Rumor concerning the 1963 DCAM 70 Lincoln.

jdimmick

Everyone is posting comments about this coin, and what it will re-sale for this time around. Also thier is the latest rumor that Stewart Blay is chasing this piece.

Here is a rumor that I herd today from two people who wish to remain anynomus:

PCGS is attemting to re-purcashing this coin from the FUN auction in order that it can be removed from the open market, and disposed off, because its oviously a blantant grading error on thier part and because there has been to much negitive publicity about the coin?


I was thinking about posting this rumor to Homerun Hall on tuesday for comment??

?????????????????

Catch22

There is another course of action, PCGS could make a few more 70's.

Rampage

I think the question should be asked. But, when you do ask it, be sure to include the picture with the question so he can see the coin in question.

If it is fact that PCGS is chasing the coin, then they will probably shell out some hefty bucks for it.

jeffnpcb

From the current photos, that dog doesn't hunt as a 70DCAM! I wish there was a photo when originally graded! If PCGS wanted it back, they would probably buy it back under the table without any rumors!

mgoodm3

Interesting rumors. We'll see what happens.

Russ

<< <i>be sure to include the picture with the question so he can see the coin in question. >>



Yeah, otherwise he won't know which one it is.

Russ, NCNE

jbsteven

I will bet right here and now that IF PCGS is chasing the coin they will not admit to it publically. If they did then people who don't like PCGS could run the price up to make PCGS pay.

agentjim007

maybe we should bid it up for fun

nucklehead

<< <i>maybe we should bid it up for fun >>

airplanenut

<< <i>maybe we should bid it up for fun >>

Put a ransom on it... we stop bidding when turnaround times are at 25 days or less

STEWARTBLAYNUMIS

Mr. Dimmmick

This coin is more than my budget will allow me to spend for an insert.I thought I was bidding against Trade Dollar Nut but he has informed me that the coin has also become expensive for him.
Perhaps if you ask wondercoin he will enlighten you as to who is bidding on this insert.

Stewart

Keyrock

I would think Stewart would have acquired it already if it was truly a DCAM70. Stewart is a true collector of superb copper pieces, not a plastic chaser. I think it is a valid question for David. Maybe it was a mechanical error during the slabbing process? I thought the opinion on this coin was the grade was lower than stated.

braddick

I doubt PCGS seriously cares much about this Lincoln. I bet their submissions monthly total doesn't change one iota. PCGS reputation is not made on a single coin no matter how much we talk about it.
I mean, seriously: is there anyone here that would change their mind on submitting, assuming you are a PCGS submitter to begin with, because of this single misgraded coin?

jeffnpcb

Hacked the Heritage website and some guy with the user name of HRH is the high bidder with a high maximum bid of $53,500!!!

Russ

<< <i>Stewart is a true collector of superb copper pieces, not a plastic chaser. >>



Where the hell did you hear that?

Russ, NCNE

Keyrock

Just trying to start another rumor

sinin1

lets start a forum message board 'syndicate' we all can put in a few bucks (quite a few) and win the coin - and then rotate it amongst ourselves



well me be that would be a good idea for some coins of more value with less cost.

MrEureka

I mean, seriously: is there anyone here that would change their mind on submitting, assuming you are a PCGS submitter to begin with, because of this single misgraded coin?

Yes, but not overnight. Potential "end users" may lose faith in PCGS because of this coin. As a result, demand for PCGS coins will diminish, causing dealers to submit fewer coins. The damage to PCGS won't impact the bottom line overnight, but it sure as sheets will happen in the long run. So I have no doubt that this coin will be removed from the marketplace sooner or later.

(BTW, I'd bet on later.)

spoon

I heard the coin popped out of the holder and hit the ground.. supposedly it was spent at a McDonalds in Topeka... but y'all didn't hear it from me cos I aint one to gossip.

spoon

And, y'know.. that's a slab that's worth being slabbed! Can they do that? slab a slab??

STEWARTBLAYNUMIS

All Right...the cat is out of the bag

The Reserve on the 1963 Proof 70 D Cameo is $38,000


And I will Guarantee it

Stewart

jdimmick

Stewart,

When I read the rumor on here about you intrested in the piece, I figured that it was false(only a rumor), especially with your eye and taste for Lincolns. I think most agree, that 40,000 is much better spent anywhere other than that coin.

As far as the PCGS rumor, when I first herd it, I was thinking "why would PCGS buy it?" Then after sitting down and thinking about this coin and the negitive publicity it brought to them grading it a DCAM 70, which most everyone disagrees with. Could be a relatively (business expense) cost effective way for them to dispose of it, and end the negitive publicity.

jim dimmick

Monstavet

The real issue here is not whether it is some kind of numismatic crime that PCGS graded the coin 70DCAM...as others have said, graders make mistakes, and PCGS' reputation will not really be affected by a single coin that much...I wouldn't expect them to eat $40 grand just to save face. There are quite a few 70DCAMs out there (in other denominations and years) that probably aren't worthy of that grade...and many more 69DCAMs, that probably are...such is life.

The real issue that people have is they can't believe any lincoln cent could be worth that much...no matter how it looks. But so be it. I don't have 40 grand to spend on coins, so to me it is unthinkable, but for folks with money...let 'em spend it as they see fit. Everyone is so critical of this coin, the seller, and the bidders....and I don't think many of us are in a position to judge them at all. When your numismatic budget becomes a half million dollars a year or more, then you can be critical.

Placid

I heard NGC was bidding on it so they can take it to shows as an example of the competitions slabs

IrishMike

Monstavet, thank you for pointing out the real issue to all of us. I could care less what you or anyone else buys or how much you spend for it, but that certainly isn't isn't the real issue to me. There is no question in my mind or dozens of other dealers and collectors that this coin is not a 70. Would this coin have the publicity that is has garnared if some folks weren't willing to pay this kind of money for it, of course not. What this coin illustrates is that there are collectors out there that will pay a high price to purchase a coin to put it into a registry set whether it measures up to the grade or not. In fact at the PCGS Registry luncheon this coin was one of the coins singled out by David Hall in his talk to us in regards to how popular the registry is and how strong the market is. All the while the buzz at FUN was the coin was overgraded. Many of the bobbling head koolaid sippers were nodding in agreement, others just smiled. Anyway it gave me an insight to registry collecting that will forever be imprinted in my mind.

The registry concept has become a marketing gold mine for PCGS and this is the extreme example in my mind of how a well intended idea can be exploited by someone with an endless amount of funds. What's to be proud of here, that you have the money to throw away to be number one? My reaction is that it brings into question the quality of the entire set that it resides in. 12 months later this coin is where is was back on the market. It needs to be removed, plain and simple.

keets

There is no question in my mind or dozens of other dealers and collectors that this coin is not a 70. Would this coin have the publicity that is has garnared if some folks weren't willing to pay this kind of money for it, of course not.

...........and i find it interesting that the coin gets the attention of even a dozen dealers or collectors!! it would seem that before it hit the auction floor last year nobody knew about it or cared about it. now, one year and two auctions later, it dominates the attention of a few in a most peculiar way.

al h.

IrishMike

keets, that is not entirely true. While it didn't garner the type of discussion this year that it did last year, it certainly was a topic of conversation on this board. In fact it was one the coins I had earmarked to check out when I went to the show last year. Some of the discussion last year centered around whether or not more than 2 bidders were interested in this coin. As it turns out there is.

nankraut

Spoon...you're a riot, man

tgilliams

INTERESTING and makes a lot of sense

tgilliams

ttt

tgilliams

Well John Troy must be smiling all the way to the bank, he took a lot of heat when he paid $39M, now hes going to walk away much healthier!!

BAJJERFAN

Makes you wonder tho if PCGS actually graded that thing like that or if a disgruntled technician managed to somehow switch inserts. Kinda reminiscent of the problem with fingerprinted coins there awhile back.