1963 PR70 DCAM Cent

jgrech · March 14, 2003 6:24AM

Does anyone know anything about John Troy, the guy who bought the 1963 cent for $39,000? It still amazes me that someone would pay that much for a coin that trades for $150 in PR69DCAM and in PR68DCAM for $30-$40. Can anyone think of another coin where someone overpaid a comparable amount?

littlewicher · March 14, 2003 6:28AM

<< Can anyone think of another coin where someone overpaid a comparable amount? >>

Well, the 1933 $20 gold comes straight to mind........

Baley · March 14, 2003 6:31AM

when there's only one, and more than one person wants it, the high bidder sets the price.

the prices of ones that are kind of like it are not as relevant as the various desires of people.

the most *I personally* would pay for any proof memorial cent is about $10.

what can I get, a 67 DCAM or a 68 CAM? sign me up

I'll use the remaining $38,990 to buy me some coins that are rare in ANY grade.

littlewicher · March 14, 2003 6:33AM

I still love ANACONDA's DCAM Barber Quarter. IMO that coin is worth a lot more then the 1963 cent should be.

jeffnpcb · March 14, 2003 7:34AM

The '63 Lincoln and Anaconda's quarter are both grossly overpriced. One point was made of having the best coin ever graded to complament a set. Yeah right, because HRH said grading is subjective! One companies 70Dcam is anothers 68 Cam! Just aask me, I know!
Overpriced and over hyped plastic has given the big shaft to collectors. I still want to know how a copper in brown could grade over 63! Throws the grading system out the door and no grading system in plastic means anything!

Baley · March 14, 2003 7:36AM

jeff, do you really think a few exceptions, that happen to be extreme, doom the entire system?

that is a limited world view, in my opinion.

cladking · March 14, 2003 1:15PM

<< 

I'll use the remaining $38,990 to buy me some coins that are rare in ANY grade. >>

Perhaps the '90 No-S cent.

billiardmaster · March 14, 2003 2:26PM

I'm famous for paying to much. When and if a dozen come on the market, 39K will seem to high. I remember when Bill Spears was paying
$25,000 for common CC dollars in 67. Everybody misguessed the rarity of high grade coins. Common saints in 65 were $4400 and 65 dollars.
Sold a bunch of 81-S dollars in 66 for $1100 per. So we really don't know if this guy is buried for life or not. A coin boom like the 89-90
move and who knows what anything might be worth? Modern coins throw me. Their value is beyond me, but it is there. It will be interesting to
compare the value of this cent in five years.
Rusty

Shocker · March 14, 2003 2:32PM

How many 1963 proof sets sit in the closets of collectors? What small percentage of 1963 proof sets have actually been examined by someone with a trained eye? There could be more of these out there. If I were to spend $39k for a coin, it would be for something older and more unique.

dbldie55 · March 14, 2003 2:36PM

<< 

<< 

I'll use the remaining $38,990 to buy me some coins that are rare in ANY grade. >>

Perhaps the '90 No-S cent. >>

Why do people like Cliff here always come up with error coins as the rare one? 1990 Proof cents are not rare, only ones where the mint mark was left off (error coin)! Never know. Try coming up with coins that are rare by the true definition, (something not possible with what you push, but complain when others criticise).

(That is Cliff Claven from Cheers for those of you who do not understand.)

MacCoin · March 14, 2003 2:41PM

I know there are a lot of people who collect high end coins but to me all pr/ms 70s are over prices

CYBERKEN · March 14, 2003 3:11PM

You're right, of course. My guess is that MOST post-1953 proofs have never been slabbed.

But I now wonder what % of the huge and new backlog at PCGS is 50's (through '64) proofs-in the wake of that $39K aberration-being submitted for the first time, at economy prices.

Just speaking for myself, I have 25 in. Bought them for peanuts in '79 and '80, when everyone else was going crazy over OTHER material. I never expected them to warrant the price of slabbing. But even seeing the common $25-$50 bids around aroused my curiousity-so in they went...

supercoin · March 14, 2003 3:17PM

This coin was bought to be part of a registry set, there's only one available with that label, and two registry collectors with deep pockets wanted it.

It could actually turn out to be a good purchase from a financial standpoint if it makes the set #1 ranked and the collector sells it that way. The $39K may not be that much when spread over the entire set.

In any case, people with a spare $39K to spend on a coin like that really don't need us to watch over them. They are apparently getting through life ok on their own.

coppercoins · March 14, 2003 4:30PM

I don't know him nor do I know how to contact him, but I have rolls of 63 proof cents I bought for less than 50 cents a coin that might fit the bill for him! LOL!

IrishMike · March 14, 2003 8:28PM

supercoin, I would agree with your comments if it actually was a 70PF. Most if not all the people who have posted that saw the coin don't think it is. I was there the day of the auction and for 3 more days. No one I talked to thought it was close to a 70. It might have the opposite affect when the set is liquidated. It might make potential buyers wonder what other coins were just purchased for the slab number and not the quality. I would much prefer to own the 64 Red IHC set that I saw at FUN. All high quality coins for the grade, in fact some them were great upgraded candidates and well matched. That set has potential. The lincoln set might be and I emphasize might be maxed out and overgraded. However I haven't seen the set. Regardless of how much he has it still is on point to discuss the coin.

Of course the greater fool theory might operate when and if this set is put on the market.

ksteelheader · March 14, 2003 8:37PM

Probably was supply and demand. The supply was 1, the demand had to be 2 or more. Someone had the money, and got the coin. We all can sit around and do a lot of discussion on the subject, but what if the shoe was on the other foot? What IF, you had the money and wanted the coin? I trully think that then there would have been a different decision!!!!!..........Ken

coppercoins · March 14, 2003 10:38PM

<< What IF, you had the money and wanted the coin? I trully think that then there would have been a different decision!!!!! >>

Yes, there would....I'd take the money and buy every proof roll I could find. The coin simply isn't worth anywhere near the money. They paid for the number on the plastic, not the coin.

cladking · March 15, 2003 12:23AM

<< 

Why do people like Cliff here always come up with error coins as the rare one? 1990 Proof cents are not rare, only ones where the mint mark was left off (error coin)! Never know. Try coming up with coins that are rare by the true definition, (something not possible with what you push, but complain when others criticise).

(That is Cliff Claven from Cheers for those of you who do not understand.) >>

Again, very witty! Tinker around with some definitions and slam the guy who says that
a modern can be worth more than $10. If you're trying to insult me you missed by more
than a mile.

If you're trying to unfairly critisize the coins I love then you've nailed it again!

1963 PR70 DCAM Cent

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