Please explain this Heritage Auction activity

toothpuller

The other night I noticed in the pre-auction internet bidding at the Heritage site lot 5369 pre-LB, an 1860 PCGS MS66 Indian Head Cent, was at the ungodly price of $14,950. including the BP. This seemed grossly high being more like what a holdered 67 might realize. The coin in an old holder is the more common Round Bust variety.

Tonight I noticed the coin in the Last Chance Post Auction Bargain Section for those coins that did not meet reserve. The asking price was $15,007.50, but a MAKE AN OFFER tag was attached. Should we assume that $14,950 was too low, but now you can offer less than $15,007.50 to get the coin?

Something here seems strange.

wingedliberty

The coin could be a rare die variety which is not obvious to the non-specialist. Nuances such as rotated die, repunched date, etc., or it may just be premium for the grade. Only the buyer knows, or I should say in this case, the potential buyer.

shylock

I don't get it either. The last MS67 from that date went for 9K, and this one would need some help to get that grade. I did an archive search and noticed the same coin went unsold at the ANA as well. Heritage couldn't be into it for nearly that much, it must be a stubborn and misguided consignor.

Placid

The seller probably put whatever reserve makes 15k with bp then contacted Heritage and told them to lower the reserve but Heritage might have told the seller it was too late to do that until the live auction was over if it did not make the reserve already set they would lower it for the second chance part.

I guess only Heritage knows for sure.