what would you pay for the proof 70 dcam lincoln that sold for 39,0 00 ?

barberlover

More importantley, Whats the most you'd pay for a properly graded proof 70 dcam 63 lincoln ?

Russ

If the pics were accurate, $10.

Russ, NCNE

cosmicdebris

Common Russ get real. Coin + slab + shipping=$13.96

Singapore

Honestly, not more than $2. I think thats what that coin ought to be worth.

barberlover

This is by far the single worst transaction that doesn't include a fake coin i've ever heard of in numismatics. I've guessed the wrong way on a coins grade before [like thinking Russes 2 cent piece was a 65 r & b instead of a 63, but that lincoln is so blatently obviously overgraded that the only thing i can assume is someone wanted a proof 70 dcam 63 slab that just happened to have a penny inside. Of a more interesting thing to me then seeing the look on the sellers face when he or she realized they made over a 30,000 profit on that crappy coin is, what made the pwerson who submitted it for grading in the first place think they could get a 70 red dcam out of a coin with such blotchy spots on the obverse. And what about your opionions on the specific group of p.c.g.s. graders who graded that coin ?

littlewicher

The maximum I would pay for it is $500.

gmarguli

I'd pay $2 for the coin raw because I could sell it for $3.

As for an TRUE PR70DCAM, I'd pay $10 - maybe.

merz2

barberlover
As I said before,as a Lincoon Proof man I wouldn't pay $500 for that peticular coin.Now for a properly graded one,I think a fair market value would be $5,000.IMHO

DHeath

What seems a large sum to many is a meager amount to others. If having the PR70 Dcam 63 Lincoln meant more to me than having the $39,000, I'd own it.

coppercoins

Dunno...it being a CAM makes it worth at least double those that aren't...so $2. If it's a doubled die, maybe $10. Either way, if I got it in a plastic container it would come out when it got to my house. I use flips.

doops

it's real market value should be about $1200 to $1400

wondercoin

I wouldn't be surprised if there is "more than meets the eye" going on with that 63 proof cent. It is exceedingly unusual that the strongest handful of proof Lincoln cent buyers in the country (both dealers and collectors) did not touch that coin in the auction - yet, the coin still was run up to near $40,000. The chances that (2) additional "secret" Lincoln buyers are out there that strong are quite long IMHO.

So, are there any other logical explanations? Well, I have no evidence to back any of these up, but what about these:

1. PCGS made a deal with the consignor and/or Heritage prior to the auction close to take the coin off the market? The run up in price would then be of no real significance. I was told by a couple relaible sources that PCGS was well aware of this coin well before the auction closed.

2. There was no "deal" involving PCGS and the coin was bought to test the PCGS return policy or knowing full well that the coin was protected by PCGS' guarantee? If this is the case, boy, will this get interesting once the winning bidder sees the coin.

3. The $34,000 bid was simply an internet bidding mistake and the coin sale does not actually close?

Again, I am not saying the $39,000 price realized is simply not reality - I am trying to consider what other alternatives might exist to explain this rather unusual price realized Wondercoin

gmarguli

3. The $34,000 bid was simply an internet bidding mistake and the coin sale does not actually close?

The problem with this one is that there had to be another "mistake" bidder at $33,500. Actually, didn't we see the price of this coin run up from about $12,000 over several days. That means that at least two people had to place several bids over that time period. Therefore, it couldn't have been a mistake bid.

We also don't know that it was an Internet bid. It could have been a phone/fax/mail bid that Heritage entered into their system which upped the Internet bid.

How about:

4. Some person with more money than brains wanted this coin so they could have the <cough> finest <cough> for their set.

I wonder if we will see this coin added to a registry set any time soon.

Singapore

<< <i>So, are there any other logical explanations? Well, I have no evidence to back any of these up, but what about these:

1. PCGS made a deal with the consignor and/or Heritage prior to the auction close to take the coin off the market? The run up in price would then be of no real significance. I was told by a couple relaible sources that PCGS was well aware of this coin well before the auction closed.

Wondercoin >>



The run up in price would be of no significance?

Everyone in the numismatic world is talking about this coin (including me, right now), its picture has been shown a few hundred times and its getting more publicity than the 1913 Liberty nickel that also traded at FUN and you think PCGS engineered this to get it off the market to avoid, ostensibly, bad press?

I'm thinking 'no'.

wondercoin

Singapore: By "no significance", I meant the price wouldn't be real and reliable. Your point and Greg's point are well taken. Wondercoin

supercoin

As long as we're going with wild theories... how about:

5. PCGS itself bid it up to get the publicity. Dealers see it and say: "$40K for an ugly spotted coin? I'm sending 1000 proofs to PCGS!" If PCGS gets just a few dealers to do that, they break even. Especially considering they get a $40K tax writeoff too. (And of course none of the dealers will get PR70s.)

Brilliant!

tradedollarnut

Hmmm - if I owned part of a rival coin grading company, it'd be worth well in excess of $100,000!

Ronyahski

How about:

6. Auction frenzy completely brain-freezed the bidders. This happened, in part, with the $69,000 53-S Franklin.

Nic

No matter what....FUN auction(excuse the play on words)....don't you think? K

Catch22

Someone would have had to throw it at me, hitting me in the eye for me to have even noticed it.

keithdagen

I'd take it for the cost of a NGC Slab box -- someone send me the coin AND a slab box, so that it doesn't take up a slot one of my valuable coins could have.

fcloud

I should be glad that all these coins are out of my leage. With prices like that for a coin everyone is describing as splotchy, why do the coins we submit always seem to come back undergraded? Is PCGS in a protection mode to make up for some pretty hefty losses? Just food for thought.

clw54

757,185,645 1963 Lincolns were minted. The world has gone mad.

braddick

I agree with Mitch. It's got to be one of those scenerios he mentioned.

But, to answer your question directly, I'd pay $200.00 or so, but then again: I'm a sucker for the Novelty Slabs!

keithdagen

757,185,645 1963 Lincolns were minted. The world has gone mad.

Yeah, but only 3,075,645 were Proofs.

DHeath

If this one goes 70 Dcam, MadMarty made $38,999.50 on me, less the grading fee. I'll take FS Jeff's as a token of his appreciation. I'd say Mitch has it right.

supercoin

Actually I think it's a legit sale, I'd put money on it.

All that remains to be seen is if it is (1) returned, or (2) sent to PCGS for downgrade, or (3) entered in a registry set.

Monstavet

Well, the entire country except for me seems to consider what the people of Iraq let their leader do them to be the single most important issue in the history of our country EVER, and everyone but me seems to think Shrub Jr. is greater than Washington, Jefferson, and Lincoln's DNA all rolled into one super-president, so yeah, I could see some moronimo paying $40 grand for a penny that isn't worth its weight in plastic. Nothing surprises me anymore in this hobby.

At least a lot of people here seem to agree with me (about the penny at least )

oreville

You are all forgetting the most important thing!

The buyer bought it for a possible upgrade.

What??? There is nothing higher than PR70DCAM?

Aw...forget it!!! send it back!!!