372 PCGS-MS66RD Lincolns in 1 Lot: No Reserve On Ebay
wondercoin
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I would appreciate it if someone could link my latest ebay auction for 372 PCGS-MS66RD Lincoln cents with an opening bid of under $10 and No reserve! I am running this auction for free for a friend who took his first shot at bulk grading Memorial cents at PCGS from the early 1980's to late 1990's. LET ME FIRST SAY I DID NOT EVEN BOTHER LOOKING AT THE COINS, SO THIS IS NOT INTENDED TO QUESTION PCGS' GRADING WHATSOEVER - ALL 372 COINS COULD BE PROPERLY GRADED AS FAR AS I KNOW. Let's assume they are for this discussion.
My intention is to show how slabbing modern coins is often times not as "easy" and "profitable" as one might expect. I understand from the owner of these Lincolns that he spent the necessary man hours sorting through more than 20,000 Lincolns to select these coins. After that great "time expense", my understanding is the cheapest bulk rate service runs around $8/coin - close to $3,000 for these coins. Obviously, there was a cost associated with buying these 20,000+ coins in the first place and breaking up original rolls rendered mostly worthless after they are "picked through".
I recommended to the submitter that he basically "cut his losses" and let the entire lot of 372 PCGS-MS66RD coins go in a single ebay auction, which I agreed to conduct at no charge. As I mentioned in the auction, there was a fair amount of MS67RD coins graded (a couple hundred roughly best I can tell) and a couple handfuls of MS68RD common dated coins as well. But, that group of coins will likely be sold around break even when they are all disposed of. Bascially, one can chalk this up to multi-thousands of dollars lost, not to mention the HUGE amount of time expended in obtaining these submission coins in the first place.
Out of 20,000 Lincolns - 0 graded MS69RD as well.
Feel free to believe a 1980's Lincoln in MS69RD is "pocket change", I have no intention of trying to talk you out of it. But, for those out there who have tried to slab super grade Memorials and have failed -as you see, you are not alone. I thought this was interesting and wanted to share the story with you - again, I am donating my time to assist in disposing of these coins
Wondercoin
My intention is to show how slabbing modern coins is often times not as "easy" and "profitable" as one might expect. I understand from the owner of these Lincolns that he spent the necessary man hours sorting through more than 20,000 Lincolns to select these coins. After that great "time expense", my understanding is the cheapest bulk rate service runs around $8/coin - close to $3,000 for these coins. Obviously, there was a cost associated with buying these 20,000+ coins in the first place and breaking up original rolls rendered mostly worthless after they are "picked through".
I recommended to the submitter that he basically "cut his losses" and let the entire lot of 372 PCGS-MS66RD coins go in a single ebay auction, which I agreed to conduct at no charge. As I mentioned in the auction, there was a fair amount of MS67RD coins graded (a couple hundred roughly best I can tell) and a couple handfuls of MS68RD common dated coins as well. But, that group of coins will likely be sold around break even when they are all disposed of. Bascially, one can chalk this up to multi-thousands of dollars lost, not to mention the HUGE amount of time expended in obtaining these submission coins in the first place.
Out of 20,000 Lincolns - 0 graded MS69RD as well.
Feel free to believe a 1980's Lincoln in MS69RD is "pocket change", I have no intention of trying to talk you out of it. But, for those out there who have tried to slab super grade Memorials and have failed -as you see, you are not alone. I thought this was interesting and wanted to share the story with you - again, I am donating my time to assist in disposing of these coins
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
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Cameron Kiefer