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$2000 for a 70-D Washington is pretty wild.

DHeathDHeath Posts: 8,472 ✭✭✭
Looks like a pretty nice coin from a worn out die, with matching abrasions on the lower legs of the eagle. It is sitting at $2000 right now. Is it THAT nice?

PCGS MS-68 70-D Washington.
Developing theory is what we are meant to do as academic researchers
and it sets us apart from practitioners and consultants. Gregor

Comments

  • I just don't get it, and probably never will! That is a nice strike for a 1970-D though!
    HEAD TUCKED AND ROLLING ALONG ENJOYING THE VIEW! [Most people I know!]

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  • DHeathDHeath Posts: 8,472 ✭✭✭
    Jeff,

    I like the coin. I'm not sure with 80+ coins available in MS67 at approx. $40 if I like it 25 times better.
    Developing theory is what we are meant to do as academic researchers
    and it sets us apart from practitioners and consultants. Gregor
  • RussRuss Posts: 48,514 ✭✭✭
    There's a '72-D in MS68 that's also at $2000.

    I wonder if it's the same seller, and those are buyback bids, (aka reserves)? The coins are from the same submission.

    Russ, NCNE
  • I have a 70-d in a flip at home ready to send to pcgs that
    looks better than that one.
    tim
    LOOKING FOR 1931-s merc that is nice for the grade and fb
  • It's a decent coin, but I don't know if it's THAT decent! image
  • cladkingcladking Posts: 28,534 ✭✭✭✭✭
    The '70-D comes extremely nice and PL's are not difficult to find. It's tough to
    tell from the small picture if this is an especially nice one or not but the surfaces
    are certainly nice.
    Tempus fugit.
  • RussRuss Posts: 48,514 ✭✭✭
    Both ended as "not sold". Looks like the $2000 was a buyback bid.

    Russ, NCNE
  • I think it looks great, but I don't think I'd pay $2000 for it. Well, maybe if I fell in love with it in personimage

    image
  • I have pocket change that is, numismatically speaking, of equal importance.
  • JohnZJohnZ Posts: 1,732
    The only reason it's only one of three at 68 is that more 70 D's havent been submitted.

    I find it hard to believe there's anything uncommon about that coin.

    We ARE watching you.

    image
  • image
  • IrishMikeIrishMike Posts: 7,737 ✭✭✭
    It amazed me that someone was able to unload a dozen or so pfdcam 70, 1979,1980 and 1990's washingtons last night for $425-$625. The same coins can be had for 50-75 bucks in NGC holders. Of course the one or two people in the world who can differentiate between them will argue that there is a difference. image
  • I had rather spend 2300 or 2400 for a 1908 Five Liberty in a PCGS 65 holder. I guess other people had something else in mind as well since it did not sell!
    In an insane society, a sane person will appear to be insane.
  • cladkingcladking Posts: 28,534 ✭✭✭✭✭
    XpipedreameR; Thanks for the better picture.

    While I'd agree this coin is probably not especially scarce in this grade, those who
    think it's common should try to actually find one raw. This is one of the more common
    dates of early eagle reverse clad quarters in original rolls, but months of hard looking
    will turn up only a few rolls. Probably the nicest coin in all those rolls will be a MS-63.
    You'll need to find well over a hundred original mint sets to find one as clean and finding
    these will be much more difficult than you might think. Yes, there may be nearly that
    many available on e-bay at any given time but these will generally not be original.
    Tempus fugit.
  • JohnZJohnZ Posts: 1,732
    You'll need to find well over a hundred original mint sets to find one as clean and finding
    these will be much more difficult than you might think.


    Agreed, but 33 years ago is still to close for comfort. Paying $2000 for that coin would be pure speculation. The census on MS68's is likely to increase even if slowly. I know many collectors on this board that have made it a life's pursuit to search mint sets.

    We ARE watching you.

    image
  • cladkingcladking Posts: 28,534 ✭✭✭✭✭


    << <i>

    Agreed, but 33 years ago is still to close for comfort. Paying $2000 for that coin would be pure speculation. The census on MS68's is likely to increase even if slowly. I know many collectors on this board that have made it a life's pursuit to search mint sets. >>



    Please introduce them. I've never actually met another mint setter in person and
    have spoken or corresponded with only a handfull until the last few years. In the
    old days the only people I'd ever hear of looking at mint sets were collecting only
    a single coin and it was usually the half or dollar.

    One will occasionally see some evidence of interest in the sets like a missing cent
    or nickel in a set, but it seems probable that in most cases the person just needed
    a coin for his set and secured the first one he saw.

    The prices of these sets actually dropped to less than face value in the 1980's and
    '90's. This implies a staggering lack of demand and caused huge attrition when po-
    tential sellers would spend the coins in the sets rather than sell them at less than
    face value.
    Tempus fugit.
  • DHeathDHeath Posts: 8,472 ✭✭✭
    There are so many ways to collect, and I don't think any are more or less valid than another. I think the collector that specializes in high-grade Washingtons would certainly see a need for this coin in their collection. I also clearly understand why some would have little interest in it. I think the coin itself is quite nice, I enjoy the series, and I enjoy collecting clads as well as silver issues. I also think it's OK to discuss pricing of modern condition rarities. I'd say such discussions are pretty healthy, in the same way discussing why a 25-S Peace in 64 is in the price guide for $600, and it jumps to $22,000 in 65 is healthy.image
    Developing theory is what we are meant to do as academic researchers
    and it sets us apart from practitioners and consultants. Gregor
  • JohnZJohnZ Posts: 1,732
    I've bought over a hundred mint sets of different dates myself over the course of several years, but there are collectors more serious about the pursuit than I am. Talk to mdwoods. Here's a thread on the Open Forum.

    We ARE watching you.

    image
  • nankrautnankraut Posts: 4,565 ✭✭✭
    IMHO...prices like this for (rare??) over-hyped coins like this are absurd, and detrimental to the hobby. The chickens will soon come home to roost. I'll take my $2000 and buy 3 PCGS MS-63 $20 Saints, or 3 PCGS VF $3 gold pieces.

    nankraut
    I'm the Proud recipient of a genuine "you suck" award dated 1/24/05. I was accepted into the "Circle of Trust" on 3/9/09.
  • cladkingcladking Posts: 28,534 ✭✭✭✭✭


    << <i>IMHO...prices like this for (rare??) over-hyped coins like this are absurd, and detrimental to the hobby. The chickens will soon come home to roost. I'll take my $2000 and buy 3 PCGS MS-63 $20 Saints, or 3 PCGS VF $3 gold pieces.

    nankraut >>



    I've heard all about this hype yet no one has ever shown me any. All I hear is
    that clad is garbage and people would be well advised to sell before everyone
    wakes up to the fact. If you can find some hype please link it or PM me as I'd
    be most interested.

    Here's the hype



    repaired link
    Tempus fugit.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I'll take the 3 Saints too....or better yet a gem unc seated half.

    I think the comparison to the 25s Peace Dollar from MS64 to MS65 is probably reasonable. Not to offend dollar collectors but there is sizeable risk in taking the leap from an MS64 to an MS65. I'd probably need to see an MS65++ coin to even consider purchasing the date in MS65. With 70 or so pieces total in MS65 and maybe 2000 betw NGC/PCGS in MS64, you better know the difference between the MS64++ and the MS65- coin. This is an area left to the extreme specialists. I'm more at ease in type coins where typically you see a doubling in price from one grade to the next. Worst case is usually 3-4x. But 30x? Risky business. How many of those 2000 MS64's are waiting in line to become MS65's? Same goes for 1970 Wash quarters I guess. No matter how you cut, much of the price is contained in the grading insert as 1/10th of a point less is 1/30th of the price.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • DHeathDHeath Posts: 8,472 ✭✭✭
    Roadrunner,

    I asked Mr.Hall a question regarding the durability of whole number grading in the face of those multiples for tommorrow's Q & A. I'm interested in his response, because in some cases, PCGS's price guide indicates a 20X or 30X multiple for a single grade point, and because IMO no coin is so easily described and pigeon-holed. I understand price is really only the concern of the buyer and seller, but does a whole point system remain useful to the market in the face of those multiples?
    Developing theory is what we are meant to do as academic researchers
    and it sets us apart from practitioners and consultants. Gregor
  • wondercoinwondercoin Posts: 16,866 ✭✭✭✭✭
    There are many very scarce clad Wash quarters in high grade (MS67-MS68) and many very common clad quarters particularly in grades MS64-67. For example, a coin like the 1969(p) in grades above MS66 is a very scarce coin and in true MS68 grade downright rare IMHO. On the other hand, a 1972(d) quarter in MS67 is a common coin I believe.

    But, one thing for certain - THIS SERIES IS CERTAINLY NOT BEING HYPED IN ANY WAY, SHAPE OR FORM. The best PCGS clad quarter set in the world is not even registered and is virtually never even discussed. The best PCGS clad quarter set which is registered (by a board member) is also virtually never discussed and certainly not hyped. In fact, IMHO, MS (REPEAT MS) clad Wash quarters are one of the best kept secrets out there!! Hardly a word gets discussed about them from month to month, even over on the Registry board. There are probably a couple handfuls of collectors out there who seriously have studied the rarity of all the clad Wash dates in high grade. For many of these collectors, the less said the better, as they "cherry-pick" great deals. Rest assured, there has been -0- hype of clad MS Wash quarters on virtually any posts I have read over the past couple years, although a thread like this one pops up from time to time.

    One final comment - I suspect sometime next year PCGS will complete its work in setting up a "global" MS Wash quarter Registry series (1932-1998). I would not be surprised to see MS clad quarters become more "mainstream" once the set becomes 32-98 and there will be quite a few collectors desireous of building a complete 32-98 collection, as I have met a few already. image

    Wondercoin
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • cladkingcladking Posts: 28,534 ✭✭✭✭✭


    << <i>There are many very scarce clad Wash quarters in high grade (MS67-MS68) and many very common clad quarters particularly in grades MS64-67. For example, a coin like the 1969(p) in grades above MS66 is a very scarce coin and in true MS68 grade downright rare IMHO. On the other hand, a 1972(d) quarter in MS67 is a common coin I believe.

    But, one thing for certain - THIS SERIES IS CERTAINLY NOT BEING HYPED IN ANY WAY, SHAPE OR FORM. The best PCGS clad quarter set in the world is not even registered and is virtually never even discussed. The best PCGS clad quarter set which is registered (by a board member) is also virtually never discussed and certainly not hyped. In fact, IMHO, MS (REPEAT MS) clad Wash quarters are one of the best kept secrets out there!! Hardly a word gets discussed about them from month to month, even over on the Registry board. There are probably a couple handfuls of collectors out there who seriously have studied the rarity of all the clad Wash dates in high grade. For many of these collectors, the less said the better, as they "cherry-pick" great deals. Rest assured, there has been -0- hype of clad MS Wash quarters on virtually any posts I have read over the past couple years, although a thread like this one pops up from time to time.

    One final comment - I suspect sometime next year PCGS will complete its work in setting up a "global" MS Wash quarter Registry series (1932-1998). I would not be surprised to see MS clad quarters become more "mainstream" once the set becomes 32-98 and there will be quite a few collectors desireous of building a complete 32-98 collection, as I have met a few already. image

    Wondercoin >>




    There is still no comprehensive book on this series and for the main part the existing works
    just mention the clads as an after thought. There are numerous varieties which have been
    very under reported. Some of these may not even exist in uncirculated condition despite be-
    ing "common" in circulation. Some are quite scarce even circulated.

    Virtually all of the few collections of these have been started in only the last 5 years with the
    advent of the states quarters.

    With all the slamming of clads and moderns and pocket change these orphans could be the
    poster children for anti-hype.
    Tempus fugit.
  • mgoodm3mgoodm3 Posts: 17,497 ✭✭✭
    So what's that coin worth among the collectors of MS clad Washingtons? How far will they go to own it?
    coinimaging.com/my photography articles Check out the new macro lens testing section
  • cladkingcladking Posts: 28,534 ✭✭✭✭✭
    I have to assume that the picture doesn't do it justice since it's a pop three. Based
    solely on the picture it would not be especially valuable to me, but again, the coin
    must look nicer in hand. Collectors vary too though, and most would prefer to find
    these coins already slabbed in auctions. If the coin were only as nice as the picture
    it probably would not bring a great deal at auction based only on its quality. If it did
    bring a lot of money it would do so on some other basis.

    The coin is probably as nice as its grade implies so it will bring only the going rate
    which is the balance point between the tiny supply and the feeble demand. Because
    this is a small immature market this balance point can appear ephemeral and can
    fluctuate wildly based on small changes in the supply or demand.

    Looks like that may mean somewhat less than $2,000 at the current time. Wondercoin's
    guess here would likely be far better than mine.
    Tempus fugit.
  • goose3goose3 Posts: 11,471 ✭✭✭
    I'm not trying to bash here but genuinely would like to know what some of you would pay for that coin if it were raw and in a flip and could view it in hand.
  • LAWMANLAWMAN Posts: 1,274 ✭✭
    What's the wavy stuff on the obverse under In God We Trust?
    DSW
  • RussRuss Posts: 48,514 ✭✭✭


    << <i>What's the wavy stuff on the obverse under In God We Trust? >>



    Die polish lines.

    Russ, NCNE
  • coinkatcoinkat Posts: 23,024 ✭✭✭✭✭
    $2000 is wild but collectors should collect what they like... I guess I am limited because I collect what I can afford.

    Experience the World through Numismatics...it's more than you can imagine.

  • wondercoinwondercoin Posts: 16,866 ✭✭✭✭✭
    "Looks like that may mean somewhat less than $2,000 at the current time. Wondercoin's guess here would likely be far better than mine."

    It is my understanding that a lucky submitter slabbed (3) 70(d) and 72(d) quarters in PCGS-MS68 as part of a larger submission. I believe I was fortunate enough to pluck off the nicest example of each date for a customer at a price somewhat in excess of the $2,000 being discussed here. Additionally, the current #1 set was also able to pluck off a pair of coins for his collection above the $2k/coin level . This left these (2) remaining coins. They appear to be slower sellers (having just failed to sell in the Bowers Baltimore sale), but, I have no doubt will sell in the not too distant future.

    PCGS-MS68 clad quarters from 1970 at $2k? Crazier than PCGS-MS67FBL halves from the 1950's or early 1960's at $20,000+. Heck, even a 1960 Memorial Lincoln cent in MS67RD just sold for well over $3,000. Or, many various clad dimes from the 1990's in MS67FB at $1,000-$1,500 now? Or, how about a 1959 Lincoln cent in PR69DCAM currently closing in on $20,000 last I checked in the Heritage sale? In the context of the current coin market, does a $2,000 clad quarter in grade MS68 from the 1970's seem crazy? image

    Wondercoin
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • BaleyBaley Posts: 22,659 ✭✭✭✭✭
    I think all those prices for those coins in those grades are crazy.

    But then again, my wife thinks I'm crazy to pay $200-$500 for well-worn 190+ year old coins, so there you go!

    Liberty: Parent of Science & Industry

  • DHeathDHeath Posts: 8,472 ✭✭✭
    In the context of the current coin market, does a $2,000 clad quarter in grade MS68 from the 1970's seem crazy?

    I certainly wouldn't characterize anyone else's value system as crazy. I do however think it fascinating that collecting would be that competitive in a portion of the series that has been pretty unpopular since 1965. There have been 6 times as many 03 proof Sacs submitted (3061) this year than the total number of 70-D Washingtons submitted since PCGS started the pop report (517). They don't seem to be popular among submitters. One would think a $2000 bounty would excite the bounty hunters. Apparently they don't see the potential market.
    Developing theory is what we are meant to do as academic researchers
    and it sets us apart from practitioners and consultants. Gregor
  • cladkingcladking Posts: 28,534 ✭✭✭✭✭
    I really have to think that part of the reason that the clad quarters don't get submitted
    in large numbers is that the nice ones are difficult to find. Sure they aren't very popular
    but if they were more available there would be more submitted even if it did cause the
    price to be a lot lower. Most of these don't exist in substantial quantities in rolls since
    few saw much point in saving them. The few such rolls that do exist are almost univer-
    sally very unattractive with little chance of containing coins that are gem or near gem. There
    is little evidence that there were collectors seeking these coins as they were issued, though
    it has been reported that John J. Pittman did. This essentially leaves only the mint sets as a
    possible source for most of the early eagle reverse clad quarters.

    In the case of the 1970 probably 2/3 of these have been destroyed over the years for the
    mint set only half and the "scarce" small date "S" cent which appears in about 10% of this
    date. The remaining sets have not only been heavily picked over but have also suffered
    from tarnishing. This affects the Denver quarters and dimes the least but the other coins
    in this set are often dark or spotted.

    In the old days there would be about 10 nice choice gem 70-D quarters in a hundred mint sets
    making it one of the most common of the clad gems. Today you'll be lucky to find four or five
    and the very best ones are even tougher. Perhaps more importantly was that you could go
    into most larger coin shops and see thirty to eighty sets. Not today; today you'll be lucky to
    find more than a handfull at a time. This all means that where a few phone calls and trips to
    dealers would yield enough sets to find a superb gem twenty years ago, it will take a great
    deal more effort and searching today. In another thread DHeath reports on '70 sets bringing
    double bid in an auction because they are sealed and hence original. How long will it be till
    this is the only way to find raw gems? What does this price imply about the difficulty of find-
    ing nice choice coins in typical mint sets? And what does it imply about the real value of choice
    sets- - not just original, but actually choice?
    Tempus fugit.

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