grade, my guess is those coins could possibly trade at "four figures+". The notion that a coin should trade at $100 for PR69DCAM and $3500 for PR70DCAM is the problematic scenario.
In fact, Pat, consider this: If you were preparing a price guide, would you have any problem with this possible pricing structure:
1. 1972(s) Ike: PCGS-PR69DCAM: $75 (average coin)
2. 1972(s) Ike: PCGS-PR69DCAM+ (heavy DCAM): $500
3. 1972(s) Ike: PCGS-PR69DCAM+* (heavy DCAM & PQ): $1500
4. 1972(s) Ike: PCGS-PR70DCAM: $2500
Wondercoin
> These coins sold at auction on April 24,2002 for $3795 (72) and $4715 (74).
At the time, many folks in this forum believed the 74S is the only true PR70DCAM so that the price went very high. We also had extensive discussion about other Ike PR70DCAM. Many folks reported that many of them are not true PR70DCAM and some of them are dogs, and one of them was down-graded by PCGS.
I am yet to buy any PR70DCAM Ike. I don't want to bid any sign-unseen; especially, I recently got screwed by a major auction house that I cannot return slab coins that I won from their internet bidding. It is a clearly 3 to 5 grade over-graded PCGS MS67 walker.
The * designation at NGC does NOT mean premium quality. It means exceptional eye appeal. A coin graded MS64* could be technically low-end for the grade.
How can you be screwed? I thought PCGS had a grade guarantee.
> Quite a large haircut for the owners assuming they were still owned by the original buyers.
Does Heritage have a return policy for its auctions?
I was toying with the idea that the original buyers sent them back and so Heritage
put them in their next auction. Possible?
Prices on Ikes do seem to have come down a bit. On the other hand some of Greg's highest
graded Ikes seem to have done fairly well.
-KHayse
> How can you be screwed? I thought PCGS had a grade guarantee.
Oh! will. How many times that you see they downgrade coins. Especially, when stock price is under 80 cents.
> Does Heritage have a return policy for its auctions?
> I was toying with the idea that the original buyers sent them back and so Heritage
> put them in their next auction. Possible?
I was screwed and I don't want to screwed another sucker by putting them in their next auction.
In this way, we simply encourage auction houses to sell over-grade coins and these coins will stay in auction cycle for good.
<< <i>The * designation at NGC does NOT mean premium quality. It means exceptional eye appeal. A coin graded MS64* could be technically low-end for the grade. >>
I have been saying that all along. But for some reason (More Money) dealers would rather have you believe and advertise the star as a premium quality (shot at upgrade). I really think everyone needs to read the defenition given by NGC. After all NGC is the company that assigns the designation so who would know better what it really means.
The only thing necessary for evil to triumph is for good men to do nothing.
PR70 labels don't have a lot to do with the rest of the Ike market, or with lesser grade coins. The last couple Ikes I've purchased for my personal collection have been (unfortunately!) at very strong prices.
jcping, I'm not sure what you're referring to with this: At the time, many folks in this forum believed the 74S is the only true PR70DCAM
In my opinion, the most likely PR70 Ike to possibly be a true PR70 is the lone 1978-S. That coin was graded some time before the others, and generally speaking coins of that date are the closest I've seen to flawless.
There is one 72-S graded near the same time as the others that's apparently nice from what the submitter says, though he didn't rave about it being the best he'd ever seen or anything.
All the other 29 PR70 Ikes (a couple since downgraded) were all graded in one bulk submission. Odds of those 29 being true PR70s and the other few thousand graded are not... probably approach the odds of the 20-number Keno jackpot in Vegas. Which has never been won.
Now, the problem is: try convincing the typical collector and try selling that idea to the typical DEALER when it comes time for the Collector to sell (Mitch, you're the exception: you DO buy the COIN for what it is, but again, you're the exception).
peacockcoins
-Geoman