A dollar becomes $1.2 million

Simple

Looks like the 1804 purchase in Baltimore made the news. I'm heading up there tomorrow, so I guess I missed my chance to bid on it. I saw the post below on how much it sold for, just not sure if people knew it made the news on CNN...

A dollar becomes $1.2 million

cherrypickincoin

I'm glad this hobby is getting more publicity.

artdeco

Publicity, yes, but... this is a great time in our business and hobby. There are a lot of exciting things going on, and it seems like it could be a great field to get into if I were a regular schmoe BUT- how many average schmoes don't understand why coins are going for a million a piece, why "just a nickel" is so famous, and don't you think there may be people out there thinking this is a hobby for elitests with too much money in their bank accounts? Can't publicity of this nature scare away as many people as it can attract? And what about the uneducated folks who are looking at this as an investment and maybe buying up schlok left and right off of their local home shopping network and then down the road will be baffled at their losses? Just a point (perhaps) worth pondering.

Cam40

The timeing of the sell of the coin was terrible. What with the 5th `13 V nickel coming out after all those years.
Most eyes were focused on it I think.

Also I,m pretty sure the consignor of the `03 $ wasnt too happy to jsut about break even after all
the smoke had cleared. What was it? $50,000 over what had been paid for it a couple of years ago?
That money was probably eaten up by consignors fees and such.
I agree with what someone said about `the coin wasnt held for long enough to realize any substantial
gains. Well, 50 grand aint chump change but it aint much compared to a cool mill.

Cockney

I was planning on the doing the very same thing tomorrow.....Bought a lottery ticket.

cherrypickincoin

Cam,

I think Kagin paid $750,000 for the 1804 Dollar in 2001. He sold it yesterday for $1,050,000. That's a gain of $300,000. That is pretty darn good for holding the coin for only two years!

With regard to artdeco's points, ya know, I think this hobby still has a lot of maturing to do. There are Picasso's and Monet's that go for ten times the amount of money people are paying for these rare coins. If we progress at the rate we're going and get more collectors in the hobby, I believe the sky is truly the limit...

artdeco

I don't dispute "the sky's the limit," but we can't have thousands of yahoos out there thinking that the business is full of million dollar investments. There are all sorts of levels people can collect that, and I don't want someone to have the wrong impression because of sensationalized news casts.