How We Sold a $2200 Coin For An Astonishing $69,000

NoGvmnt

For those who haven't seen it yet, Superior Galleries has an ad on page C3 in the April 26, 2004 Coin World that states, "How We Sold A $2200 Coin For An Astounding $69,000.

The text goes on to state, "Lot 1727 - 1926 Oregon Commemorative Half Dollar - PCGS graded Mint State 67 with amazing natural toning - Bluesheet bid for this coin prior to auction was $1100 - 1500 (even MS68s were bidding just $2000 - 2500). We had 6 bidders at well over $30,000, with two bidders battling it out for the final hammer price of $60,000. With the additional 15% Buyers Premium, the coin realized an astounding $69,000!"


Now, If I were the buyer, I would be pretty pissed that Superior, in the way they present this ad, gives the impression that the buyer was (fill in the blank) for paying $69,000.00 for a coin that they claim has a value of only $2,200.00.

Jim

BigE

(popcorn eating icon here)-------------------------BigE

vrtech99

<< <i>(popcorn eating icon here)-------------------------BigE >>

newport

And they say that Bluemoon Coins on ebay is overpriced???

Placid

Wow I bet the buyer feels good seeing they think its a $2200 coin.
Makes me want to buy from them so I can overpay

lathmach

These people paying outrageous prices for these corroded coins are gonna lose their shirts on them when this fad passes.

Ray

jbsteven

<< <i>These people paying outrageous prices for these corroded coins are gonna lose their shirts on them when this fad passes >>



what if these "people" never sell the coins they bought at your "outrageous" prices? Seems to me to only way to "lose" is to sell from what you have posted.

Ever heard of collecting for enjoyment?

Tonelover

I bet the buyer is wishing that somebody had told him it was a $2,200 coin beforehand.

Oldnewbie

I paid $54.00 including shipping....too much? (I know it's kinda ugly)

MS68

Why should I get upset that the idiots at Superior were to stupid to figure out the value of the coolest commem on the planet? I just wish they had been able to purchase the coin from the consignor and offer it to me privately. (Add crying in your beer icon)

kyleknap

I'm quite sure the buyer is happy with his investment, and I can see why; that was one hell of a coin!

Kyle

Placid

<< <i>Why should I get upset that the idiots at Superior were to stupid to figure out the value of the coolest commem on the planet? I just wish they had been able to purchase the coin from the consignor and offer it to me privately. (Add crying in your beer icon) >>



I just think the way they put it is in poor taste.
Record price would sound better than we sold a $2200 coin for $69000.

kieferscoins

It is worded bad and I saw that in coinworld the other day and thought th exact same thing.

Cameron Kiefer

seanq

I'd like to know how Superior feels they can take any sort of credit for that price realized. It's not like that coin would have sold for greysheet ask if it were auctioned by Heritage or ANR or Stacks or... etc. etc.


Sean Reynolds

RotatedRainbows

Don't the boys from Taz now own Superior?? Need I say more??

Lakesammman

It was clearly a knowledgable buyer that made the purchase - it's a shameless ad to get grandma to consign her coins. It will be interesting to see what Superior is able to do in the future with Deeds now off to BM.

Placid

Is that the same coin they use on coinfacts?
If not do you own that one too MS68?

410a

Alls fair in Love, War and the business non sensicous
that flows out of a dealers mouth and people who take it
to heart.

Tonelover

Reminds me of a certain Franklin dealer headlining his ad after the 53-S PCGS MS-66 FBL sold for $69,000 and telling everybody what a hero he was for being involved somehow. Of course I don't remember seeing another follow up ad after the buyer sold it less than a year later for half as much. Not that this would happen with the Oregon, just that it's funny watching people take credit for things they really had no control over.

Regardless, it's marketing pure and simple and will surely help them garner a few more consignments in the future. That's all that really matters, they're not out to impress the participants of the PCGS chatroom, unless of course you have some coins you want to sell.

DMWJR

Dave, feels pretty good to own the best, doesn't it? Hard to put a number on the finest of the fine. I'm positive it wasn't a stupid move.

mojorizn

I'm with jbsteven on this one. Until you sell, you've lost nothing. And we've all watched the toning trend develop over the last few years. According to the article there are at least 5 other buyers for this particular coin. Commems aren't my cup of tea, but if I were the buyer I don't believe I'd be too upset by the article.

Anyway, who am I to judge? The guy wants to drop 60k on a coin, more power to him!

Mojo

JohnZ

If I'm not mistaken, ms68 was the buyer of that coin, and I also say more power to him.

BigE

Yes, I will offer 2500.00 for the MS 68 out there, BTW isn't bluesheet higher than 1500.00 on a 67?-------------BigE

ddink

What exactly are they advertising? If I knew nothing of the situation, I'd never do business with Superior, because right there in their ad they imply that they overprice coins! Do you want to go to a car dealer who advertises that he just sold a $20,000 car for $200,000? Do you want to go to a coin dealer that advertises that they overcharge by 30x the "value" of the coin. Again, knowing the situation makes it somewhat different, but if a person who didn't know the story read that, I'd venture to say they wouldn't think of doing business with Superior. I know I wouldn't.

airplanenut

DDink--it's an auction, they weren't the cause of the high price... you can't say it's their fault that a coin went so high. Likewise, there's no reason for anyone to complain about the price. If the buyer's happy, then all is well in coin land.

ddink

<< <i>DDink--it's an auction, they weren't the cause of the high price >>



That's what I'm saying. Those of us who know the story understand that. But a regular person on the street that doesn't realize it was an auction would think, from the wording, that Superior bought a coin for $2200 and stuck it in a display case with a pricetag of $68k.

kranky

The thought that occurred to me when I saw the ad was that it was never a $2200 coin to begin with.

MrEureka

I'm with jbsteven on this one. Until you sell, you've lost nothing.

That's exactly why I haven't sold my Enron stock!

MrEureka

It is worded bad

Cameron - Yes it are!

TonedCoinTrader

Oldnewby,

It looks like a nice coin. If it was Worth 54.00 to You when you bought it and your happy then you got a good deal!

BigMoose

I am pretty sure that the owner of the "68 Oregon" is having a good laugh at that Superior ad. He has more knowledge of numismatics, quality, grading, etc.. than the entire group in Beverly Hills.

Oldnewbie

<< <i>Oldnewby,

It looks like a nice coin. If it was Worth 54.00 to You when you bought it and your happy then you got a good deal! >>



I love it. I posted that because not all toned coins go for a premium, and not everyone is going to lose their shirts when the "fad" passes, if it passes.

boz

I don't see the problem you are having with the ad. Buyers bid what they are willing to pay. He obviously purchased a nice coin.

coingame2000

As the underbidder, as well as a previous owner of this exquisite Oregon, I can state without hesitation that this has NEVER been the kind of coin who's value had any direct correlation whatsoever to the Bluesheet and/or Greysheet. I paid $1,000 for it raw at the end of 1984 and it last sold for $5,100 in January 1987. Not to take anything away from Superior -- their cataloging expertise didn't transform a $2,000 coin into a $69,000 record setter! It was the coin itself, plain and simple, along with the fact that at least four of us recognized the coin for what it was -- the most exquisitely beautiful silver commemorative on the planet. If Dave happens to get hit with a bout of buyers remorse, I would be more than happy to bail him out at what he paid.

Mike

NoGvmnt

My point is that "The ad" in attempting to drum up consignors, paints the buyer as a fool to members of the public who are not privy to the facts surrounding the true beauty and value of this piece by stating that the auction houses' perceived determination of the value of the piece is only $2,200.00 when in fact the buyer is probably in the top 5% of the fraternity with the knowledge required to accurately determine the true value of the piece.

In doing so, it is my opinion that Superiors ad is grossly misleading the public in both the extreme rarity of the piece and the qualifications of the buyer.

Jim

GoldCoinLover

<< <i>I paid $54.00 including shipping....too much? (I know it's kinda ugly)


>>



No offence but your coin looks artifically toned. The toning is not even.

airplanenut

<< <i>No offence but your coin looks artifically toned. The toning is not even. >>

Album toning... looks 100% original

Oldnewbie

<< <i>

<< <i>
No offence but your coin looks artifically toned. The toning is not even. >>



It's in a NGC slab, if that makes any difference as far as toning goes. I was smart enough to ask around in this fourm before I bought it.

TonedCoinTrader

<< No offence but your coin looks artifically toned. The toning is not even. >>



Not even Close 100% Original. Toning does not have to be "even" to be original!

wayneherndon

I'm with seanq on this one. That coin sold itself. Nothing could have held it back.

WH

Oldnewbie

With the buzz it's creating, it could become one of the most famous coins ever. I think the ad was bush-league, but that's just a knee-jerk reaction.

jom

<< <i>I can state without hesitation that this has NEVER been the kind of coin who's value had any direct correlation whatsoever to the Bluesheet and/or Greysheet. >>



That's because the value of the coin has absolutely NOTHING to do with its grade. It's value may have been enhanced by "advertising" but getting people interested is part of the process. I mean, the more people that are interested in the coin (ie demand) it will drive the price up. So what? Isn't that supply and demand at work? It sold for big money because it was a special coin not because of some Registry hype or grade hype or whatever.

Although this coin is an extreme example but people that live by the greysheet will die by the greysheet.

jom

JohnZ

Blah Blah Blah.

The guy wanted the coin at 69K, and he got it.

Don't we all wish we had the same pocket change?

michael

While I don't claim to be speaking for the buyer, I have a feeling that he wont feel at all badly about that ad. In fact, he might even enjoy and benefit from the publicity. It could/should certainly lead to other amazing toned classic silver commemoratives being offered to him in the future.

Furthermore, for the sake of accuracy, seeing as how the PCGS MS68 population for the 1926 Oregon is just one coin, stating "even MS68's were bidding just $2000 to $2500" is ludicrous, if that is what was said.

I think it's fine to try to capitalize on an amazing price realized (I don't blame them for that), but let's be accurate/factual when doing so.

-------------------------
Mark Feld of Pinnacle Rarities

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Dave, you got taken. Your a chump. The coin bids at $2,200.00. Be smart, get out now.

SELL ME YOUR OREGON!

Please.

BTW, unlike the 53S Franklin, this Oregon has legs! There is at least one player (possibly two) still right up there who would gladly rekindle their bids. I know I'd pay higher than the whimpy $52,000.00 I dropped out at.

This Oregon is a once in a life time wonder GEM. Down the road, it will be one of the few six-figure Commems because of its wild appearance. Its not comparable to ANY other Commem period!

-------------------------
Laura Sperber
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++




I am pretty sure that the owner of the "68 Oregon" is having a good laugh at that Superior ad. He has more knowledge of numismatics, quality, grading, etc.. than the entire group in Beverly Hills.

-------------------------
TomT-1794
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

As the underbidder, as well as a previous owner of this exquisite Oregon, I can state without hesitation that this has NEVER been the kind of coin who's value had any direct correlation whatsoever to the Bluesheet and/or Greysheet. I paid $1,000 for it raw at the end of 1984 and it last sold for $5,100 in January 1987. Not to take anything away from Superior -- their cataloging expertise didn't transform a $2,000 coin into a $69,000 record setter! It was the coin itself, plain and simple, along with the fact that at least four of us recognized the coin for what it was -- the most exquisitely beautiful silver commemorative on the planet. If Dave happens to get hit with a bout of buyers remorse, I would be more than happy to bail him out at what he paid.

Mike

-------------------------
Buying and selling superb quality U.S. coins for 30+ years with an emphais on MONSTER toned coins from many different series and eras. Quality and eye appeal are number ONE! Please visit my website @ www.numisvision.com
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

I'm with seanq on this one. That coin sold itself. Nothing could have held it back.

WH

-------------------------
Wayne Herndon Rare Coins Website: www.wayneherndon.com
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

michael

one of a kind
crazy monster coins
bring appropriate
one of a kind
crazy monster prices

and all too soon these prices are broken


michael

michael

i wonder who this mr./mrs./ms. bluesheet is??


has this mr./mrs./ms. bluesheet ever bought or sold coins? or made offers on coins??

michael

K6AZ

I'm sure the buyer is a grown man who can make his own decisions. He felt the coin was worth $69k, and at least one other bidder thought it was worth close to the same amount. Why all the fuss? A coin is worth what the market will bear, and in this case that was $69k. End of story, time to move along now.

Placid

The point was not about how much the buyer paid it was about Superior saying they can sell coins for more than they are worth.

How We Sold A $2200 Coin For An Astonishing $69,000!

They make it sound like anyone can just buy coins at blue sheet and give them to them and they will make alot of money.

K6AZ

If they made that exact statement, it was pretty dumb. Of course, if they are basically the new incarnation of TAGZ, I'm not surprised. There is only one seller more arrogant than TAGZ, and we all know who she is and she doesn't like her picture taken.

haletj

"How We Sold..."

but where does it say "We sold it for that much by doing this and that and such and such...". Ridiculous.

northcoin

There is a subtle issue of numismatic ethics at stake here. If a little old lady selling her late husband's coin got underpaid by a dealer by a magnitude of ten there would be no question that something was ethically wrong. Why then if an auction house allows a coin to be overpaid by a magnitude of ten does no one question the ethics? In this case (as in most auctions) you really only have a few people pumping the price up. Sometimes it is a shill bidder or sometimes someone else who would like to see a particular type of coin become more highly priced since they may have others themselves that would then become worth more. In a perfect world the auction house would have an agreement from the consigner as to what a fair maximum value should be. If the bidding exceeds that then whoever bid highest gets the item at either their bid price or at that maximum fair value, whichever is less.