FUN monster IHC/FE prices! (1-9-03 update)

Lakesammman

Just returned to the hotel from the Heritage auction. There were some real eye opening prices. Had a good time with Shylock, Stewart, Snow, etc. Here are some examples, hammer price (add 15% for total).

1856 S3 MS66 $90,000 (or $92,500??)
1858 MS67 - 35,000
1860 pointed bust 9500
1861 MS68 - 47,500
1864 L 66R - 26,000
1865 Pl5 66R - 18,000
1870 MS66R - 16,000
1877 MS66R - 67,500
1899 MS68R - 60,000 - not a typo!!!
Later coins, non-Gorrell:
1889 MS66R - 15,000
1909 Lot 5407 - MS66R - 12,000!!!!!!!!!!!

Prices for top end coins were through the roof. There was a phone bidder that drove many of the prices sky high - by the time I was bidding on the 1877, it was apparent that there was no point in trying to outbid them so I was the bridesmaid on that one.......

Anyway, having a good time and looking forward to the registry reception on Friday. Bourse opens to the general public tomorrow. Highlights for IHC lovers include the Larry Steve variety display at Eagle Eyes booth. Larry is there to help educate about varieties.

michael

wow strong prices but what really amazes me is that there had to be other underbidders at close to these prices that bid it up like this!!

i hope the coins are total monsters plus a bag of chips for these prices!!

sincerely michael

coinguy1

I think that Michael has just "coined" (pun intended) THE new standard for determining whether a coin that has been bought for moon money, is a fair deal/value or not, with his phrase :

"i hope the coins are total monsters plus a bag of chips for these prices!!"

becker

So now we have "bag of chips" coins or BOC's. I love it!
Is it too early to request that the grading services start putting this on the holders?
Will we have people on the bourse floor asking to see a dealer's Pringles?

agfox

What's driving some of these prices? The other example of the 1856 sold in the superior 7/2000 sale for 83,500 ? correct me if i'm wrong. That's a killer investment considering most of the working publics 401k tanked between these sales? Are we in the mists of another coin boom? I'm just thinking of my collecting, the coins I collect are seeing 50-75% above price guide values, is this the sellers market, and shelve the buying now?

Even the common IHC's were doubling estimates. Forget one for the type set for now

Pushkin

So when will the XF-40 1907s be fetching $500? I'm ready.

Pushkin

<< <i>1909 Lot 5407 - MS66R - 12,000!!!!!!!!!!! >>



I could have bought one a week ago for $1800!

toothpuller

Thanks for the post Lakesammman. I missed some of the early ones on eBay live. The prices realized were truly astronomical. Did you have any luck at all? I had a couple high bids at Heritage pre-auction that were eaten up quickly on the floor [not the real expensive stuff]. I can guess the identity of that deep pocketed phone bidder.

becker

Is it in a slab?
I should say that 1907 in EF-40.

My guess is these prices won't trickle down to the real world where collectors have plenty of purchase options and there is no great urgency to make a purchase. I think it would be irresponsible for anyone in the know to suggest these auction results represent new market levels.

barberlover

To the winner and top 3 under bidders on mint state copper in this auction; you are hearby invited to a private veiwing of my collection including some fine mint state coppers in the large cent, two cent and indian cent series- after the auction luncheon will be provided.[lol]

Pushkin

<< <i>1856 S3 MS66 $90,000 (or $92,500??)
1858 MS67 - 35,000
1860 pointed bust 9500
1861 MS68 - 47,500
1864 L 66R - 26,000
1865 Pl5 66R - 18,000
1870 MS66R - 16,000
1877 MS66R - 67,500
1899 MS68R - 60,000 - not a typo!!!
Later coins, non-Gorrell:
1889 MS66R - 15,000
1909 Lot 5407 - MS66R - 12,000!!!!!!!!!!! >>

dbldie55

When some of these show up in a higher graded holder, you will understand some of the bidding. I am sure Paul will be all over it.

Pushkin

Lakesammman

Well, had another great day at the show. Shylock had to go buy another memory card and will be shooting lots of pics tomorrow. There were a few bidding hangovers today.

The super prices were a combination of IHC/FE hard core buyers and deep pocket type buyers for pop. one coins. The 1909 was not your average 66R coin - estimates range from 67 with ease to 68R (with luck).

Not many happy faces at PCGS today for copper. I've submitted my last ever crossover!!! Tried a nice 66R today that Shylock sold me and submitted it for no lower than 65R - still didn't cross!!

shylock

It was a lot of fun sitting in on that auction and scorecarding the action. As Michael said it took a lot of strong underbids to drive these prices -- it wasn't a case of one or two people monopolizing the bidding. The mysterious phone bidder played a big role however. Stewart Blay had some humorous interchanges with the woman manning the phone, personifying the frustration many others felt by this bidder's seemingly bottomless pit. The funniest part of the sale was towards the end, when Stewart decided to throw complimentary Kit-Kats to the crowd Yankee stadium style.

Among the Indian cent lots won by the phone (with the juice): 1864 w/L MS66RD $29,900, 1877 MS66RD $77,625, 1899 MS68RD $69,000 and the non Gorrell 1883 MS67RD $10,925.

It was only fitting that the MS session ended with a 1909 66RD selling for $11,500. Everyone who saw this old holdered coin thought it was special, and many bidders were certain they were going to own it for less than half that. And rightfully so! When the hammer fell at 10K I thought I was following the wrong lot and triple checked the catalog.

IrishMike

agfox, most of the folks I talked to at the show were not impressed with the 56 FE at that grade. It did little for me too.