Gemtone, I didn't say it went in a Teletrade sale. You have the same access to the various auction archives that I do, it isn't hard to find.
My point is, you were suggesting this coin's true value at around $800. Just bring up some recent Heritage auctions and show me another common 65 with this type of toning that has gone for anywhere near $800.
Eric: It's true I have the same access to the auction archives as you do. I guess what you're saying is you recall the coin but not the specific auction it came from.
During the past year, I've purchased quite a few coins for around $700-800 with similar color quality and grade to the subject coin. I can cite the specific coins if you'd like, but I keep that information at home, and I'm elsewhere now.
But, this type of toning is a little unusual, which is partly why it's desirable and worth $700-800. And, one coin I did buy earlier this year comes close to it. I don't have the specific lot at hand, but it was the same 1884-o date, same grade PCGS65, and was sold by Superior in their January 2004 pre-Long Beach sale. I recall paying a hammer price of $750, making the final price $862.50.
I'm not a fan of private feeback, but it does not appear to me that "9colors" is a shill. He/she has won a good chunk of the auctions bid on, and all the wins are snipes. I've been outsniped a few times by this bidder, and I think I outsniped him only once.
Now, that being said, I suppose its possible for a shill bidder to snipe as a strategy, but it seems that typical shill just runs up the price a bit and lets others do the sniping.
I think it's really funny that all of you think you know the value of this coin. Some have said $200, others $700. The fact is, the value was determined by the person who most wanted to own it. And that person paid $1000. Of course, in so saying, I am assuming that the winning bid was independent and legitimate; I see no reason to assume otherwise.
So, to all of you who think the coin is worth less than $1000, that's all well and good, but you don't get to own it !!
And I didn't see anything odd about the winning bidder's bid. It worked after all. He now gets to own the coin, which is presumably what he wanted. What the devil all the griping is about I can't imagine.
As for the coin selling for substantially more than what it realized elsewhere previously, that happens all the time, and sometimes with MUCH bigger numbers.
Really, I just can't imagine what everyone's motives are in this thread. I think some are gruympy that the prices for some coins have gotten out of their reach. Yes, that happens to all of us. I had to abandon a superb gem set of MS Barber quarters with color, because the heat went up too high.
The fair market value of an item is determined by the second highest valuation of interested buyers. In this case, that was $790. That is about what Dale995 can sell the coin for now that he owns it -- even if he owned it before.
As for the curious nature of the bid, yes, the bid was successful. But, despite this success, and even if legitimate, I would say the bidding strategy was foolish. Dale 995 essentially submitted a proxy bid at least 40% above the prevailing high bid with several days in left in the auction and an unmet reserve still in place. He could have undertook a variety of alternative tactics and also been successful, and performed much better in the long run on other items.
Then again, maybe Dale 995 was just lucky and submitted an optimal bid at an optimal time. After all, this is Christmas time, right?
Comments
My point is, you were suggesting this coin's true value at around $800. Just bring up some recent Heritage auctions and show me another common 65 with this type of toning that has gone for anywhere near $800.
During the past year, I've purchased quite a few coins for around $700-800 with similar color quality and grade to the subject coin. I can cite the specific coins if you'd like, but I keep that information at home, and I'm elsewhere now.
But, this type of toning is a little unusual, which is partly why it's desirable and worth $700-800. And, one coin I did buy earlier this year comes close to it. I don't have the specific lot at hand, but it was the same 1884-o date, same grade PCGS65, and was sold by Superior in their January 2004 pre-Long Beach sale. I recall paying a hammer price of $750, making the final price $862.50.
Now, that being said, I suppose its possible for a shill bidder to snipe as a strategy, but it seems that typical shill just runs up the price a bit and lets others do the sniping.
So, to all of you who think the coin is worth less than $1000, that's all well and good, but you don't get to own it !!
And I didn't see anything odd about the winning bidder's bid. It worked after all. He now gets to own the coin, which is presumably what he wanted. What the devil all the griping is about I can't imagine.
As for the coin selling for substantially more than what it realized elsewhere previously, that happens all the time, and sometimes with MUCH bigger numbers.
Really, I just can't imagine what everyone's motives are in this thread. I think some are gruympy that the prices for some coins have gotten out of their reach. Yes, that happens to all of us. I had to abandon a superb gem set of MS Barber quarters with color, because the heat went up too high.
Best,
Sunnywood
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
As for the curious nature of the bid, yes, the bid was successful. But, despite this success, and even if legitimate, I would say the bidding strategy was foolish. Dale 995 essentially submitted a proxy bid at least 40% above the prevailing high bid with several days in left in the auction and an unmet reserve still in place. He could have undertook a variety of alternative tactics and also been successful, and performed much better in the long run on other items.
Then again, maybe Dale 995 was just lucky and submitted an optimal bid at an optimal time. After all, this is Christmas time, right?