OK Ike guys, I've smoe questions!
ksteelheader
Posts: 11,777 ✭
With all of the threads about the classic vs modern hype, there has surfaced in myself an urge to do as smoe suggested and try to find smoe high grade Ikes.
I know a little about blue pack and brown box Ikes, but where does a person go about finding smoe of the early year Ikes? I know for sure that there are none in 71 and 72 mint sets because I bought these mint sets last week for the one grandson.
Any thoughts and suggestions would be appreciated so that I could embark on this journey!
Thanks, Ken
I know a little about blue pack and brown box Ikes, but where does a person go about finding smoe of the early year Ikes? I know for sure that there are none in 71 and 72 mint sets because I bought these mint sets last week for the one grandson.
Any thoughts and suggestions would be appreciated so that I could embark on this journey!
Thanks, Ken
0
Comments
I collected moderns for years and hated the Ikes because I believed they were all bad
or at best mediocre. In the late '70's I stumbled across a gem and have kept an eye open
ever since. The '76 t I is probably the toughest but the '71's and 2's are tough also. With
these older ones it can be difficult to just find unsearched rolls.
Ikes were set aside though by collectors and the general public. These rolls still appear
at times and even bags are still reported. Let the dealers know you want them and they
will usually save them for you. There is little interest (at least compared to the supply)
in MS-60 Ikes and most can be had very cheaply. Those who have looked at rolls and bags
know that many times all the coins will be MS-60 and look more like VF's than like uncs,
so even unsearched coins often sell cheaply. It's just a matter of locating the coins. Be
carefull with the premiums you offer since you'll often not be able to recoup it. All choice
Ikes (MS-62 or better) now have premiums of at least 50c but only the '73's and '76 t I have
a premium in MS-60 and they can be difficult to sell. You can try wholesalers but unless you
know otherwise it's best to figure these have been cherry picked.
Almost all the original rolls turn up in local shops and most of these will be shipped to whole-
salers. You'll have to head them off.
You might consider buying the '71, '72, '73, and '76 t II coins already slabbed. The other
dates either turn up in mint sets in sufficient numbers or are cheaper to acquire in mint sets.
It will be a lot cheaper to start with a mixed choice/ gem set and will not cost a lot to upgrade.
Good luck.
******
With the exception of a few IKEs in my collection, all were acquired by purchasing mint sets by my local dealer (and one original roll of 1972-D). Through my dealer, I have been able to slab 3 in MS66 and 10 in MS65 by PCGS. All the mint sets were bought for ask. My MS66 coins were: 1972-D (from the roll), 1974-D and 1976-D Type 2 (each of the latter from mint sets). All the MS65s were a combination of 1974-D, 1977-P, 1977-D, 1978-P, and 1978-D.
The IKEs in my collection that I already bought slabbed are: 1972-S in MS68 and 1971-D in MS66 (on eBay for $50.00).
A couple of years ago, I sold an Indian Head Cent on eBay for $16.00. The person who bought it sent me a 1972-P Type 2 IKE for payment (He knew I was looking for one at the time). He graded it as AU58 because of a couple of bag marks. I sent it to PCGS and it graded MS64 (now a $400.00 coin
My other 1972-Ps are in MS64 as well and I slabbed those, too. Can't seem to score an MS65 in those.
Good luck on your venture. I think the most fun in collecting is finding the grades yourself. I get the most pleasure that way. Sure, you are bound to lose here or there, but when you hit the big one, you feel great!
Richard.
Ken
An Ike in even MS-66 would fetch hundreds. And in the case of Ikes, surely deservedly so.
Still, I wonder if the tail wags the dog with respect to TPG grading and value across grades. I think many of us suspect that the TPGs are very tight for coins where the next higher grade is valued at several times the lower grade. For example, if something is valued at $100 in X and $700 in X+1, if something in the X/X+1 grade range, it's much less likely to get X+1 than a coin where X is $100 and X+1 is $130.
So it is with MS-65+ Ikes. Does the value of MS-65+ Ikes come from the fact that the TPGs aren't giving those grades out, or are the TPGs not giving out 65+ to deserving Ikes because of the huge price spreads and potential liability if they had to eat the coin?
I think the same thing of a lot of other condition rarities (1896-O, 1897-O and 1901-P Morgans, for example). Are they so much more valuable because they really are that uncommon, or are they so much more uncommon because the TPGs are afraid to assign those grades?
<< <i>I don't really know. Ikes are certainly an exception to the claims that moderns are all about common, ridiculously high-grade coins selling for hundreds (or thousands) of dollars.
An Ike in even MS-66 would fetch hundreds. And in the case of Ikes, surely deservedly so.
Still, I wonder if the tail wags the dog with respect to TPG grading and value across grades. I think many of us suspect that the TPGs are very tight for coins where the next higher grade is valued at several times the lower grade. For example, if something is valued at $100 in X and $700 in X+1, if something in the X/X+1 grade range, it's much less likely to get X+1 than a coin where X is $100 and X+1 is $130.
So it is with MS-65+ Ikes. Does the value of MS-65+ Ikes come from the fact that the TPGs aren't giving those grades out, or are the TPGs not giving out 65+ to deserving Ikes because of the huge price spreads and potential liability if they had to eat the coin?
I think the same thing of a lot of other condition rarities (1896-O, 1897-O and 1901-P Morgans, for example). Are they so much more valuable because they really are that uncommon, or are they so much more uncommon because the TPGs are afraid to assign those grades? >>
I can't answer your question but many of the Ikes are pretty scarce not
only in gem but also in choice condition.
The '76 type I usually is pretty lousy. Only half of mint set coins will only
go MS-61 or better. Choice coins represent fewer than five or ten percent
of the original coins in this set.
High quality Clad Ikes are like finding a four-leaf clover......Very few and far between!
I think the key is to finding unsearched rolls......very hard to do on eBay. Cladking's advice
was good.....get in "tight" with a couple of local dealers to give you a call when they get some
"original" rolls in. Most dealers really don't seem to be too interested in them because they
are to heavy and cheap. I would also venture to say most don't know about most of the
DDO's, DDR's, Peg Legs, PKOKs, Clashed Dies or even look for rotated reverses.
Read all you can about Ikes on the Forum and ask lots of questions.
There are a few "Ike Guys" on the Forum and they seem pretty friendly. I have learned LOTS from them!
I recommend "The Authoritative Guide To Eisenhower Dollars" By Wexler and Flynn...Lots
of good info. in there!
Brian