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Man Selling 4 1/2 Tons of Ike Dollars on eBay
clevegreg
Posts: 909 ✭
Man Selling 4 1/2 Tons of Ike Dollars on eBay; At 175,000 Coins, It's the Largest-Known Single Collection
Friday July 9, 11:45 am ET
FORT WORTH, Texas, July 9 /PRNewswire/ -- More than twenty years ago, a Texas man's casual hobby of throwing aside Ike dollar coins as he ran across them, eventually turned into a monstrous collection that he's selling as one lot on eBay. The coins, legal tender though they haven't been produced by the U.S. mint for more than a quarter century, weigh an amazing 8,750 pounds ... almost four and a half tons.
(Photo: http://www.newscom.com/cgi-bin/prnh/20040709/DAF010 )
"I started collecting when they stopped making them, but for no particular reason. It was just something to do. I'd find them in convenience stores, ask for them in change or buy them at face value when I ran across them. But you don't find them in circulation now," Michael Brown says.
Aside from the weight, he thinks the most interesting thing about the collection is an accumulation of facts he compiled about the 175,000 coins. For instance, he says that if they were placed vertically in one single stack, the coins would soar 1,458 feet high. "That's 472 feet taller than the Eiffel Tower ... more than two and a half times the height of the Washington Monument, and two hundred feet taller than the Empire State Building." He also says if they were laid side by side on the ground in a straight line, they would be longer than 73 football fields end-to-end.
The seller says he is not a true coin collector. "A coin hoarder might be a better description," he muses. But he says that collectors will be interested to know they're unsearched, meaning he has no idea if there are rare key dates or mint marks among the coins. He does say that thousands of them are uncirculated.
As to why he's selling them, and especially as one lot, he related a story he read years ago of a man who collected 8 million pennies over several decades and decided to deposit them. Someone read about them and bought the whole lot from the bank. "So," he says, "I'm thinking there may be another individual who might want to own this unique pile of Ike dollars, and they'll go to the highest bidder." He adds with a smile, "Shipping charges are not included."
The eBay auction for the coins ends Wednesday, July 21st at 5:00 p.m. CDT.
--------------------------------------------------------------------------------
Source: Michael Brown
Friday July 9, 11:45 am ET
FORT WORTH, Texas, July 9 /PRNewswire/ -- More than twenty years ago, a Texas man's casual hobby of throwing aside Ike dollar coins as he ran across them, eventually turned into a monstrous collection that he's selling as one lot on eBay. The coins, legal tender though they haven't been produced by the U.S. mint for more than a quarter century, weigh an amazing 8,750 pounds ... almost four and a half tons.
(Photo: http://www.newscom.com/cgi-bin/prnh/20040709/DAF010 )
"I started collecting when they stopped making them, but for no particular reason. It was just something to do. I'd find them in convenience stores, ask for them in change or buy them at face value when I ran across them. But you don't find them in circulation now," Michael Brown says.
Aside from the weight, he thinks the most interesting thing about the collection is an accumulation of facts he compiled about the 175,000 coins. For instance, he says that if they were placed vertically in one single stack, the coins would soar 1,458 feet high. "That's 472 feet taller than the Eiffel Tower ... more than two and a half times the height of the Washington Monument, and two hundred feet taller than the Empire State Building." He also says if they were laid side by side on the ground in a straight line, they would be longer than 73 football fields end-to-end.
The seller says he is not a true coin collector. "A coin hoarder might be a better description," he muses. But he says that collectors will be interested to know they're unsearched, meaning he has no idea if there are rare key dates or mint marks among the coins. He does say that thousands of them are uncirculated.
As to why he's selling them, and especially as one lot, he related a story he read years ago of a man who collected 8 million pennies over several decades and decided to deposit them. Someone read about them and bought the whole lot from the bank. "So," he says, "I'm thinking there may be another individual who might want to own this unique pile of Ike dollars, and they'll go to the highest bidder." He adds with a smile, "Shipping charges are not included."
The eBay auction for the coins ends Wednesday, July 21st at 5:00 p.m. CDT.
--------------------------------------------------------------------------------
Source: Michael Brown
0
Comments
He'd be so much smarter to put these into $500 face value bags and sell them on Ebay. Who wants $175,000 of Ike dollars anyway.
Michael
K S
That's going to cost a bunch for S&H.
Would you need to rent a forklift or a backhow to load them up, or maybe a few guys with snow shovels?
He ought to bag them up in $100 bags like you stated, he'd probably sell some then.
how much is $175,000 dollars in 1977-78 money worth today?
<< <i>Oh yeah, with inflation and all, and getting no interest as it isn't in bank or something,
how much is $175,000 dollars in 1977-78 money worth today? >>
12 cents
I would fill one of my rooms with them and then sleep on top of them like Scrooge McDuck.
2 Cam-Slams!
1 Russ POTD!
roadrunner
<< <i>Who wants $175,000 of Ike dollars anyway.
I would fill one of my rooms with them and then sleep on top of them like Scrooge McDuck. >>
I could do that. Problem is, if I did that I wouldn't *have* a room to sleep in, since I'd have to sell the house in order to buy 175,000 Ikes...
DID I WIN???
RATS
I NEVER WIN.
<< <i>Certainly this collection has been a pretty poor store of value over the years. Probably worth 30-40% of what it was originally (inflation). >>
That assumes he gets only face value for the coins. There are a couple varieties that, even in AU, are worth some money. It wouldn't surprise me if some dealers came along and bought the lot for substantially more than face just for the chance to search the coins.
Then again, he may lose his ass.
Russ, NCNE
<< <i> That's almost insane. >>
almost?
2 Cam-Slams!
1 Russ POTD!
K S
<< <i>almost? >>
Okay, totally insane.
If this guy had put his money into Fidelity's Magellan Mutual fund instead, he would probably be untying the sails to his 60 Ft. Yacht anchored in the Bahamas instead of pawning off a lot of circulated clad coinage. LOL
Tyler
<< <i>he would probably be untying the sails to his 60 Ft. Yacht anchored in the Bahamas >>
Who's to say he isn't also doing that? Rich people can be crazy too.
Russ, NCNE
Liberty: Parent of Science & Industry
No, an 18 wheeler cannot haul 40 tons.
The GROSS WEIGHT of an (normal) 18 wheeler (in most states) is 40 tons (80,000 pounds).
Empty weight of an 18 wheeler (tractor and trailer) is anywhere between 24,000 to 30,000 pounds depending on what type of tractor (with or without a sleeper/condominium, conventional or cabover) and what type of trailer (flatbed or van/box).
But you would still need only one to carry those Ikes (actually you could do it with a tandem axle straight truck).
Jim
will be a few coins in this hoarde which have large premiums but the losses to inflation will
not be overcome. Imagine instead if he had saved BU rolls of Ikes. He'd have still lost money
but the losses would be nominal and the coins would be much easier to dispose of today.
If instead of just stashing BU rolls, he had actually sought out the better rolls and better
dates his costs of acquisition per piece would be much higher, his total costs would be much
lower and he'd actually have a significant profit. Imagine instead that he had actually put great
effort into locating high grade pieces and saving only those...
...perhaps he'd have even become a coin collector.
<< <i>What I find amazing is that he just "casually" put away $175,000 over 25 years or so. That would be about $7,500 a year, which comes to an average accumulation of 20.55 Ike dollars a day. That's almost insane >>
I "bet" he's a slot machine enthusiast, and each coin has the tell-tale markings...that's the only way to accumulate from circulation that many Ikes, that I can think of.
ps. aren't those red coin carriers in the pic curiously similar to those given for use at a casino?
<< <i>I love this statement, "But you don't find them in circulation now". Hmmmm.....I wonder why? Could it be that crazy loons like this guy like to hoard them by the ton?
That's funny
<< <i>Do you think it's this guy? >>
No -- this seller is based in Nevada, and the guys with the tons o' Ikes is in Texas.
Still, I'm wondering why I'm not seeing this auction listed anywhere...
Littleton to the rescue?
The Lone Star Hoard.
Jim
<< <i>Still, I'm wondering why I'm not seeing this auction listed anywhere... >>
I couldn't find it either. I can think of three possibilities. Either he closed early and sold outside of eBay, the auction hasn't been listed yet, (article notes a close date of 7.21), or it's a hoax.
It's probably that it hasn't been listed yet.
Russ, NCNE
I couldn't find the auction on eBay either. Here is the news article as posted:
1. MICHAEL BROWN RARE COINS ON SELL ON EBAY: Total of 1 Documents
ENLARGED VIEW
MICHAEL BROWN RARE COINS ON SELL ON EBAY
Document: MICHAEL BROWN RARE COINS ON SELL ON EBAY
Doc ID: 20040709 PRN7
Location: FORT WORTH, TX, USA
Doc Date: Jul/9/2004 (posted Jul/9/2004 11:34 AM)
Format: 9.0" x 5.9" @ 300 DPI (2700 x 1793 Color JPEG)
Categories: A F CORP MLM FIN PDT REA
Doc Size: 634K
Provider: PR Newswire Photo Service
Source: MICHAEL BROWN
Special: *XPRN XPFF* SEE STORY 20040709/DAF010, DA (919308) Media contact: Michael Brown, +1-817-454-9483, or +1-817-277-5555
Caption Writer: AG
A security guard keeps watch over 175,000 Eisenhower dollar coins, the largest known private hoard of its kind. The owner, a Texas businessman, collected the coins over a 20-year period and is now offering them for sale as one lot on eBay. The pile of coins, un-searched according to the collector, weighs almost four and a half tons. The plastic trays holding the coins cost $1 each, and are included in the sale. (PRNewsFoto)
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<< <i>Oh yeah, with inflation and all, and getting no interest as it isn't in bank or something,
how much is $175,000 dollars in 1977-78 money worth today? >>
in general terms, applying the law of 72's and parking a generic average interest rate of 8% over that period of time - sometime in 2005 that money would have doubled for the third time, making the value $1,400,000.
as opposed to the $175,000
<< <i>I "bet" he's a slot machine enthusiast, and each coin has the tell-tale markings...that's the only way to accumulate from circulation that many Ikes, that I can think of. >>
That's probably accurate, and sounds like the only way anyone can accumulate so many. The thing is, the article doesn't mention anything about him obtaining them via slot machines.
<< <i>ps. aren't those red coin carriers in the pic curiously similar to those given for use at a casino? >>
Yes, those red carriers appear to be the ones casinos give to their "dollar slot" gamblers.
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=3920175756
CoinPeople.com || CoinWiki.com || NumisLinks.com
Sure ya can! Just give it to me. I take all the backroads to avoid the scales.
<< <i>OMG, that is a $hitload of Ikes!!! >>
Marty will buy them all (provided they grade AU58). Thanks...
Russ, NCNE
Wonder if the Federal Reserve would take them? I can picture driving up to your local bank to deposit them.
Looking for 1967 PCGS/NGC slabbed coins.
-Henri Turenne