The first time anybody puts something up, his (or her) rating is going to be '0'. How could it be anything else? A virgin has no sexual experience the first time....remember?
I wonder if our Ike collector is using E-Bay for a big advertising scam... Is the reserve so high that it won't be met, but the seller gets E-bay to list and show off his hoard. Only to sell it off E-Bay at a later date???
It is not exactly cheating, I prefer to consider it creative problem solving!!!
I actually kept a record of sorts the whole time and I checked the other day...the first Ike I laid aside was in March of 1981. I stopped collecting in late 2001. You know, they only made'em from 1971 to 1978. >>
Ikeguy - What does this record look like if you didn't search any coins? Have you let other search the hoard?
I lived in Arlington for 10 years. Welcome to the forum!
if "hurling em back" began in 81 til 2001 then they were all at some point in commerce based upon how he says he obtained them over 20 yrs of time. BUT....... if you figured the 1st year (1981) he laid out $17,500 23 yrs of simple fee interest @ 6% with 1982 being the 1st yr of maturity on that 1st $17,500 would be $66,844.56 end of this year 2004. THEN, if you did an amortization of $17,500 starting in 82 ending in 04, then another $17,500 starting in 83 ending in 04,etc,etc THE END RESULT AT THE END OF 2004 would be........drum roll please............ $871,545.00 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
If you play around with the numbers using even historically low interest rates, this hoard is going to prove to be a poor investment for this owner. During the 20 years it took to amass this hoard, the owner let pass some very high rates of interest. Had the money been tied up in a long term cd at a high rate, the owner would be in great shape, and probably has that expectation of recapturing it now built into his reserve. No one appears willing to pay a hefty premium. Even at a modest 3% yield, $175,000 would return $5,250. There is no way these coins will appreciate at that rate. The owner is overdue to cut his/her losses, in my opinion.
Young Numismatist that collects: Morgan Dollars, SAE, Proof Sets, and Liberty Nickels. I also love to go through rolls to find coins. BST MySlabbedCoins
Well if you just take them to the bank (prearranged of course, if they'll take them) to deposit in your account, the bank would charge between 10 and 15 percent for processing the coins. Unfortunately no bank will accept them (4.5 tons worth) for a deposit. Most banks now outsource the processing to some outside third party company. I don't knwo what they would do.
The guy had about 16 to 18 years of pretty good interest rates if he put the money in a savings account or CD or something.
180,200 bucks wasn't a bad bid. As I see it you have to rent a 18 wheeler (a UHAUL isn't going to haul 4.5 tons in one load), or a dumptruck. Then you need to buy a bunch of gunny sacks, and get some show shovels. Next you need to pay 4 to 5 people to help you load and unload it. So I figure $15,000 for the truck rentals, loading and unloading, etc. So if it cost a total of say $200,000, the coins would cost about 1.14 each then, which still isn't too bad yet.
Comments
I don't like bidding on items where the sellers feedback rating is "0".
Joe.
A virgin has no sexual experience the first time....remember?
Depends on how you define "sexual experience".
As far as the "0" rating I agree but $175,000. the first time?
Joe.
<< <i>but $175,000. the first time? >>
Only cost me a movie ticket and a couple of Cokes the first time.
Russ, NCNE
<< <i>The E-Bay fee on this one is going to be a killer!!! >>
Only if it sells. Otherwise, it's $100 for the reserve fee, and $4.80 for the insertion fee.
Russ, NCNE
NEVER LET HIPPO MOUTH OVERLOAD HUMMINGBIRD BUTT!!!
WORK HARDER!!!!
Millions on WELFARE depend on you!
<< <i>So, when did you start collecting them?
I actually kept a record of sorts the whole time and I checked the other day...the first Ike I laid aside was in March of 1981. I stopped collecting in late 2001. You know, they only made'em from 1971 to 1978. >>
Ikeguy - What does this record look like if you didn't search any coins? Have you let other search the hoard?
I lived in Arlington for 10 years. Welcome to the forum!
says he obtained them over 20 yrs of time.
BUT.......
if you figured the 1st year (1981) he laid out $17,500 23 yrs of simple fee interest @ 6% with 1982 being the 1st yr of maturity on that 1st $17,500 would be $66,844.56 end of this year 2004.
THEN, if you did an amortization of $17,500 starting in 82 ending in 04, then another $17,500 starting in
83 ending in 04,etc,etc
THE END RESULT AT THE END OF 2004 would be........drum roll please............
$871,545.00 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
that's $1.03 per coin, $3000 more in expense
and a year to get rid of em
<< <i>He could have doubled the principle between the years of 1996 and the end of 1999, if he had it invested in the stock market.. I did!
But how much did you lose from 2000-2002?
I also love to go through rolls to find coins.
BST
MySlabbedCoins
the bank would charge between 10 and 15 percent for processing the coins.
Unfortunately no bank will accept them (4.5 tons worth) for a deposit.
Most banks now outsource the processing to some outside third party company. I don't knwo what they would do.
The guy had about 16 to 18 years of pretty good interest rates if he put the money in a savings account or CD or something.
180,200 bucks wasn't a bad bid. As I see it you have to rent a 18 wheeler (a UHAUL isn't going to haul 4.5 tons in one load), or a dumptruck. Then you need to buy a bunch of gunny sacks, and get some show shovels. Next you need to pay 4 to 5 people to help you load and unload it. So I figure $15,000 for the truck rentals, loading and unloading, etc.
So if it cost a total of say $200,000, the coins would cost about 1.14 each then, which still isn't too bad yet.
Pretty please?
-Khayse