Hertiage Auction Lot Viewing
ohbaby
Posts: 768
Now I know why all coin dealers wear glasses! I just spent 3 hours looking at box after box of coins.
There were about 25 guys [ladies where are you?] pouring over the lots but Heritage is so well organized I think I had maybe a 5 minute stretch where I had nothing to view. Large and interesting selection of gold [esp. Southern and some rare Saints]. With all the interest in gold I feel many are cleaning out their closets/safes because there was alot of the yellow stuff up for auction. Saw a handful of nice proof type as well as 1-2 nice PR Morgans. Many nice Bust and Seated Halves.
What disappointed me is the low quality for the grade of some of the coins for sale. Not all MS65s are created equal and I spotted many coins which slipped by the graders at PCGS, maybe in more lienient times? Coins which had zero eye appeal and even distractions were awarded MS64s 65s.
The most discouraging trend is how many coins seem to sneak into the next higher grade based on ????. There is a CC Seated half or quarter which I just passed on last November and it now resides in a full grade higher PCGS slab. Makes one wonder at times. How can coins graduate so easily and the impact on low population in all grades coins. When I see a total pop of 35 coins and retrace auction records and see 3-4 upgrades I wonder how many times were they resubmitted to get that grade. Although larger in pop, the Flying Eagle series is a mess in the PCGS pop reports. Don't take my word for it but look at the year end pops for the 1858 Large Letters in MS over the last 3 years and you will see how the pop has grown, or I should say "groaned". One variety has increased by 30%. Impossible I say.
After 3 hrs of viewing I packed up and witnessed the invasion of the dealers. Dozens and dozens of them pulling their wheeled luggage in a mad dash to their assigned tables. A little like the old 24 hours of Le Mans when the drivers used to run out to their cars. I have a wee bit more respect for the "glamorous" life of the coin dealer. Guys, it really is hard work!
Finally I add [since people always ask/PM me] I did not look at any post 1900 coins.
I will be back Thursday & Friday and report on the floor action and auction.
There were about 25 guys [ladies where are you?] pouring over the lots but Heritage is so well organized I think I had maybe a 5 minute stretch where I had nothing to view. Large and interesting selection of gold [esp. Southern and some rare Saints]. With all the interest in gold I feel many are cleaning out their closets/safes because there was alot of the yellow stuff up for auction. Saw a handful of nice proof type as well as 1-2 nice PR Morgans. Many nice Bust and Seated Halves.
What disappointed me is the low quality for the grade of some of the coins for sale. Not all MS65s are created equal and I spotted many coins which slipped by the graders at PCGS, maybe in more lienient times? Coins which had zero eye appeal and even distractions were awarded MS64s 65s.
The most discouraging trend is how many coins seem to sneak into the next higher grade based on ????. There is a CC Seated half or quarter which I just passed on last November and it now resides in a full grade higher PCGS slab. Makes one wonder at times. How can coins graduate so easily and the impact on low population in all grades coins. When I see a total pop of 35 coins and retrace auction records and see 3-4 upgrades I wonder how many times were they resubmitted to get that grade. Although larger in pop, the Flying Eagle series is a mess in the PCGS pop reports. Don't take my word for it but look at the year end pops for the 1858 Large Letters in MS over the last 3 years and you will see how the pop has grown, or I should say "groaned". One variety has increased by 30%. Impossible I say.
After 3 hrs of viewing I packed up and witnessed the invasion of the dealers. Dozens and dozens of them pulling their wheeled luggage in a mad dash to their assigned tables. A little like the old 24 hours of Le Mans when the drivers used to run out to their cars. I have a wee bit more respect for the "glamorous" life of the coin dealer. Guys, it really is hard work!
Finally I add [since people always ask/PM me] I did not look at any post 1900 coins.
I will be back Thursday & Friday and report on the floor action and auction.
0
Comments
I spent about as much time looking at Heritage lots at FUN, my viewing spread over two days. I agree with your sentiments. It was a real eye-opener. There were so many low-end-for-the-grade coins that I vowed NEVER to bid again on Heritage lots, sight unseen. I used to lowball or bid unaggresively on issues of interest, and in retrospect, almost all the coins I bought were duds. No wonder. The nice coins get bid up to fair value or higher and the dogs ended up with suckers like me.
Thank you for the report.
Robert
roadrunner