The Fun Sales: The Great Coins Got Greater, But...

wondercoin

My perspective - The great coins got greater. This may represent 5% -10% of the coins out there. Another 30-40% of the slabs were solidly pursued (especially collector coins where the collectors could care less about the #1 Registry slot but simply want a nice "undergrade" collection). Roughly 1/2 the slabs out there now appear to me to be the "drifters" - they are either average to low end for the grade (some down right aweful), one of a gazillion examples available in any auction and/or in poorly participated series at this time. Some may get bought by dealers or collectors looking for a "bargain" - no doubt, they will be back on the auction scene again. I won't point out the series that performed like crap (as that will only lead to someone trying to defend those series) at FUN - but, rest assured there were several.

One thing I have seen is the fact that the overall quality of the available slabs today is far worse than it was a few years ago IMHO. The great coins keep getting plucked out, cracked out, resubmitted and eventually upgraded. IMHO, for a collector it is worth every cent to retain a skilled dealer in the series you like and simply retain that dealer to represent you at auction. That 5% or 10% fee is nothing compared to the heartache of dealing with problem coins I believe. Building a collection of crappy coins rarely pays off I believe.

Wondercoin

wondercoin

Craig: We can speak on the phone about this. Were you pleased with prices realized at FUN regarding the Wash quarters?

Wondercoin

coinguy1

Craig, I can't / wont dare speak for Mitch in answer to your question.

But (even without a phone call), I can tell you that we, as well as many other dealers I know, simply disclose that conflict to anyone who asks us to pursue a coin on their behalf. Ditto, when we have knowledge that we will be bidding for more than one client on the same coin.

wondercoin

MF's policy seems very fair and up front.

In addition to conflict interests, I also run into other issues that come up in the series I aggressively pursue. For example, I just chased at FUN a $150 Lincoln cent (in the current holder it is in) and paid $4,600 at auction for the opportunity to try to upgrade it. I would rarely suggest a collector step up and pay $4,500 extra for a PQ $100 coin - but, I personally did. There are also other issues as well.

Like several dealers on these boards, I assisted collectors with "six figures" of auction purchases at FUN. I just try to be "anal" in doing so to avoid any surprises to anyone.

Wondercoin

RegistryCoin

Conflict of interest??? This is the question we have all had about most all dealers. Mitch is the fairest, believe me. He'll never "steal" a (good) deal. He will never "blind side" a client. He, to my knowledge has always, always offered partnership, or "just for commission" deals on obvious steals.
He's the fairest (and hardest working for your account) in the land, with no doubt !!! (no smiley, just fact...)

Bear

Gee, RC, that pat on the back for WC, though well deserved,

is normally a 15 dollar compliment.

RegistryCoin

not usually for me.....
at least one bottle of Cristal

Bear

wondercoin

RC: Thanks for the very kind words. Yes, I think I may have PO'ed MS68 a touch when I tried to upgrade that Long Island for you 3x in the few weeks prior to me sending it off to Heritage. I really wanted you to get that upgrade as I knew that coin was a near "lock MS68" - PCGS just wasn't cooperating at the time. Laura saw it as well - she took "MS68" as far as she could at auction on the coin that fetched nearly $21,000 for a typical $5,000 coin. That is the way I do try to deal with nearly every coin for every collector. And, you know first hand how many $$$ in upgrades collectors like yourself have seen from this. There are other great dealers out there as well that think of the collector first and their names keep popping up on threads as well and they know who they are

But, let's not forget one thing - there are also "star" collectors - the type who act professionally at all times and the type you can suggest a $5,000 bid on a $100 super PQ coin to try to make a $10,000 upgade coin if it works and who won't accuse of the dealer of "screwing up" if it fails to work and the collector is out $4,900. Those type of collectors are as rare as the rarest coins I encounter and RC - you are one such collector. The dealers out there know just how rare collectors like you are - trust me on that one!

Wondercoin

RegistryCoin

I wouldn't worry about Dave. He's a big boy, and he played the commems to his tune, not ours. He was a valuable part of the auction. He has also provided so much more free help and advise than even his bid/profit gave to me. Thanks, Mitch for connecting me with the best. (he deserves the U.G, when achieved)
I started this relationship with Mitch five-six years ago, and haven't had a better (friendship, investment, fun, never met the guy) one... Thanks again. "Greater Relationships Got Greater"

Lakesammman

Would agree with the original point of the thread. If I were a beginner collector of IHC's nad had gone to the auctions, I would have no clue what a properly graded 65R coin (for instance) should look like.