Wondercoin, King of Moderns

orie

Wondercoin, are you the one who in the past 6 months has submitted all these high end moderns and modern commems? The top pops have exploded on moderns.

wondercoin

Orie: I am flattered, but this year, I have submitted and received results back on around (50) modern Commem coins in total. I am (1) for (50) in my quest to slab an MS70 (I did not submit any Proof modern Commems at all as I recall) - I got a World Cup Half Dollar Commem to grade MS70, which I then placed in my Half Dollar Commem Registry set I am building with my son, Justin.

On the other hand, I am actively buying and accepting consignments on nearly all top pop moderns. If anyone has any, just PM me. Indeed, I have purchased quite a few coins from board members this year, some who have had far better success than my 1/50 MS70 grade through ratio (and at least 10 of those coins that graded MS69 were MS70 in my opinion - because I carefully selected those coins to submit - yeah, I know - "sour grapes"!)

Wondercoin

RegistryCoin

(correct me if I am wrong) There are super-sellers and very intense super-submitters. I think Mitch spends about 23 hours a day selling. Otherwise, there are some, just a few specialists who spend some time, but mostly a lot of money, looking for the Holy Grail.

orie

I was thinking that sooner or later someone would come along that could tell a 69 from a 70 or a 68 from a 69 with 50% accuracy. When that happens there is no reason for the rest of us to submit. I have the feeling you and maybe a couple of others have the eye.

RegistryCoin

There are more than a few that have the eye, perhaps, many, although there are only a few that hold/submit a significant portion of a particular coin date/series, and therefore have all the goodies. Mintage numbers are the key, in my mind.

clackamas

<< <i>I was thinking that sooner or later someone would come along that could tell a 69 from a 70 or a 68 from a 69 with 50% accuracy. When that happens there is no reason for the rest of us to submit. I have the feeling you and maybe a couple of others have the eye. >>



I don't know about the 69/70 range, it baffles me, but the 68/69 range is not hard.

orie

Of the mint state dollar modern commems submitted about 1 in 30 makes MS70. In the last six months the population of MS 70's has increased more then significantly. I think someone has found the key to the safe. Submitting a MS69 is a loser. Probably on average around $15 a round. MS70's are worth of average around $500. If I could was assured that 1 out of 3 would go MS70 that would be a profit of $430. I think someone out there is holding this batting average. Call him SUPER EYE. He also has a limitless supply to peruse. Most of these coins have made one trip from the mint to the present owner.

RegistryCoin

1 to 2% is good on average, imho, and at this rate the money isn't there. You may be correct that some have a batting average much above that, making their efforts profitable, while the rest of us go up to the plate often happy with an 0-for...

wondercoin

"(correct me if I am wrong) There are super-sellers and very intense super-submitters. I think Mitch spends about 23 hours a day selling. Otherwise, there are some, just a few specialists who spend some time, but mostly a lot of money, looking for the Holy Grail."

Steve: You are basically correct. While individuals can certainly wear "two hats" in this business, it is quite common for "world class upgraders" to concentrate on buying coins out of auction and elsewhere, upgrading them and then wholesaling them out to major coin dealers (avoiding the retailing of coins and "collectors" all together). It is also quite common for dealers to retail coins to collectors and leave the "upgrade game" to someone else. And, finally, you also have your "producers" who specialize in producing great coins, not to mention mass quantities of coins. I find it is very difficult to wear more than "one hat". For example, it becomes very difficult to obtain great coins from world class upgraders if you decide to "compete" against them for the upgrade coins at auction. Likewise, it is very hard to retail coins if you want to spend most of your day screening coins for submission, etc.

Incidently, for several years, I personally tried my hand at "coin producing", then, in 2003 I personally tried my hand at "coin upgrading" and in 2004, I personally tried my hand at coin selling. It is really fascinating trying your hand at the various tasks in the coin business and I tip my hat to the hard working coin producers, as well as the world class upgraders who risk enormous sums of money outbidding every collector and other upgrader in the country auction after auction to buy coins believed to be upgradable. And, of course, retailing coins to the general collecting public is far from "easy" work either.

Wondercoin

RegistryCoin

...a very astute and honest answer from a very astute and honest player...
It is most uplifting hearing from the sincere power-players.